Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, using technology licensed from decentralized exchange Orca. The newly established company has notified the US Securities and Exchange Commission of its plans, according to Cointelegraph’s report published on November 10, 2026, at 03:52:34 UTC+08:00.
The proposal would combine round-the-clock trading and onchain settlement with traditional shareholder recordkeeping. It also comes amid objections from public companies over how their shares are brought onto blockchains.
How the proposed venue would work
Formation said Monday that tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries are expected to be available at launch. Superstate and Securitize are expected to make tokenized shares available on the marketplace, which Formation says it intends to develop in cooperation with public companies.
The venue would operate under the SEC’s temporary Innovation Exemption, announced in September 2026. The exemption allows verified investors to trade certain US-listed shares around the clock while retaining voting, dividend and other shareholder rights.
Formation would use automated market maker, or AMM, technology. Investors would be able to hold securities in their own wallets and settle trades onchain against stablecoins and other eligible assets. Traditional transfer agents would continue maintaining official shareholder records, preserving companies’ direct relationships with shareholders.
Solana’s existing tokenized-stock market
According to RWA.xyz data cited in the report, Solana had approximately $575 million in tokenized stock value as of Monday. That compared with $747 million on Ethereum and $1.7 billion on BNB Chain, placing Solana among the largest blockchains for tokenized equities.
Those figures describe the existing market, not assets committed to Formation’s proposed venue. Its launch and expected share offerings remained prospective at the time of the report.
Issuer consent and liquidity remain points of debate
Formation’s emphasis on working with public companies contrasts with objections facing another proposed marketplace. As of early November 2026, more than 50 companies had objected to having their shares tokenized on OKXICE, a proposed venue backed by crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange.
Under the Innovation Exemption, trading venues must notify issuers in writing and wait at least 30 calendar days before trading shares tokenized by unaffiliated third parties. That window gives companies an opportunity to object.
Nasdaq warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value. The proposal therefore puts two issues side by side: broader trading access through blockchain infrastructure, and unresolved concerns over issuer participation and market structure. Round-the-clock availability is part of the proposed design; its effects on liquidity and price discovery remain uncertain.
