Source publication: November 10, 2026, at 03:52:34 UTC+08:00.
Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, pairing onchain trading with traditional shareholder records. The newly established company, which licenses technology from decentralized exchange Orca, has notified the US Securities and Exchange Commission of its plans.
According to the company’s Monday announcement, tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries are expected to be available at launch. These remain planned offerings, not evidence that trading has begun.
Onchain trading, with shareholder rights retained
The proposed 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 intends to develop the marketplace in cooperation with public companies. Superstate and Securitize are expected to make tokenized shares available on it.
The trading model 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 to maintain the official shareholder records, preserving companies’ direct relationships with shareholders.
That distinction is central to the proposal: moving trading and settlement onchain would not eliminate the traditional recordkeeping role described in the plan.
Solana’s existing footprint is not proof of venue adoption
According to RWA.xyz data cited in the report, Solana held approximately $575 million in tokenized stock value as of Monday, compared with $747 million on Ethereum and $1.7 billion on BNB Chain.
Those figures place Solana among the largest blockchains for tokenized equities. They describe existing tokenized stock value, however—not trading activity or adoption of Formation’s proposed marketplace.
Issuer consent remains a fault line
Formation’s issuer-focused approach comes amid disagreement over how publicly traded shares should be brought onchain. 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, venues must notify issuers in writing and wait at least 30 calendar days before trading shares tokenized by unaffiliated third parties. That period gives companies an opportunity to object.
Nasdaq also warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value.
Formation’s proposal therefore sits at the intersection of two questions: how to offer self-custody and onchain settlement for equities, and how to preserve issuer relationships and shareholder rights. The announced launch plan outlines an approach; it does not yet establish how much demand the venue will attract or how those market-structure concerns will play out.
