Crypto stocks edged higher before Tuesday’s open, November 3, even as Nvidia, Costco and Nike joined the companies blocking tokenized versions of their shares on OKXICE, taking the count to 50, and an AI chip sell-off sent Seoul’s Kospi down 3.6%.
The bounce is small, and it follows a bad month. Coinbase traded at $138.74 at 13:00 UTC, up 0.7% from Monday’s close of $137.83, its lowest finish since February 2024. Robinhood, Strategy and Circle rose between 0.5% and 1.1%, and Galaxy led with 2.8% after losing 8.8% on Monday.
The bigger story for the sector is the pushback against tokenization. Objectors to OKXICE, the 24/7 venue for tokenized US stocks that OKX is building with NYSE owner ICE, went from 16 to 50 in 11 days. Today is the deadline for companies notified on October 4, so the list could still grow, while Coinbase, Robinhood and the other crypto names on it have yet to say no.
Asia offered no lift. After a 1.1% drop in the Nasdaq on Monday, Samsung and SK hynix dragged the Kospi to 5,648.79, Shanghai slipped 0.8%, and Tokyo was shut for a holiday. Only Hong Kong closed higher, and Bitcoin held steady through the session at $77,326.
Investors are DUMPING US tech stocks at a rapid pace: The Nasdaq 100 index has dropped -6.1% over the last 3 trading sessions, its biggest 3-day decline since the April 2025 Liberation Day selloff. $QQQ This also marks the 3rd-largest 3-day decline since the 2022 bear market.… pic.twitter.com/jNvmex3HZj
— Global Markets Investor (@GlobalMktObserv) November 3, 2026
So why are so many companies saying no to tokenization, and why are markets red from Seoul to New York?
Why Are 50 Companies Blocking Tokenized Stocks?
Because they would carry the risk and see little of the benefit. OKXICE, the venue OKX is building with NYSE owner Intercontinental Exchange, wants to offer round-the-clock trading of US stocks as tokens, paid for in stablecoins.
Under the SEC’s exemption, a company can keep its shares off such a venue if an outside firm does the tokenizing. It has 30 days from notice to object, and the objections have come fast:
October 19: 16 companies
October 27: 33
October 30: 50, including 43 of the 62 OKXICE first picked, about 69%
The newest 12 are Nvidia, Costco, Micron, CrowdStrike, Corning, IREN, USA Rare Earth, Bloom Energy, Nike, Palo Alto Networks, Reddit and Hewlett Packard Enterprise. They join Microsoft, Alphabet, Goldman Sachs and JPMorgan, which runs its own blockchain unit and says it still likes the technology.
The fight is over shareholder rights, especially votes. “Right now companies like Goldman and Microsoft see all of the risk and none of the upside,” Injective’s COO Mirza Uddin told CNBC.
OKXICE co-chair Andrew Cuomo isn’t backing down. “We are at the very beginning of the rollout of fundamentally different market structure,” he said at the October 30 press conference.
Discover: JPMorgan and Coca-Cola Block Tokenized Stocks on OKXICE as Objectors Hit 33. Coinbase and Robinhood Stay Out of the List
Only the crypto names avoided objection to tokenisation, along with several major US stocks. Coinbase, Robinhood, Circle, Strategy, BitGo and Securitize remain outside the objection list, as do Apple, Amazon, Tesla, SpaceX and Netflix.
One crypto-born company did say no. IREN, the Bitcoin miner that now earns more from renting computers to AI firms than from mining, objected in the latest batch.
Silence isn’t a yes, though. Venues get up to five business days to publish objections, so companies that answered this week may not show up until next week’s notice, and staying off the list doesn’t guarantee a stock will trade at launch.
Why Is the Asian Market Red?
The AI trade is cracking again. Big Tech results last week showed Amazon, Alphabet, Meta and Microsoft will keep spending heavily on data centres and chips, and investors want to see faster returns first.
Monday’s selling on Wall Street, where the Nasdaq fell 1.1%, hit Asia’s chipmakers on Tuesday:
Seoul: the Kospi lost 3.6% as SK hynix fell 5% and Samsung 4.2%
Shanghai: the Composite dropped 0.8% to 3,608.10
Hong Kong: the Hang Seng was the exception, up 0.6% to 23,525.97
Tokyo: closed for Culture Day
Seoul’s slide is the one to watch. The Kospi closed at a record 9,114.55 on June 22 and is now 38% lower, with 17% of that lost since the end of September.
Oil added to the strain. Brent climbed 1.7% to $106.58 after reports of limited US strikes on an Iranian island in the Strait of Hormuz, a day after it fell more than 7% on hopes of new talks.
Hong Kong’s crypto stocks split. Exchange operator OSL rose 0.4%, and Boyaa Interactive, which holds Bitcoin, fell 5.1%.
What Is Happening to Crypto Stocks?
They have been sold off with tech, then sold again for crypto. Every big name is down at least 12% since the end of September, and the first trading day after the Binance hack was the worst of the run.
Coinbase: -26% since September 30, and -10.6% on October 30 alone
Robinhood: -25%
Strategy: -15%
Circle: -12%, the best of the group
Bullish and Galaxy: -35% and -36%
MARA: -43%, the worst
Coinbase’s daily chart shows how far the slide has gone. The stock is $34 under its 50-day average and more than $50 under its 200-day, and Monday’s close was the lowest since February 2024.
COIN 1D chart. Source: Yahoo Finance (Nasdaq).
Discover: Crypto Stocks Lost Up to 54% in October as Hedge Funds Erased Every AI Stock Purchase Since 2025: Why Did Bitcoin Miners Fall Hardest?
What Should Crypto Stock Traders Watch Next?
Three things to watch this week:
Tonight: midterm results start coming in once polls close, US time. A Democratic sweep could stall crypto’s market structure bill until 2027.
Next OKXICE notice: objections filed before today’s deadline should appear within five business days.
Thursday: IREN reports results, the first test of whether AI customers are still paying the miners.
The tokenization fight won’t move share prices on its own. For crypto stocks, today’s pre-market bounce still has to survive Wall Street’s open and a long night of election results.
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