Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, according to Cointelegraph’s report published on November 10, 2026, at 03:52:34 UTC+8. The launch remains planned, not completed.
The newly established company, which licenses technology from decentralized exchange Orca, said Monday that it had notified the US Securities and Exchange Commission of its plans. Tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries are expected to be available at launch.
Regulatory timeline and issuer notice
The proposed venue would operate under the SEC’s temporary Innovation Exemption, announced in September 2026. According to the report, the exemption allows verified investors to trade certain US-listed shares around the clock while retaining voting, dividend and other shareholder rights.
For shares tokenized by unaffiliated third parties, trading venues must notify issuers in writing and wait at least 30 calendar days before trading begins. That interval gives companies an opportunity to object; it is not a confirmed launch timetable for Formation.
Formation says it intends to develop the marketplace in cooperation with public companies. Superstate and Securitize are expected to make tokenized shares available on it.
How the proposed venue would work
The marketplace would use automated market maker technology. Investors would hold securities in their own wallets and settle trades onchain against stablecoins and other eligible assets. Traditional transfer agents would continue to maintain official shareholder records, preserving companies’ direct relationships with shareholders.
According to RWA.xyz data cited in the report, Solana had approximately $575 million in tokenized stock value as of Monday, compared with $747 million on Ethereum and $1.7 billion on BNB Chain.
Issuer objections remain part of the backdrop
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.
Nasdaq had also warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value.
Status at publication: Formation had notified the SEC of its plans, with an early-2027 launch targeted and the initial share offerings still described as expected.