Walmart and pharmaceutical giant Eli Lilly are among five additional companies opposing the tokenization of their shares on OKXICE, pushing the number of corporate objectors to 38 as resistance to the blockchain-based stock trading initiative continues to grow.

The latest objections were disclosed in an updated public notice dated Oct. 28 from OKXICE, a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE), which owns the New York Stock Exchange. Alongside Walmart and Eli Lilly, the newest companies to object are health insurance giant Cigna, cruise operator Carnival Corporation, and Arcos Dorados, the largest independent McDonald’s franchisee in the world.

Eli Lilly, one of the world’s most valuable pharmaceutical companies and a leader in the booming weight-loss drug market, represents a particularly significant addition to the list. Walmart, the world’s largest retailer by revenue, is another major holdout, extending opposition across industries ranging from technology and finance to healthcare and consumer retail.

The five additions bring the tally to 38 objecting companies out of the 63 initially identified for tokenization, meaning roughly 60% of the targeted firms have now formally opposed the initiative. All told, the objecting companies represent more than $19.4 billion in combined market cap.

As Bitcoin.com News reported Wednesday, Coca-Cola, JPMorgan Chase, Dell Technologies, AMD, Applied Materials, Adobe, and Sandisk were among seven companies added in the previous update. Earlier objectors include Microsoft, Google parent company Alphabet, Intel, Oracle, IBM, Goldman Sachs, Wells Fargo, McDonald’s, and Verizon.

S. stocks around the clock using stablecoins. The tokens would be backed by actual shares held through registered broker-dealers, with trading conducted through permissioned Uniswap v4 liquidity pools on OKX’s X Layer network.

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