Apple and Meta have joined a growing list of companies rejecting plans to tokenize their shares through a venture backed by crypto exchange OKX and Intercontinental Exchange (ICE), according to reports. The objections have significantly narrowed the potential stock selection for the platform, which aims to offer blockchain-based versions of publicly traded shares.
Scale of the Pushback
According to the reports, 67 companies have now objected to the initiative. Of the original 62 companies selected for the platform, 56 have rejected the proposal—approximately 90% of the initial list. Recent additions to the objection list include Palantir, S&P Global, KLA, and Super Micro Computer. Earlier objections came from companies such as Boeing, Home Depot, GE Vernova, Nebius, and ServiceNow.
The venture initially sought to offer tokenized exposure to companies across technology, banking, retail, and manufacturing. The growing number of objections could leave its initial stock selection considerably narrower.
Crypto-Linked Companies Remain
While traditional corporations continue to reject the proposal, several companies connected to the digital asset industry have not appeared on the public objection list. Strategy, Coinbase, Circle, and Robinhood remain among the businesses that could potentially participate. Securitize and BitGo are also absent from the list, with both previously indicating that they did not intend to object.
This leaves the proposed platform increasingly dependent on companies that already operate within the crypto ecosystem. However, the absence of an objection should not automatically be interpreted as formal approval or a guarantee that a company’s shares will be available when trading begins. The remaining companies may still need to complete additional steps before their tokenized shares can become part of the marketplace.
How the Platform Would Work
OKXICE is developing a marketplace that would allow investors to trade tokenized versions of US-listed stocks around the clock, with transactions settled using stablecoins. The project is being developed under the SEC’s five-year Innovation Exemption, which allows qualifying trading venues to use automated market makers (AMMs). These systems execute transactions through liquidity pools rather than relying exclusively on conventional order books.
The regulatory framework also gives companies an opportunity to object when an unaffiliated third party intends to tokenize their shares. Under the process, issuers have 30 calendar days after receiving written notification to block the proposed trading. Platforms then have up to five business days to publish objections, meaning public lists may not immediately reflect every company’s decision.
OKXICE co-chairman and former New York Governor Andrew Cuomo has previously suggested that companies may become more comfortable with tokenization as they gain a better understanding of its potential benefits. He also indicated that businesses outside the original selection had approached the venture about participating, although he did not disclose their identities.
Broader Tokenization Efforts Continue
Despite the resistance, the broader tokenization market continues to develop, with other financial institutions and blockchain-based platforms pursuing alternative approaches. The New York Stock Exchange has been expanding its planned tokenized securities platform through partnerships with transfer agents, while the Depository Trust & Clearing Corporation has introduced a tokenization platform for eligible financial institutions.
These developments suggest that resistance to one particular marketplace does not necessarily represent rejection of tokenization itself. Instead, companies may be more concerned about how their shares are represented, traded, and managed outside established stock-market infrastructure.
Challenges for Tokenized Equities
The latest objections expose a major challenge for the tokenized equity sector: convincing established corporations that blockchain-based trading can offer meaningful benefits without compromising shareholder rights, market integrity, or control over their shares. For OKXICE, the immediate concern is whether the remaining companies can provide enough variety and liquidity to make the marketplace attractive to investors. A platform dominated by crypto-related stocks could still find an audience, but it would fall short of the broader cross-industry offering originally envisioned.
As exchanges, custodians, and financial infrastructure providers develop competing solutions, tokenized equities could continue gaining traction even if individual platforms struggle to secure support from major issuers.
