Why Broadcom and CoreWeave Don't Want Blockchain Copies of Their Stock
Broadcom and CoreWeave have said no to blockchain copies of their shares. The request came from OKXICE, a joint business between crypto exchange OKX and Intercontinental Exchange. The Information reported the pushback on Oct. 15.
This is the first test of new, temporary rules from the U.S. Securities and Exchange Commission. On Sept. 17, the SEC issued an Innovation Exemption that lets regular U.S.-listed stocks trade as tokens, and asked the public for feedback. SEC
The permission is limited. Only certain approved trading venues can offer these token stocks, with caps on how many company names and how much trading is allowed. This is not a permanent rule. It is a small trial with a feedback process.
The SEC prefers tokens tied to real shares held in safekeeping. Think of each token like a claim ticket for an actual share in a vault. That is different from copycat products that only follow the stock price without holding the share. These token stocks can trade using automated market makers (AMMs), computer pools that buy and sell by formula. CoinDesk
That idea builds on earlier SEC staff guidance. On Jan. 30, the SEC's company-finance division described two types of tokenized securities, including "securities tokenized by or on behalf of issuers." SEC It did not say what happens when a third party makes tokens without the company's approval.
Nasdaq is updating its plumbing. Under filing SR-NASDAQ-2025-072, all its normal order-routing choices would also work for token stock orders. Routing is the system that sends an order to find the best price. Nasdaq filing
SEC Commissioner Hester Peirce had backed the idea in July 2025, saying tokenization "may facilitate capital formation and enhance investors' ability to use their assets as collateral." SEC
Looking at what this means for everyday investors, company permission is the snag. The system only works if the real share in custody and the token in a crypto wallet can be swapped easily. Broadcom and CoreWeave are questioning that, raising issues about shareholder records, dividends and splits, voting, disclosure rules, and share counts.
In my view, the next questions are about size limits and how trading works. Caps on names and volume keep token venues small before normal stock-market rules on prices and clearing kick in. Pool trading works differently from a normal stock exchange order book. Shared routing helps link them, but it does not fix final settlement, failed trades, or proof of who owns what.
The broader context here is the SEC is watching and learning. Limited trading can go ahead while the agency gathers comments. Lawyers and traders will focus on who holds the real shares, how tokens are made and cashed back in, and whether a company's no can remove its stock from the list. The rules are in place. Company resistance is the first live test.
