Nvidia, Costco, and Nike Oppose OKXICE Tokenized Stock Initiative
Twelve additional firms join the growing list of companies rejecting third-party share tokenization.
1Expanding Corporate Resistance
Twelve additional major companies, including Nvidia, Costco, Nike, and Reddit, have formally objected to the OKXICE tokenized stocks plan. This latest wave brings the total number of opposing firms to 50 out of 63 originally targeted entities. These companies join previous objectors like Microsoft, Walmart, and JPMorgan Chase in rejecting the proposal.
2Scale of the Opposition
The 50 companies currently opposing the initiative represent approximately 79% of the initial target list. Collectively, these firms account for roughly $25 trillion in total market capitalization. While over half of the objectors trade on the Nasdaq, 42% are listed on the New York Stock Exchange, which is owned by the project partner ICE.
3Diverse Industry Rejection
The list of objectors spans multiple sectors, highlighting widespread caution regarding third-party tokenization. Recent additions include cybersecurity leaders CrowdStrike and Palo Alto Networks, alongside semiconductor manufacturer Micron Technology. Additionally, infrastructure firms like IREN and Bloom Energy, plus materials company Corning, have officially registered their opposition to the proposed blockchain-based trading model.
4Technical Framework Challenges
OKXICE intends to offer blockchain-based versions of U.S. equities, enabling continuous trading outside standard market hours. The structure relies on stablecoins and permissioned Uniswap v4 liquidity pools on the X Layer blockchain. However, the framework allows issuers to reject third-party tokenization, a right that the vast majority of targeted firms are exercising.
5Regulatory Context and Exemptions
The venture operates under temporary regulatory exemptions granted by the Securities and Exchange Commission in September. These rules permit qualifying blockchain trading venues to function outside traditional exchange protocols. Despite this regulatory backing, the project faces significant hurdles as companies prioritize control over their own equity representation and potential market impact.
6Leadership Perspective on Adoption
OKXICE co-chair Andrew Cuomo has defended the initiative as an experiment in modernizing stock trading. He previously argued that companies would adopt tokenization at different speeds and challenged the necessity of limiting trading to conventional hours. Despite his advocacy, the rapid accumulation of formal objections suggests a strong preference for traditional oversight.
7Impact on Venture Viability
With 50 of 63 prospective issuers now registered in opposition, the OKXICE platform faces a substantially diminished selection of stocks for its proposed launch. The objections do not explicitly state a blanket opposition to blockchain securities, but they clearly signal resistance to third-party tokenization occurring without direct participation from the issuing companies.
8Future Market Implications
The ongoing rejection highlights a fundamental tension between decentralized finance innovators and established public corporations. As the list of objectors grows, the viability of the OKXICE model remains uncertain. Market observers should monitor whether the venture pivots its strategy or if the remaining 13 targeted companies eventually follow the trend of formal opposition.
Original article: Bitcoin News — Nvidia, Costco, and Nike Oppose OKXICE Tokenized Stock Initiative