SpaceX Pushes Back on Tokenized Share Trading at OKXICE Despite Booming Offshore Demand

According to a public notice posted on Nov. 2, SpaceX has formally objected to having tokenized versions of its shares listed on OKXICE, the joint venture between crypto exchange OKX and Intercontinental Exchange, the parent of the NYSE. It now sits alongside Tesla and Amazon among 56 companies that have raised objections. The move arrives only months after tokenized SpaceX shares became one of the biggest drivers of onchain stock trading.

How the SEC Innovation Exemption Works

Under the five-year Innovation Exemption introduced in September, platforms like OKXICE can offer tokenized US stocks without registering as national securities exchanges. Companies get 30 days to object to third-party tokenization of their shares, which effectively keeps those tokens off the venue. Tokenized stocks are blockchain-based versions of company shares that can trade around the clock, and the rights they give holders may differ from those of regular shareholders.

Offshore Trading Boom Since SpaceX’s June Offering

Outside the US, tokenized SpaceX shares have drawn heavy activity since the company’s June public offering. Backpack’s SPCX token recorded $1.08 billion in onchain volume in June, while Kraken’s SPCXx token saw $852 million, and both are designed to be backed by real shares. OKXICE would be different because it opens this kind of trading to US investors.

Nasdaq Warning and Cuomo’s Response

Nasdaq cautioned issuers in September to be careful about taking part, arguing that tokenized trading could fragment liquidity and hurt long term shareholder value. OKXICE co-chair Andrew Cuomo said he expected more objections because companies do not want to be first, but argued that more firms will join as the benefits become clear.