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Just months after tokenized versions of SpaceX shares became one of the biggest drivers of onchain stock trading, the aerospace company is pushing back against plans to bring similar trading to US investors.
According to a Nov. 2 public <a href="https://www.okx.com/okxicetsv" rel="noopener noreferrer nofollow">notice</a> from OKXICE, SpaceX has objected to the proposed listing of tokenized versions of its shares on the trading venue, a joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange (ICE). The company now joins Tesla and Amazon among 56 companies objecting to the proposed listings.
Under the Securities and Exchange Commission’s five-year Innovation Exemption introduced in September, platforms such as OKXICE can offer trading in tokenized versions of US stocks without registering as national securities exchanges. But the framework also gives companies a say in the process: They have 30 days to object to the proposed trading of their shares tokenized by third parties, effectively keeping those tokens off the venue.
Tokenized stocks are blockchain-based representations of company shares that allow investors to gain exposure to traditional equities onchain, often around the clock. Depending on the structure, they can be backed by actual shares, although the rights granted to tokenholders may differ from those of traditional shareholders.
OKXICE co-chair and former New York Governor Andrew Cuomo<a href="https://ct.com/news/nasdaq-companies-object-tokenized-stock-listings-okx-ice" rel="noopener noreferrer nofollow">told</a> Cointelegraph on Oct. 20 that the venture expected more objections as companies avoided being the first to test the model.&nbsp;
SpaceX’s objection comes despite tokenized versions of its shares already trading on platforms outside the US, where they have attracted significant trading activity since the company’s June public offering.
<h4>Offshore trading since June</h4>
Ahead of the SpaceX listing, Backpack Securities, a stock brokerage and tokenization platform, and crypto exchange Kraken, through its xStocks offering, both prepared tokenized versions of the aerospace company’s stock, each designed to be backed by actual shares. Backpack’s SPCX token went on to record $1.08 billion in onchain trading volume in June, while Kraken’s SPCXx token recorded $852 million.
Unlike Backpack and Kraken, OKXICE would open tokenized stock trading to US investors under the SEC’s new regulatory framework, potentially tapping into the world’s largest equity market by capitalization and expanding the investor base for tokenized securities.
Nasdaq <a href="https://ct.com/news/nasdaq-companies-object-tokenized-stock-listings-okx-ice" rel="noopener noreferrer nofollow">warned</a> issuers in September that they “must be cautious about their participation” in the venture, arguing that tokenized stock trading could fragment liquidity and undermine long-term shareholder value.
Despite the growing opposition, Cuomo said during an Oct. 30 press conference that as people see the benefits of tokenization, “you’ll see more and more companies participate.”

SpaceX blocks tokenized stock listing on OKXICE despite offshore trading boom

Cointelegraph

Other articles published on Nov 3, 2026

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