SpaceX objects to OKXICE tokenized share listing for U.S. investors

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SpaceX objects to OKXICE token shares

Highlights

SpaceX has formally objected to OKXICE's listing of tokenized shares under the SEC's new five-year Innovation Exemption, joining 56 other companies such as Tesla and Amazon.
Offshore versions of tokenized SpaceX shares have seen strong demand, with Backpack's SPCX recording $1.08 billion and Kraken's SPCXx $852 million in June onchain trading volume.
Nasdaq warned in September that tokenized stock trading could fragment liquidity and reduce shareholder value, while OKXICE aims to broaden U.S. tokenized equity access under new SEC rules.

Objection tests new U.S. tokenized equity framework

As reported by Cointelegraph, a Nov. 2 public notice from OKXICE says SpaceX has objected to the proposed listing of tokenized versions of its shares on the venue, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange.

The move places SpaceX alongside Tesla and Amazon among 56 companies that have objected to similar 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 U.S. stocks without registering as national securities exchanges. The framework also gives companies 30 days to object to third-party tokenized trading of their shares, which can keep those tokens off the venue.

Tokenized stocks are blockchain-based representations of company shares that give investors onchain exposure to traditional equities, often with around-the-clock trading. Depending on how they are structured, the tokens can be backed by actual shares, although tokenholders may not receive the same rights as conventional shareholders.

OKXICE co-chair and former New York Governor Andrew Cuomo told Cointelegraph on Oct. 20 that the venture expected more objections as companies avoided becoming the first to test the model.

Offshore demand highlights market potential and issuer concerns

SpaceX's objection comes even though tokenized versions of its shares are already trading outside the U.S., where they have attracted significant activity since the company's June public offering. Ahead of that listing, Backpack Securities and Kraken, through its xStocks offering, each prepared tokenized versions of SpaceX stock designed to be backed by actual shares.

Backpack's SPCX token records $1.08 billion in onchain trading volume in June, while Kraken's SPCXx token records $852 million. Unlike those offshore offerings, OKXICE would bring tokenized stock trading to U.S. investors under the SEC's new framework, potentially widening the investor base for tokenized securities in the world's largest equity market by capitalization.

Nasdaq warned issuers in September that they "must be cautious about their participation" in the venture, arguing tokenized stock trading could fragment liquidity and undermine long-term shareholder value. Even with that pushback, Cuomo said during an Oct. 30 press conference that as investors and issuers see the benefits of tokenization, "you'll see more and more companies participate."

In our earlier report on Elon Musk’s pledge that SpaceX would reimburse users for losses caused by Grok during transactions, we outlined how AI agents handling payments and bookings are intensifying the debate over liability. We also noted that most major AI developers’ terms typically place transaction responsibility on users, leaving the scope of any reimbursement promises unclear.

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