Apple, Meta and Palantir are among the latest companies to object to the tokenized stock trading plans of OKX and Intercontinental Exchange. The companies with no disclosed objection all have ties to the crypto industry, which could narrow the venue's initial offering.
Apple and Facebook parent Meta Platforms are among the latest companies rejecting tokenized stock trading plans by crypto exchange OKX and NYSE parent Intercontinental Exchange. The shrinking group without a disclosed objection now consists entirely of companies with ties to the crypto industry.
Crypto-linked firms remain off the objection list
Strategy, Coinbase, Circle and Robinhood have remained absent from the objection list in the venture's public notice dated Thursday, Nov. 5. Securitize and BitGo, which previously told CoinDesk they did not plan to object, are also not on it.
Their decisions could help determine what investors will be able to trade on the planned blockchain-based market. Of the 62 companies the venture initially picked, 56 — about 90% — have objected, according to a CoinDesk tally. The venture originally sought to offer shares spanning megacap tech, banking, retail and industrial companies.
Objections reach 67
Total disclosed objections have reached 67, including 11 companies outside the original selection. Thursday's additions were Meta, Palantir, S&P Global, KLA and Super Micro Computer. Apple, Home Depot, GE Vernova, Nebius, Boeing and ServiceNow appeared earlier this week.
The venture plans to offer round-the-clock trading of tokenized U.S. stocks, with payments settled in stablecoins. It would operate under the SEC's five-year "Innovation Exemption," which allows qualifying venues to use automated market makers, software that executes trades through pools of assets instead of an order book.
Companies have 30 calendar days after receiving notice to block trading of their shares when an unaffiliated third party tokenizes them. Venues have up to five business days to publish objections, so the public list can lag issuers' decisions, and the venue may not have disclosed all objections yet.
Meanwhile, the Canton-based venue TSV went live earlier this week trading tokenized shares of Canton Strategic Holdings, using an issuer-sponsored approach that avoids the 30-day objection process.
Source: CoinDesk
Trading involves risk.
Risk Disclaimer
