SpaceX Blocks Tokenized Stock Listing on OKX-ICE

SpaceX has objected to a proposed tokenized-stock listing on OKX-ICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange. According to a Nov. 2 public notice, the aerospace company’s objection effectively prevents the venue from listing tokens tied to SpaceX shares. SpaceX now joins Tesla, Amazon and 54 other companies that have opposed similar listings.

The dispute comes under the SEC’s five-year Innovation Exemption, introduced in September, which allows platforms to trade tokenized versions of U.S. stocks without registering as national securities exchanges. The framework also gives companies a 30-day window to object to third-party tokenization of their shares, giving issuers substantial control over whether the assets can trade on a particular venue.

Demand for SpaceX-linked tokens has already been strong outside the United States. Backpack Securities’ SPCX token recorded $1.08 billion in on-chain trading volume in June, while Kraken’s SPCXx token generated $852 million during the same period. Both offerings were designed to be backed by conventional SpaceX shares, although tokenholders may not receive the same rights as traditional shareholders.

OKX-ICE had planned to make tokenized stocks available to U.S. investors, potentially extending blockchain-based equity trading into the world’s largest equity market by capitalization. OKX-ICE co-chair and former New York governor Andrew Cuomo said on Oct. 20 that the venture expected more objections as companies avoided being the first to test the new model. SpaceX’s decision therefore highlights the tension between fast-growing offshore token markets and issuer control over wider distribution.