Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, using technology licensed from decentralized exchange Orca. The newly established company has notified the US Securities and Exchange Commission (SEC) of its plans, according to Cointelegraph’s report published on November 10, 2026, at 03:52:34 UTC+08:00.
In its Monday announcement, Formation said tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries were expected to be available at launch. Superstate and Securitize are expected to make tokenized shares available on the marketplace, which Formation intends to develop in cooperation with public companies.
Wallet-held shares, with settlement onchain
The proposed venue would use automated market maker (AMM) technology. Investors would be able to hold securities in their own wallets and settle trades onchain against stablecoins and other eligible assets.
That onchain trading model would not replace the official shareholder register: traditional transfer agents would continue to maintain shareholder records, preserving companies’ direct relationships with their shareholders.
Formation plans to 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. The venue remained a planned launch at the time of the report.
Issuer participation is a key constraint
Formation’s issuer-focused approach comes amid objections to other tokenized stock proposals. 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, trading 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.
Solana already ranked among the largest blockchains for tokenized equities. According to RWA.xyz data cited in the report, it held approximately $575 million in tokenized stock value as of Monday, compared with $747 million on Ethereum and $1.7 billion on BNB Chain.