Elon Musk’s Tesla and SpaceX Join 67 Firms Rejecting OKXICE Tokenised Stocks

Elon Musk’s Tesla and SpaceX have joined a growing list of companies rejecting OKXICE tokenized stocks trading platform, bringing the total objections to 67. The update added Palantir, S&P Global, KLA, Super Micro Computer and Meta to the list. That puts 56 of the 62 companies originally selected for the platform among those objecting to their shares being traded through the proposed venue.

The development comes as Musk recently attracted attention for responding to a separate ICE-backed Hyperliquid initiative. The billionaire replied “Interesting” to investor Stanley Druckenmiller’s October 29 announcement about investing in Trade[XYZ], which is partnering with ICE to bring Hyperliquid-based perpetual futures to US markets.

Tesla and SpaceX Join 67 Companies Rejecting OKXICE Tokenized Stocks Plan

The growing opposition presents a significant obstacle for OKXICE tokenized stocks plan, a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange.

The proposed platform aims to bring tokenised versions of US stocks onto blockchain infrastructure, allowing investors to trade around the clock using stablecoins such as USDC. But companies have increasingly exercised their right to prevent unaffiliated platforms from offering tokenised versions of their shares.

Tesla and SpaceX appeared in OKX-ICE’s November 2 notice alongside Amazon, Netflix, Lam Research and SoFi Technologies. Subsequent updates pushed the total number of objecting companies to 67 by today.

The original selection included 62 companies covering 63 proposed stock tickers. The latest tally therefore extends beyond the initial roster, with 56 original companies having filed objections.

Under the SEC’s temporary Innovation Exemption, trading venues must notify companies before offering third-party tokenised versions of their shares. Issuers can object within 30 days, preventing the venue from listing those particular tokenised shares.

Importantly, these objections do not represent a blanket rejection of tokenisation. Companies can still explore their own tokenisation arrangements or participate through other venues.

OKXICE tokenized stocks proposal uses permissioned liquidity pools on OKX’s X Layer blockchain, with Uniswap v4 infrastructure supporting trading. Investors would undergo identity and sanctions checks before accessing the platform.

The initiative aims to combine blockchain settlement with extended trading hours, although the growing number of objections raises questions about which major stocks could eventually become available.

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Elon Musk’s Hyperliquid Reaction Adds Another Twist

The growing resistance involving Musk’s companies creates an interesting contrast with his recent interaction with the Hyperliquid ecosystem. On October 29, billionaire investor Stanley Druckenmiller announced his investment in Trade[XYZ], revealing plans to use its products following a partnership with ICE.

Musk responded to Druckenmiller’s post on X with a single word: “Interesting.”

The announcement involved a separate ICE initiative designed to bring perpetual futures trading to the United States using Hyperliquid infrastructure. Under the proposed arrangement, ICE will operate the regulated exchange and clearing infrastructure, while Trade[XYZ] will develop the markets using Hyperliquid’s technology.

The platform intends to offer around-the-clock perpetual contracts linked to cryptocurrencies, equities, commodities, and foreign exchange. ICE is also making a strategic investment in Trade[XYZ], giving the agreement a direct institutional connection to the growing market for blockchain-based financial products.

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