Formation Securities, a newly established company licensing technology from decentralized exchange Orca, has notified the US Securities and Exchange Commission of plans to launch a tokenized stock trading venue on Solana in early 2027.
According to Cointelegraph’s report published Nov. 10, 2026, at 03:52:34 UTC+8, Formation said Monday that tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries were expected to be available at launch.
How the proposed marketplace would work
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.
Superstate and Securitize are expected to make tokenized shares available on the marketplace. Formation says it intends to develop the venue in cooperation with public companies.
The proposed platform would use automated market maker technology, allowing investors to 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.
Issuer objections remain a central issue
Formation’s issuer-focused approach comes amid debate 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 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.
Nasdaq warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value.
Solana’s existing tokenized-stock market
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.
Formation’s early-2027 launch and initial share lineup remained plans and expectations in the report, rather than a live trading service.