Formation Securities said Monday it had notified the U.S. Securities and Exchange Commission of plans to operate a tokenized securities venue on Solana. Trading was expected to begin in early 2027, with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch.
The announcement, reported by Decrypt on November 10, 2026, at 01:46:02 UTC+8, outlined a planned venue—not an operating market.
How the proposed market would work
Formation said it filed under the SEC’s “Innovation Exemption,” conditional relief issued in September that allows eligible tokenized stocks to trade through permissioned automated market maker pools on qualifying venues.
The model aims to combine 24/7 trading and near-instant settlement with the rights attached to conventional shares. Under the exemption, eligible tokens must retain the same voting and dividend rights as traditional stock. Trades settle atomically onchain, a feature intended to reduce settlement risk.
A company’s transfer agent would continue to maintain the official shareholder record, while each trade would appear on the public ledger in real time.
Formation licenses its trading technology from Solana-based exchange Orca. Its president, Christopher Montagano, said the company intended to develop the market alongside issuers, arguing that tokenized stocks would succeed only if public companies saw value in them.
Expected suppliers and restricted access
Securitize and Superstate were expected to supply tokenized shares. Securitize CEO Carlos Domingo said each of his company’s tokens was backed by a real share held by its broker-dealer.
Access would be restricted to verified investors. Formation identified its own platform and distributors including Alpaca, CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads as access routes.
That distinction matters: public-ledger settlement does not mean unrestricted participation. The proposed venue would use permissioned pools and investor verification.
Another entrant in the tokenized-stock race
Formation’s plans followed other efforts to bring equities onchain. Decrypt reported that the NYSE had selected Avalanche to settle its planned tokenized securities platform, while Securitize had launched tokenized stocks on Solana. An OKX-ICE venue was also in development, although all of the Magnificent Seven stocks had opted out of that initiative.
Formation’s effort builds on Project Open, a proposal submitted to the SEC in 2025 by a coalition including Orca, Superstate and the Solana Policy Institute. Formation said it chose Solana for its speed, low costs and tokenized-asset track record, citing more than $5 billion in tokenized real-world assets hosted on the network.
The documented development concerns market infrastructure and a prospective launch. It does not establish trading volumes, investor demand or a price effect for Solana.
