Formation Securities said it had notified the U.S. Securities and Exchange Commission of plans to operate a tokenized securities venue on Solana, according to Decrypt’s report published November 10, 2026, at 01:46:02 UTC+8. Trading was expected to begin in early 2027—not at the time of the report—with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch.
The filing puts Formation among firms seeking to bring U.S. stocks onchain. Its proposed venue combines blockchain-based trading with permissioned access and an official shareholder record maintained by a transfer agent.
How the proposed market would work
Formation said it filed its notice 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 carry the same voting and dividend rights as traditional shares.
- Each trade settles atomically onchain, a feature intended to reduce settlement risk.
- A company’s transfer agent retains the official shareholder record.
- Trades appear on the public ledger in real time.
The stated aim is to offer 24/7 trading and near-instant settlement without removing the rights associated with conventional shares. Those are the venue’s proposed benefits, rather than evidence of an operating market at the reporting date.
Who would provide the technology, shares and access?
Formation licenses its trading technology from Solana-based exchange Orca. Tokenization firms Securitize and Superstate were expected to supply tokenized shares. Securitize CEO Carlos Domingo said each of his firm’s tokens is backed by a real share held by its broker-dealer.
“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.
Access would be restricted to verified investors, rather than open to anyone with a wallet. The reported access channels included Formation’s platform and distributors such as Alpaca and CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads.
This structure retains roles for regulated intermediaries: blockchain settlement does not replace the transfer agent’s official ownership record or, in Securitize’s described model, the broker-dealer holding the underlying shares.
Where Formation fits in the ecosystem
The effort 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 speed, low costs and the network’s record with tokenized assets, saying Solana hosted more than $5 billion in tokenized real-world assets.
Decrypt also reported competing initiatives: the NYSE had selected Avalanche for settlement on its planned tokenized securities platform; Securitize had launched tokenized stocks on Solana; and an OKX–ICE venue was in development, although all Magnificent Seven stocks had opted out of that venue.
For prospective users, the key distinction is between a planned venue and a live service. At the time of the report, Formation had announced its notice and expected launch window; the anticipated shares, suppliers and access routes described a proposed market, not demonstrated adoption.
Original source: Decrypt — “Solana Set for Another Tokenized Stock Venue as Formation Notifies the SEC”, published November 10, 2026, at 01:46:02 UTC+8.