OKXICE Tokenized Stocks 22 Companies Now Say No to Blockchain Listings

Nobody wants to be the test case. That is the clearest message from the latest wave of objections to OKXICE, the planned tokenized stock platform from crypto exchange OKX and Intercontinental Exchange. Six more companies, including Wells Fargo, Arm Holdings and Intuit, have opted out, bringing the total to 22 and joining earlier objectors Microsoft and Alphabet.

Nasdaq Names Dominate the Opt Out List

Sixteen of the 22 companies trade on Nasdaq, while only six are listed on the New York Stock Exchange. Nasdaq told issuers in September to be cautious about taking part in the SEC innovation exemption, warning that effects on liquidity, price discovery and long term shareholder value might only show up well after the experiment starts.

What OKXICE Leaders Expected

Co chair Andrew Cuomo, the former New York governor, said earlier in the week that more objections were likely because firms did not want to be first to try the model. The venture filed with the SEC this month proposing tokenized shares of 62 companies, so more than a third have now pushed back.

Wells Fargo and Arm declined to comment, and Intuit did not immediately respond.