33 Companies, From JPMorgan to Coca-Cola, Opted Out of a Venue for Tokens of Their Stock. A Token Isn't the Share

Last month the SEC opened the way for U.S. venues to trade tokens of stocks. The companies whose stock it is are saying no.

By Sean Anees Saifi · Capital Wealth · Published Friday, October 30, 2026 · Source: The Wall Street Journal, Thursday, October 29, 2026, whose market figures are the Wednesday, October 28 close (Markets)

Key Points

JPMorgan Chase, Advanced Micro Devices, Applied Materials, Coca-Cola, Adobe, Dell Technologies and Sandisk are the latest to object to a third party tokenizing their stock, a regulatory filing shows.
They join a group that already included Broadcom, Verizon, UnitedHealth, Goldman Sachs, McDonald's, Microsoft, Oracle and Intel. The opt-outs now total 33 companies.
The venue, OKXICE, had said it planned to trade tokens of 62 U.S.-listed companies. The SEC framework came last month.
Some on Wall Street warn of a “shadow” stock market, with trading split across platforms and fewer protections for investors, Vicky Ge Huang reports.
All 15 companies named are in our model books, including JPMorgan in 26, Coca-Cola in 26, Broadcom in 29 and Microsoft in 29. Nothing added.

Companies that have opted out of the OKXICE tokenized-stock venue

U.S.-listed companies OKXICE planned to launch with

Latest objectors in one filing, from JPMorgan to Sandisk

Earlier opt-outs (33 in all, less the latest 7)

Columns of blue figures glow on a dark trading screen, blurred so far out of focus that they melt into soft bands of light.

Thirty-three big companies told the SEC that a third party's token of their stock is not the share itself.

In one line: 33 public companies have opted out of a venue that planned to trade tokens of their shares, and a token isn't the share.

Suppose an app offers you a token of JPMorgan stock. It trades all night. It settles in seconds. There's one catch. JPMorgan has objected to a third party tokenizing its shares. It's one of 33 companies that have now opted out, a regulatory filing shows.

Here's the setup. Last month the SEC opened the way for trading venues to offer tokens of U.S. stocks. A token is a digital stand-in that tracks a share and lives on a blockchain, a shared online ledger. One venue, OKXICE, said in its first filing that it would trade tokens of 62 U.S.-listed companies. Now the companies are pushing back. Vicky Ge Huang reports the latest round in Thursday's Journal. JPMorgan Chase (JPM), Advanced Micro Devices (AMD), Applied Materials (AMAT) and Coca-Cola (KO) objected. So did Adobe (ADBE), Dell Technologies (DELL) and Sandisk (SNDK).

They join a group that already included Broadcom (AVGO), Verizon (VZ), UnitedHealth (UNH), Goldman Sachs (GS), McDonald's (MCD), Microsoft (MSFT), Oracle (ORCL) and Intel (INTC). In all, 33 companies have now opted out of that one venue. Some on Wall Street fear the new framework could breed a “shadow” stock market. Trading could scatter across many platforms, and investors could lose protections. The Journal's short item doesn't say why each company objected.

What a token isn't

A share of stock is a legal claim on a company. It comes with a vote and any dividend the company pays. In a brokerage account it also has SIPC coverage, which protects your shares and cash up to set limits if the brokerage firm fails. A token issued by a third party is a promise from that third party. Whether it carries the vote, the dividend or any protection depends on the fine print. The company whose name is on it may have no part in the deal at all. That's the gap a saver should care about.

Our read

This is Consumer Protection, M11, with an Investments/Risk edge. All 15 companies the Journal named are in our model books. JPMorgan is in 26, Coca-Cola in 26, Broadcom in 29, Microsoft in 29, Goldman in 19, Oracle in 13, Intel in 3, and Sandisk and AMD in 1 each. Each is held at weight, with nothing added or trimmed. We own the shares through a brokerage, with the vote and the dividend attached. We'd avoid any token of them that the company didn't authorize. Convenience is what the tokens sell. Rights are what you might give up.

Here's the check for this week. Open the app where your stocks live and look for the word “token” or an all-night trading pitch. Then find your broker's SIPC notice, usually in small print at the bottom of the statement. If an account holds something that trades like a stock but isn't on a SIPC-covered brokerage statement, you own somebody's promise, and you should know whose. We're glad to read the fine print with you before the next shiny app arrives. The umbrella is cheapest while the sky is clear.

What It Means For Your Portfolio

Avoid. Own the share itself and skip unauthorized tokens of it

A token of a stock is a promise from whoever issued the token. The company's name on it doesn't make it the company's share.

General planning principles, not advice for anyone in particular. Hold stocks through a brokerage account with SIPC coverage, where the share, the vote and the dividend are yours. Before buying any tokenized stock, ask who issued it, what rights come with it, and whether the company agreed.

If an account statement lists a token of a stock, ask the platform in writing what you'd hold if it failed. Then decide whether the convenience is worth that answer.