Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, according to a Cointelegraph report published on November 10, 2026, at 03:52:34 UTC+8. The proposal is a planned marketplace, not an operating venue.
The newly established company, which licenses technology from decentralized exchange Orca, has notified the US Securities and Exchange Commission of its plans. Formation said Monday that tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries were expected to be available at launch.
What Formation proposes
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 says it intends to develop the marketplace in cooperation with public companies. Superstate and Securitize are expected to make tokenized shares available there.
The proposed structure combines onchain trading with conventional shareholder recordkeeping:
- Automated market maker technology would support trading.
- Investors could 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.
These are the proposed operating arrangements; the report does not establish that the venue has launched or demonstrated them in practice.
Issuer cooperation is a central distinction
Formation’s issuer-focused approach comes amid objections to other tokenization plans. 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 SEC’s 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.
The distinction matters: a proposal to put shares onchain is not, by itself, evidence that the underlying issuers support it. Formation’s stated intention to cooperate with public companies should likewise remain distinct from confirmed launch availability.
Tokenized value does not resolve market-structure concerns
Solana was already among the largest blockchains for tokenized equities at the time of the report. According to RWA.xyz data cited by Cointelegraph, tokenized stock value stood at approximately $575 million on Solana as of Monday, compared with $747 million on Ethereum and $1.7 billion on BNB Chain.
Those figures describe the value of tokenized stocks on each chain, not proof that Formation’s proposed venue will deliver effective liquidity or price discovery. Nasdaq warned in September 2026 that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value.
Formation’s proposal therefore presents two separate questions: whether its planned combination of onchain settlement and traditional shareholder records can be delivered, and how that trading structure would affect the market concerns Nasdaq identified. The supplied report documents the plan and its regulatory framework, not the answers.