Nasdaq opts out of SEC tokenization exemption as OKXICE objections mount
The exchange will keep its shares off third-party tokenized venues and stick with its own issuer-centric model
Microsoft Corporation (MSFT) price
Full chart and statsLoading chart…
- Last close
- $531
- Close-to-close change
- −0.1%
- Market cap
- $3.9T (shares as of 2026-10-22)
- P/E (trailing)
- 27.7 (EPS to 2026-09-30)
- Annual revenue
- $331.8B USD (FY ended 2026-06-30) 10-K
- Annual revenue growth
- +17.8% (FY ended 2026-06-30 vs FY ended 2025-06-30) 10-K
- Annual net income
- 133,749,000,000 USD (FY ended 2026-06-30, attributable to the company) 10-K
- Annual operating margin
- 46.8% (FY ended 2026-06-30)
- Forward P/E
- Unavailable: no dated forecast source
Gloria daily close for session Oct 28, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.
Microsoft Corporation and its peers
| Company | Price | Market cap | P/E (trailing) | Forward P/E | Annual revenue (USD) | Annual revenue growth | Annual net income (USD) | Operating margin |
|---|---|---|---|---|---|---|---|---|
|
|
$531 | $3.9T | 27.7 | Unavailable | $331.8BFY ended 2026-06-30 · 10-K | +17.8%FY ended 2026-06-30 vs 2025-06-30 · 10-K | 133,749,000,000FY ended 2026-06-30, attributable to the company · 10-K | 46.8%FY ended 2026-06-30 |
|
|
$197 | $472.9B | 168.2 | Unavailable | $4.5BFY ended 2025-12-31 · 10-K | +56.2%FY ended 2025-12-31 vs 2024-12-31 · 10-K | 1,625,033,000FY ended 2025-12-31, attributable to the company · 10-K | 31.6%FY ended 2025-12-31 |
|
|
$145 | $437.1B | 22.7 | Unavailable | $67.4BFY ended 2026-05-31 · 10-K | +17.3%FY ended 2026-05-31 vs 2025-05-31 · 10-K | 17,087,000,000FY ended 2026-05-31, attributable to the company · 10-K | 30.6%FY ended 2026-05-31 |
|
|
$267 | $273.0B | Not meaningfulLoss, diluted EPS −0.45 to 2026-07-31 · SEC filing | Unavailable | $4.8BFY ended 2026-01-31 · 10-K | +21.7%FY ended 2026-01-31 vs 2025-01-31 · 10-K | −162,502,000FY ended 2026-01-31, attributable to the company · 10-K | −6.1%FY ended 2026-01-31 |
Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.
Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 1:46 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.
Token vs underlying stock
Current comparison for MSFT. Historical observations may postdate this article.
MSFTx token unit vs MSFT share · USD
+10.0% over displayed period
● MSFTx token┄ MSFT stock: $531.01
Source: CoinGecko + Gloria · Retrieved Oct 29, 17:52 UTC · Delayed
Methodology and data
Split-adjusted regular-session stock closes from the existing Gloria shared history, paired only with an observed token price within 45 minutes of 16:00 New York time. Up to 60 matched sessions. No interpolation or missing-date fill. Weekends and known early closes are omitted. Token units are not adjusted for issuer multipliers or dividend treatment. This compares quoted prices, not fair value, executable premiums or arbitrage returns. Solid line: token. Dashed line: stock. Exact quote times and values appear below. Historical observations. Retrieval refers to the token source. Token quote times use UTC. The fixed cohort shows its oldest member fetch.
