Formation Securities said Monday it had notified the U.S. Securities and Exchange Commission of plans to operate a tokenized securities venue on Solana, with trading expected to begin in early 2027.
As reported by Decrypt on November 10, 2026, tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital were anticipated at launch. The notice signals a planned venue—not an operating market or evidence of investor adoption.
Bringing shareholder rights onchain
Formation said it filed to operate 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 proposed use case combines round-the-clock 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 mechanism intended to reduce settlement risk.
The arrangement does not replace every part of the existing securities infrastructure: a company’s transfer agent continues to maintain the official shareholder register, while trades appear on the public ledger in real time.
“Tokenized stocks will succeed only if public companies see the value in them, and we intend to build this market together with issuers,” said Formation Securities President Christopher Montagano.
Who would supply and access the market?
Formation licenses its trading technology from Solana-based exchange Orca. Securitize and Superstate are expected to supply tokenized shares. Securitize CEO Carlos Domingo said each of his company’s tokens is backed by a real share held by its broker-dealer.
Access would be restricted to verified investors, rather than open to any wallet. The reported access network includes Formation’s own platform, Alpaca, CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads.
These distinctions matter to the tokenized-stock narrative: blockchain settlement and public transaction records do not, in this proposed structure, mean permissionless participation or the removal of traditional recordkeeping institutions.
A growing field, but still a planned launch
Formation joins several efforts to move equity trading onto blockchain infrastructure. Decrypt reported that the NYSE had selected Avalanche for settlement on its planned tokenized securities platform, while Securitize had launched tokenized stocks on Solana. An OKX-ICE venue was also in development, although all seven 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 selected Solana for its speed, low costs and experience with tokenized assets, citing more than $5 billion in tokenized real-world assets on the network.
That network-wide figure is distinct from adoption of Formation’s proposed venue. At the time of the report, its launch timing, initial stock lineup and expected token suppliers remained forward-looking plans.
Original publication: November 10, 2026, at 01:46:02 UTC+08:00. Source: Decrypt.
