SpaceX Opposes US Listing of Tokenized Shares on OKXICE Despite Global Trading Success

According to a public announcement from OKXICE dated November 2, SpaceX has formally objected to the planned listing of tokenized versions of its stock on the platform—a joint initiative between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. This objection places SpaceX alongside Tesla, Amazon, and a total of 56 companies resisting the proposed listings.

Under the SEC’s five-year Innovation Exemption introduced in September, platforms like OKXICE are allowed to offer trading in tokenized versions of US stocks without registering as national securities exchanges. However, this regulatory framework also grants companies a 30-day window to oppose such trading of their tokenized shares by third parties, effectively preventing these tokens from launching on the platform.

Tokenized shares are blockchain-based representations of corporate stocks, enabling investors to access traditional equities through onchain trading, often available 24/7. Depending on how they are structured, these tokens may be backed by actual shares, although tokenholders’ rights can differ from those of conventional shareholders.

Andrew Cuomo, co-chair of OKXICE and former governor of New York, told Cointelegraph on October 20 that the venture expected more company objections, as many firms are hesitant to be the first to experiment with this new trading model.

SpaceX’s objection arises despite tokenized versions of its shares already actively traded on platforms outside the United States, where they have generated substantial trading volume since the company's public debut in June.

Before SpaceX shares were listed, both Backpack Securities, a brokerage and tokenization platform, and crypto exchange Kraken, via its xStocks product, created tokenized versions of SpaceX stock backed by actual shares. Backpack’s SPCX token posted $1.08 billion in onchain trading volume in June alone, while Kraken’s SPCXx token achieved $852 million in volume.

Unlike Backpack and Kraken, OKXICE intended to offer tokenized stock trading to US investors under the new SEC regulatory framework. This could open access to the world’s largest stock market by capitalization and broaden the investor base for tokenized securities.

In September, Nasdaq issued a cautionary message to issuers, advising them to be mindful of participation in this venture. Nasdaq expressed concerns that tokenized stock trading might fragment liquidity and potentially harm long-term shareholder value.

Despite mounting resistance, Cuomo expressed optimism at a press conference on October 30, stating that as more people recognize the benefits of tokenization, an increasing number of companies will choose to participate.

SpaceX’s stance highlights the regulatory and corporate hesitancy surrounding tokenized stock trading in the US, a key factor that could influence the pace and extent of adoption of blockchain-based equity markets domestically.