| Date (UTC) | Token (USD) | Stock close (USD) | Token quote (UTC) |
|---|---|---|---|
| 2026-08-05 | 484.73 | 487.46 | 2026-08-05 20:00 |
| 2026-08-06 | 498.48 | 499.86 | 2026-08-06 20:00 |
| 2026-08-07 | 501.35 | 499.99 | 2026-08-07 20:00 |
| 2026-08-10 | 507.81 | 506.06 | 2026-08-10 20:00 |
| 2026-08-11 | 503.83 | 503.81 | 2026-08-11 20:00 |
| 2026-08-12 | 493.50 | 492.43 | 2026-08-12 20:00 |
| 2026-08-13 | 494.66 | 496.88 | 2026-08-13 20:00 |
| 2026-08-14 | 496.96 | 495.40 | 2026-08-14 20:00 |
| 2026-08-17 | 481.91 | 480.35 | 2026-08-17 20:00 |
| 2026-08-18 | 482.93 | 481.63 | 2026-08-18 20:00 |
| 2026-08-19 | 484.48 | 484.31 | 2026-08-19 20:00 |
| 2026-08-20 | 482.95 | 481.15 | 2026-08-20 20:00 |
| 2026-08-21 | 485.28 | 483.24 | 2026-08-21 20:00 |
| 2026-08-24 | 489.80 | 487.31 | 2026-08-24 20:00 |
| 2026-08-25 | 491.36 | 491.71 | 2026-08-25 20:00 |
| 2026-08-26 | 498.86 | 496.37 | 2026-08-26 20:00 |
| 2026-08-27 | 506.15 | 505.06 | 2026-08-27 20:00 |
| 2026-08-28 | 514.87 | 513.53 | 2026-08-28 20:00 |
| 2026-08-31 | 510.07 | 507.29 | 2026-08-31 20:00 |
| 2026-09-01 | 503.61 | 501.02 | 2026-09-01 20:00 |
| 2026-09-02 | 497.76 | 496.82 | 2026-09-02 20:00 |
| 2026-09-03 | 512.63 | 510.12 | 2026-09-03 20:00 |
| 2026-09-04 | 500.58 | 499.70 | 2026-09-04 20:00 |
| 2026-09-08 | 493.27 | 493.95 | 2026-09-08 20:00 |
| 2026-09-09 | 491.69 | 491.65 | 2026-09-09 20:00 |
| 2026-09-10 | 493.07 | 492.44 | 2026-09-10 20:00 |
| 2026-09-11 | 498.52 | 495.63 | 2026-09-11 20:00 |
| 2026-09-14 | 508.54 | 505.41 | 2026-09-14 20:00 |
| 2026-09-15 | 498.86 | 497.12 | 2026-09-15 20:00 |
| 2026-09-16 | 494.48 | 490.30 | 2026-09-16 20:00 |
| 2026-09-17 | 500.28 | 497.75 | 2026-09-17 20:00 |
| 2026-09-18 | 496.33 | 493.78 | 2026-09-18 20:00 |
| 2026-09-21 | 503.22 | 501.61 | 2026-09-21 20:00 |
| 2026-09-22 | 501.25 | 498.00 | 2026-09-22 20:00 |
| 2026-09-23 | 503.06 | 500.59 | 2026-09-23 20:00 |
| 2026-09-24 | 501.07 | 497.93 | 2026-09-24 20:00 |
| 2026-09-25 | 518.98 | 516.17 | 2026-09-25 20:00 |
| 2026-09-28 | 511.70 | 509.22 | 2026-09-28 20:00 |
| 2026-09-29 | 512.06 | 508.96 | 2026-09-29 20:00 |
| 2026-09-30 | 515.27 | 512.90 | 2026-09-30 20:00 |
| 2026-10-01 | 516.84 | 512.80 | 2026-10-01 20:00 |
| 2026-10-02 | 519.95 | 517.53 | 2026-10-02 20:00 |
| 2026-10-05 | 527.35 | 525.18 | 2026-10-05 20:00 |
| 2026-10-06 | 532.35 | 529.30 | 2026-10-06 20:00 |
| 2026-10-07 | 532.01 | 529.76 | 2026-10-07 20:00 |
| 2026-10-08 | 525.93 | 522.61 | 2026-10-08 20:00 |
| 2026-10-09 | 537.45 | 535.07 | 2026-10-09 20:00 |
| 2026-10-12 | 543.48 | 541.15 | 2026-10-12 20:00 |
| 2026-10-13 | 546.06 | 543.45 | 2026-10-13 20:00 |
| 2026-10-14 | 535.70 | 533.69 | 2026-10-14 20:00 |
| 2026-10-15 | 542.43 | 539.44 | 2026-10-15 20:00 |
| 2026-10-16 | 531.87 | 529.05 | 2026-10-16 20:00 |
| 2026-10-19 | 535.69 | 533.52 | 2026-10-19 20:00 |
| 2026-10-20 | 535.30 | 531.87 | 2026-10-20 20:00 |
| 2026-10-21 | 535.87 | 532.95 | 2026-10-21 20:00 |
| 2026-10-22 | 524.11 | 521.08 | 2026-10-22 20:00 |
| 2026-10-23 | 525.75 | 524.51 | 2026-10-23 20:00 |
| 2026-10-26 | 534.07 | 532.60 | 2026-10-26 20:00 |
| 2026-10-27 | 533.36 | 531.33 | 2026-10-27 20:00 |
| 2026-10-28 | 533.14 | 531.01 | 2026-10-28 20:00 |
Stock history: Gloria · Retrieved Oct 29, 00:31 UTC. Token history: CoinGecko MSFTx.
Quoted token and share units can have different rights, multipliers and dividend treatment. This is not an executable premium or arbitrage signal.
Nasdaq has decided it wants no part of the SEC’s new fast lane for tokenized stock trading. The exchange said it will keep its own shares out of the agency’s Innovation Exemption framework for third-party tokenized securities venues.
Instead, Nasdaq plans to pursue its own issuer-centric tokenization model.
The move lands as a growing list of major US companies objects to having their shares tokenized on OKXICE, a joint effort between crypto exchange OKX and the Intercontinental Exchange (ICE).
