Securitize Denies Tokenization Rejection Claims Amid NYSE Competition

The list has a conspicuous gap. It includes 59 Direxion ETFs, but the only individual stocks that made it through are Coinbase, Circle, Robinhood, Strategy, BitGo, Securitize and Better.com. All but two of those are cryptocurrency firms. The roster took shape after widespread pushback from companies on OKXICE’s original list.

Securitize Blames Confusion, Not Refusal

Securitize, which is launching its own tokenized equities on the OKXICE platform, disputes the rejection narrative. Its argument is that public companies are conflating SEC-regulated tokenization with offshore synthetic alternatives that strip away shareholder rights.

CEO Carlos Domingo said issuers were dealing with a lot of confusion over the difference, and that the company has reached out to many of the issuers that have opted out to explain it. We don’t think that this is a problem long term … once you manage to explain those advantages … I think that’s when you start getting traction with [issuers], he said. President Brett Redfearn added that tokenization and tokenized securities venues (TSVs) are two different things, and that opting out of a TSV does not mean they are opting out of tokenization.

Securitize will supply the tokenization infrastructure. Each token represents an entitlement backed one-for-one by a real U.S. share, carrying dividends, voting rights and other shareholder benefits. That backing is what Securitize says separates regulated tokenization from synthetics traded offshore.

Some issuers are already open to the idea. Coinbase CEO Brian Armstrong wrote in early November that he is pro tokenization of our stock for a simple reason: I want more people to own it. He added that the company is working on offering tokenized versions of its own shares on its Base layer-2 network.

Avalanche Anchors a Rival Venue

OKXICE is not the only venue chasing this market. Ava Labs revealed on November 9 that Avalanche will handle settlement for the NYSE’s planned digital ATS. The NYSE’s existing Pillar trading engine will keep matching buy and sell orders, while Avalanche records and settles the completed trades. Three venues now sit in the race:

• OKXICE: opens November 23 with 70+ assets, including 59 Direxion ETFs
• NYSE digital ATS: expected to launch in Q4 2026, with Avalanche handling settlement for 24/7 trading of tokenized U.S. equities and ETFs
• Formation Securities: a venue where equities issued anywhere can be traded and settled, with the final record kept on Avalanche and tokenized stocks accepted from a range of networks

Securitize is also expanding beyond equities. It reported third-quarter revenue of $18.6 million and announced a deal on Monday alongside the results that adds warehouse financing capabilities to its business. The move positions it to enter the $6 trillion global private asset-backed finance market, where banks, private credit funds and specialty lenders fund businesses backed by portfolios of income-generating assets. KKR estimates that market could reach $9.2 trillion by 2029. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Hashlytics Take

The explanation that issuers are merely confused comes from a company that is both a listed name on the venue and its tokenization provider, so it is the least neutral voice in the story. The harder evidence is the roster itself: seven stocks, five of them crypto-native, after a pushback wave on the original list. If the one-for-one backing argument is as strong as Securitize says, the next few months should show it in the form of non-crypto issuers opting back in. Until that happens, the venue is a proof of infrastructure, not proof of demand from the companies whose shares it is meant to trade.