Formation Securities plans to launch a tokenized-stock trading venue on Solana under the SEC’s innovation exemption, with an expected debut in early 2027, according to an Odaily report citing Cointelegraph.
Original report published November 10, 2026, at 04:00:31 UTC+8.
How holdings and settlement would work
The proposed platform would use automated market maker technology and initially plans to support tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries.
Investors would be able to hold the securities in their own wallets and settle trades on-chain using stablecoins and other eligible assets. Traditional transfer agents would continue to maintain the official shareholder records. The proposed model therefore pairs wallet-held securities and blockchain settlement with conventional shareholder recordkeeping.
Notice requirements and issuer opposition
Under the SEC innovation exemption described in the report, a trading venue must notify an issuer in writing and wait at least 30 calendar days before trading shares tokenized by an unaffiliated third party.
As of early November 2026, more than 50 companies had opposed the tokenization of their shares on OKXICE’s proposed trading venue. Nasdaq had also warned that tokenized-stock trading could have unforeseen effects on liquidity, price discovery and long-term shareholder value.
As of the Monday preceding the report, tokenized stocks on Solana were worth approximately $575 million, compared with $747 million on Ethereum and $1.7 billion on BNB Chain.