What Nasdaq is pushing back on
The SEC’s Innovation Exemption went live on September 17, 2026. It runs for five years and lets qualifying tokenized securities venues, or TSVs, trade tokenized NMS stocks without registering as a traditional exchange.
The exemption comes with volume caps and rigorous disclosure requirements, so these venues cannot simply grow unchecked.
Nasdaq’s objections center on two areas: best-price display and trade reporting. The exchange has also warned about liquidity fragmentation, where trading in the same stock gets spread across more and more venues, making each pool of buyers and sellers thinner and harming price discovery.
Nasdaq frames its position as protecting the integrity of the national market system.
The OKXICE pileup
OKXICE filed its public notice for tokenized trading on October 4-5, 2026. The platform aims to offer tokenized versions of 63 major US-listed stocks, trading 24/7.
The news moving money, markets, and the world—before your day starts.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
Under the SEC exemption, companies get a 30-day window to object to their shares being tokenized on a given venue. Silence counts as consent, which puts the burden on issuers to speak up.
The objection count stood at 9 on October 15 and climbed to 22 by October 23, 2026.
Broadcom, Verizon, Microsoft and Alphabet are among the companies that have filed objections.
That means 22 objectors against a list of 63 targeted stocks, with the window still open.
The objecting companies have flagged a range of worries, including price discovery, potential instability in liquidity and volatility, and the effect on shareholder communications.
Tokenized shares on OKXICE must carry equivalent dividend and voting rights.
Two visions of tokenization
Nasdaq continues to back issuer-controlled tokenization under its own SEC-approved pilots.
In Nasdaq’s model, the company issuing the stock stays in control of how and where its shares get tokenized. In the TSV model, a third-party venue can list tokenized versions of a stock unless the issuer actively objects.
What this means for tokenized stocks
A jump from 9 to 22 objections in about a week suggests issuers may be watching each other, and early objections from giants like Microsoft and Alphabet could make it easier for others to follow.
The concerns being raised — from best-price display to trade reporting to fragmentation — map directly onto core questions about how the national market system should treat these new venues.
For traders interested in crypto-native access to US stocks, the final roster of tradable names will depend on how many issuers object before their windows close.
Traded on-chain
Explore tokenized products tracking Microsoft Corporation. Open a product to see its price, network and observed pools. Access depends on the venue and where you live.
MSFTxBacked · Solana$531.79⌄
- Token price
- $531.79
- Issuer
- Backed
- Network
- Solana
Price from the pool with the highest reported reserves below. Token units may differ from one share.
Where to trade MSFTx
Pool liquidity- R Raydium CLMM MSFTx / USDC · 24h volume $1.2M $416K
- R Raydium CLMM MSFTx / USDC · 24h volume $798K $370K
- R Raydium LinkedInu / MSFTx · 24h volume $7K $41K
Source: GeckoTerminal. Retrieved Oct 29, 2026 19:15 UTC. Source and pools · Verify token contract Top three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.
MSFTonOndo · BNB Chain$509.19⌄
- Token price
- $509.19
- Issuer
- Ondo
- Network
- BNB Chain
Price from the pool with the highest reported reserves below. Token units may differ from one share.
Where to trade MSFTon
Pool liquidity- P Pancakeswap Infinity Clmm MSFTon / USDT 0.205% · 24h volume $37 $141
- P Pancakeswap Infinity Clmm MSFTon / USDT 0.218% · 24h volume $3 $100
- U Uniswap V4 Bsc MSFTon / USDT 9.9% · 24h volume $10 $96
Source: GeckoTerminal. Retrieved Oct 29, 2026 19:15 UTC. Source and pools · Verify token contract Top three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.
MSFTonOndo · Ethereum$537.51⌄
- Token price
- $537.51
- Issuer
- Ondo
- Network
- Ethereum
Price from the pool with the highest reported reserves below. Token units may differ from one share.
Where to trade MSFTon
Pool liquidity- U Uniswap V4 MSFTon / USDC 4.95% · 24h volume $3K $13K
- U Uniswap V4 MSFTon / USDC 2% · 24h volume $256 $2K
- U Uniswap V4 BLUECHIP / MSFTon · 24h volume $34 $1K
Source: GeckoTerminal. Retrieved Oct 29, 2026 15:15 UTC · Delayed. Source and pools · Verify token contract Top three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
More in Tokenized Stocks
See all-
US firms and ETFs make up 91.8% of the tokenized stock market
-
Walmart and Eli Lilly reject OKXICE tokenized stock plans as objections reach 38
-
Bullish CEO Thomas Farley sees tokenized securities going mainstream within two years
-
Tokenized stocks need more than 24/7 trading to solve liquidity problem, Gravity Team CEO says
-
Coinbase tokenized stocks on Base cross $4 billion in DEX volume
-
Nearly 91% of tokenized stocks are issued outside the US, with Jersey, ADGM and BVI in front

