Formation Securities said Monday it had filed notice with the U.S. Securities and Exchange Commission to operate a tokenized-securities venue on Solana. Trading was expected to begin in early 2027, rather than confirmed as live, according to Decrypt’s report published on November 10, 2026, at 01:46:02 UTC+8.
Tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital were anticipated at launch.
Regulatory framework and shareholder rights
Formation said it intended to operate under the SEC’s “Innovation Exemption,” conditional relief issued in September 2026 that allows eligible tokenized stocks to trade through permissioned automated market maker pools on qualifying venues.
Under that framework, eligible tokens must retain the voting and dividend rights of traditional shares. Trades settle atomically onchain, a mechanism intended to reduce settlement risk. A company’s transfer agent continues to maintain the official shareholder record, while trades appear on the public ledger in real time.
The venue aims to offer round-the-clock trading and near-instant settlement without removing 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.
Expected suppliers and access
Securitize and Superstate were expected to supply tokenized shares. Securitize CEO Carlos Domingo said each of its 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.
From a 2025 proposal to a planned 2027 launch
The initiative builds on Project Open, a proposal submitted to the SEC in 2025 by a coalition including Orca, Superstate and the Solana Policy Institute.
Formation attributed its choice of Solana to the network’s speed, low costs and record with tokenized assets, saying it hosted more than $5 billion in tokenized real-world assets at the time of the report.
Other efforts cited by Decrypt included the NYSE’s selection of Avalanche for settlement on its planned tokenized-securities platform, Securitize’s launch of tokenized stocks on Solana, and an OKX–ICE venue still in development. The report said every Magnificent Seven stock had opted out of the latter.
Status at publication: Formation had announced its notice filing; trading remained a planned early-2027 event, and the initial share lineup was anticipated rather than confirmed as available.
Source: Original Decrypt article.