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.
According to Decrypt’s report, published November 10, 2026, at 01:46:02 UTC+8, the firm filed its notice under the SEC’s “Innovation Exemption.” The conditional relief, issued in September, allows eligible tokenized stocks to trade through permissioned automated market maker pools on qualifying venues. Tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital are anticipated at launch.
How investors would access the venue
Access would be restricted to verified investors—not open to anyone simply connecting a wallet. The source names Formation’s own platform and distributors including Alpaca and CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads as access routes.
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.
What changes at settlement—and what stays intact
The proposed venue aims to offer round-the-clock trading and near-instant settlement while retaining the rights attached to conventional shares. Under the exemption, eligible tokens must carry the same voting and dividend rights as traditional stock.
Each trade settles atomically onchain, a mechanism intended to reduce settlement risk. Trades also appear on the public ledger in real time, but the company’s transfer agent continues to maintain the official shareholder record. The blockchain record therefore does not replace that official record.
“Tokenized stocks will succeed only if public companies see the value in them, and we intend to build this market together with issuers,” Formation Securities President Christopher Montagano said.
The groundwork for the planned launch
The 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 record with tokenized assets, noting that the network hosted more than $5 billion in tokenized real-world assets.
Formation’s plans join other efforts described in the report: the NYSE had selected Avalanche for settlement on its planned tokenized securities platform, Securitize had launched tokenized stocks on Solana, and an OKX–ICE venue was in development. The report said all seven Magnificent Seven stocks had opted out of the latter.
For prospective users, the key distinction is between blockchain-based trading and unrestricted access: Formation’s planned market would use onchain settlement, but participation would remain permissioned and subject to investor verification.
Original article: Decrypt — published November 10, 2026, at 01:46:02 UTC+8.