Elon Musk’s Tesla and SpaceX Block Their Stock From OKX-ICE Tokenized Venue

Tesla and SpaceX are among six new companies that have objected to trading of their shares on OKXICE TSV, according to a notice published Monday. Amazon, Netflix, Lam Research, and SoFi Technologies are also part of this latest batch of objecting issuers.

The additions bring the total number of companies blocking their shares from being tokenized on the venue to 56, up from 50 on Oct. 30 and just nine on Oct. 15. The list has grown rapidly since OKXICE TSV began notifying companies about its plans.

Growing Megacap Holdouts

The new objections deepen the roster of megacap companies keeping their shares off the tokenized venue. Amazon, Tesla, and Netflix join Microsoft, Alphabet, and Nvidia as holdouts. SoFi, a fintech company that offers crypto trading, adds another company with its own stake in digital assets to the list.

SpaceX, which trades under the ticker SPCX, rounds out the batch of recent objectors. Apple is now one of the few major companies still missing from the objection list.

SEC Rules Govern Objections

Under the SEC's innovation exemption, which the agency unveiled in September, a venue must notify a company before offering a version of its shares tokenized by an unaffiliated third party. If the company objects in writing within 30 days, the venue can't make that stock available for trading on that specific venue.

OKXICE TSV, a 50-50 joint venture between NYSE owner Intercontinental Exchange and OKX's U.S. holding company, plans to offer tokenized U.S. stocks 24/7 through permissioned Uniswap v4 pools on OKX's XLayer blockchain, paired with stablecoins such as USDC.

The objections don't completely prevent tokenized versions of these stocks from being traded. The venue can still list shares tokenized by the issuers themselves, and tokenized stocks it offers aren't restricted to trading on OKXICE alone.