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SpaceX blocks tokenized stock listing on OKXICE despite offshore trading boom
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- DeepHorus
SpaceX has formally objected to the proposed listing of tokenized versions of its shares on OKXICE, the trading venue jointly operated by crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. The objection was disclosed in a public notice published by OKXICE on Nov. 2. The aerospace and satellite company thus becomes the latest high-profile issuer to block third-party tokenization of its equity on the platform.
SpaceX is not alone in resisting the plan. Tesla and Amazon are among 56 companies that have now lodged objections to proposed tokenized listings on the venue. Under OKXICE's rules, an issuer's objection is sufficient to keep tokens tied to its shares off the platform, giving corporations an effective veto over how their equity is represented onchain.
The pushback unfolds against the backdrop of the Securities and Exchange Commission's five-year Innovation Exemption, introduced in September. The framework allows venues such as OKXICE to offer trading in tokenized US stocks without registering as national securities exchanges, but grants issuers a 30-day window to object to listings of tokens created by third parties. Tokenized stocks are blockchain-based representations of company shares, often tradeable around the clock and, depending on structure, backed by actual shares.
SpaceX's objection comes even as tokenized versions of its stock flourish offshore. Since the company's June public offering, Backpack Securities' SPCX token recorded $1.08 billion in onchain trading volume in June, while Kraken's xStocks-based SPCXx token notched $852 million. Both products were designed to be backed by real shares. For OKXICE, by contrast, approval would have opened tokenized stock trading to US investors, potentially tapping the world's largest equity market by capitalization.
Critics have been vocal. In September, Nasdaq warned issuers that they "must be cautious about their participation" in the venture, arguing that tokenized stock trading could fragment liquidity and undermine long-term shareholder value. OKXICE co-chair and former New York Governor Andrew Cuomo told Cointelegraph on Oct. 20 that the venture expected further objections as companies avoided being first to test the model.
Cuomo has nonetheless struck a bullish tone on the sector's direction. Speaking at an Oct. 30 press conference, he predicted that as more people recognize the benefits of tokenization, "you'll see more and more companies participate." Whether issuers such as SpaceX eventually reverse course remains an open question, but the growing roster of objectors suggests tokenized equity will face sustained resistance from corporate America before it reaches mainstream US investors.
