- OKXICE plans to launch with 59 Direxion ETFs and crypto-linked stocks, including Coinbase, Circle, Robinhood, and Strategy.
- Tokenized shares will be backed one-to-one by underlying U.S. stocks, with holders receiving dividends and voting rights.
- 67 companies have objected to the SEC exemption, citing concerns over liquidity, volatility, share prices, and onchain benefits.
Intercontinental Exchange and OKX plan to launch round-the-clock trading of tokenized U.S. stocks and ETFs on November 23. Their joint venture, OKXICE, expects more than 70 assets under the SEC’s Innovation Exemption, despite objections from 67 companies. Its initial lineup centers on crypto-linked businesses and funds rather than major corporate names.
OKXICE Launches With ETFs and Crypto-Linked Stocks
OKXICE expects trading to begin November 23, although not every planned asset will be available immediately. The offering includes 59 ETFs from Direxion. The stock lineup includes Coinbase, Circle, Robinhood, BitGo, Better.com, Securitize, and Strategy, plus Strategy preferred shares.
Better.com has crypto ties through its Coinbase partnership on crypto-backed mortgages. An OKXICE spokesperson said more issuers and assets would follow. The lineup differs from the original proposal, which named Apple, Nvidia, Amazon, Walmart, McDonald’s, and JPMorgan.
Of the 62 companies initially listed, 56 objected. The total number of objectors has reached 67, including Meta, Wells Fargo, and S&P Global. Companies cited effects on share prices, liquidity, and volatility, plus uncertainty about onchain benefits.
Token Holders Receive Shareholder Rights
Tokens will represent security entitlements backed one-to-one by underlying U.S. shares. Securitize will provide the tokenization infrastructure. The SEC exemption requires holders to receive shareholder benefits, including dividends and voting rights.
Circle Chief Commercial Officer Kash Razzaghi said investors want continuous access and clear rules. However, OKXICE will initially serve eligible U.S.-based customers through the OKX app. Users must complete identity and eligibility checks before trading.
Major Companies Pursue Different Tokenization Models
Corporate objections do not mean companies reject tokenization altogether. Nasdaq is pursuing another approach through its Nasdaq Equity Token framework, bringing listed shares into the regulated equities market.
JPMorgan said it remains encouraged by the technology but opted out of OKXICE “at this stage.” Goldman Sachs also objected, although it already tokenizes bonds and money market funds. Neither bank has moved to tokenize its own shares.
Other venues, including TSV LLC and Solana-based Formation Securities, are preparing or operating under the SEC exemption. Like OKXICE’s initial issuers, their early participants have crypto connections.
