OKXICE plans Strategy stock tokens with shareholder rights that STRC perps lack
Traders held $28.9 million in STRC perp positions across 13 venues on Wednesday morning. OKXICE expects its securities lineup to include 59 Direxion funds.
OKXICE plans to offer eligible U.S. customers tokens backed by Strategy shares on a venue scheduled to open November 23. Traders can already use STRC-0.01% perps to bet on the price of one of Strategy’s preferred shares, but holding a futures contract gives them no claim on the company’s dividends.
The new venue is a joint venture between crypto exchange OKX and Intercontinental ExchangeICE+2.85%, the owner of the New York Stock Exchange. OKX expects more than 70 securities, including Strategy preferred stock and 59 Direxion exchange-traded funds. A venue representative told Unchained that not every planned security would necessarily trade on opening day.
| Feature | Planned OKXICE tokens | Existing STRC perps |
|---|---|---|
| What a holder has | An entitlement backed by one share | A long or short derivatives position |
| Dividends | Rights of the underlying share class | No shareholder dividend entitlement |
| Trading access | Eligible U.S. customers with approved wallets | Depends on the perp venue |
What the token holder owns
Each token will represent an entitlement to one underlying share. Holders will receive the rights attached to that class of stock, including applicable dividends or voting rights. SecuritizeSECZ+4.87% will provide the technology; customers will keep the tokens and control their own wallet keys.
To trade, an eligible OKX Inc. customer must pass an identity check, activate the required wallet and complete onboarding. Only approved wallets can trade against the UniswapUNI-6.30% liquidity pools on OKX’s X Layer network or supply assets to them.
Where STRC already trades
A STRC perpetual future has no expiry. A trader can post collateral and take a long or short position without buying the preferred share. A long and a short make up one open contract; counting both sides separately would double the size of the market.
Across the 13 venues in OptimistFi’s hourly data, outstanding STRC contracts totaled $28.9 million on Wednesday morning. Bitget accounted for $7.5 million, the most in that group. These figures measure contract exposure, not money invested in Strategy shares or tokens.
Which shares make it to launch
OKX named Circle, CoinbaseCOIN+0.73% and RobinhoodHOOD+1.91% among the planned listings. When an unaffiliated third party tokenizes a stock, the SEC’s exemption requires the venue to notify the issuer in writing and wait at least 30 calendar days after receipt before trading can begin.
OKXICE’s November 5 notice listed 67 objecting issuers, including AppleAAPL+1.95%, AmazonAMZN-1.09% and TeslaTSLA+1.67%. That number counts issuers; the expected lineup counts individual securities, including funds. A timely objection bars the venue from offering that third-party token even if other securities begin trading as planned.
