As tokenized stock trading continues to gain traction, so too does the list of companies that object to it. In the video above, Scott Melker outlines key details of the objections from Walmart ( WMT ), Eli Lilly ( LLY ), and others.
Walmart, Eli Lily joined growing push back against OKX Ice tokenized stock plans. Five more companies have objected bringing the total of 38 as a rival Canton venue prepares to launch with an issuer sponsored stock under the SEC's innovation exemption.
Okay. It may seem tedious for me to continue updating you on this story now that it's 38 large companies that are opting out of having their stocks tokenized by OKX Ice, but we had heard rumors. We had heard rumors that it was Nasdaq themselves who have their own tokenized stock plans with Kraken, uh being reported, but the Nasdaq themselves that were behind these objections.
And here it is from Jacquelyn Met. Breaking. A Nasdaq listed company exec told me their rep reached out suggesting they object to tokenized trading of their shares on OKX Ice and offered to hold a call to discuss why. 38 companies have now opted out. There it is. For what it's worth our Nasdaq rep had reached out to us regarding OKX listing suggesting we should object.
Nasdaq is actively campaigning against their competitor, OKX Ice and against tokenized stocks, which is also a competitor to what's happening on the Nasdaq. Now, if you want to know what's interesting here, go look at Carlos Domingo, who's on the show last week, he's the CEO of Securitize.
They're listed New York Stock Exchange, not Nasdaq. For the listed NYSE listed companies like us, we received a nice email from the head of listing at NYSE, giving us a heads up that the notice from OK OKX Ice was coming and with a link to a webinar they run to learn more about the topic. So no fear-mongering and spreading FUD but informational and educational to take a decision responsibly.
No wonder more Nasdaq companies are opting out. Well, who's the parent of the New York Stock Exchange? Ice. What name is this trading venue? OKX. Ice. Obviously, New York Stock Exchange is going to want people to opt into tokenization because it is the future. The Nasdaq pushing back directly against their competition, pretty gross. Pretty gross if we're being honest. Now,
last night's strategy, uh, they reported earnings and I was actually invited to be one of the four or five people on that call to ask a question of Sailor and Fong Lee during the strategy earnings call.
And during that call, I actually focused exactly on this and what I asked him was, you know, Sailor had pointed out that tokenization was the future that for STRC and MSTR demand, it was going to increase massively. And my question was, if that is the case, there's definitely some irony because right now, STRC and MSTR, two of the largest tokenized stock offerings there are, but they're not available to Americans.
And the STRC cash dividend isn't paid, it's actually a rebasing where it automatically buys back more STRC because they can't offer the cash dividend. And I said, and we have reports that Nasdaq is actively pushing against tokenization. Will micro strategy strategy ever just consider, you know, issuing on chain themselves so we can get these dividends and it can be available to Americans, which it is not.
And he gave a very, very articulate response that they're going to do everything they can, but it's going to be dependent on the regulator and the exchange that they're listed on. MSR and STRC are listed on Nasdaq.
The moral of the story is that this is extremely complicated. Tokenization is happening, but there's going to be a battle for the soul of how it happens, who does it and where they do it.
