Formation Securities said 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 announced the filing on Monday. Tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital were anticipated at launch, rather than confirmed as available for trading.
How the venue would work
Formation said it filed under the SEC’s “Innovation Exemption,” conditional relief issued in September that allows eligible tokenized stocks to trade through permissioned automated market maker pools on qualifying venues.
Under that framework, eligible tokens must preserve the voting and dividend rights attached to traditional shares. Trades settle atomically onchain—a feature intended to reduce settlement risk—while a company’s transfer agent maintains the official shareholder record. Each trade is also recorded on the public ledger in real time.
The proposed venue aims to offer round-the-clock trading and near-instant settlement while retaining those shareholder rights. Formation licenses its trading technology from Solana-based exchange Orca.
“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.
Share supply and investor access
Securitize and Superstate were 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.
Access would be restricted to verified investors through Formation’s platform and distributors including Alpaca, CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads.
A growing field of tokenized-stock platforms
The proposal builds on Project Open, which a coalition including Orca, Superstate and the Solana Policy Institute submitted to the SEC in 2025. Formation said it selected Solana for its speed, low costs and track record with tokenized assets, noting that the network hosted more than $5 billion in tokenized real-world assets.
Decrypt placed the announcement alongside other tokenized-stock initiatives: the NYSE had selected Avalanche to settle its planned tokenized securities platform, Securitize had launched tokenized stocks on Solana, and an OKX-ICE venue was in development. The report noted that all Magnificent Seven stocks had opted out of the latter initiative.
At the time of publication, Formation’s launch timing and anticipated initial shares remained prospective. The reported filing was a notice of intent to operate under the exemption, not an announcement that trading had begun.
Source: Original article from Decrypt.