Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, using technology licensed from decentralized exchange Orca. The newly established company has notified the US Securities and Exchange Commission of its plans, according to Cointelegraph’s report published Nov. 10, 2026, at 03:52:34 UTC+8.
The proposal brings together two questions in the tokenized-equities debate: how to trade shares onchain while preserving shareholder rights, and how much say issuers should have when their stocks are tokenized.
What Formation is proposing
Formation said Monday that tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries are expected to be available at launch. Superstate and Securitize are expected to make tokenized shares available on the marketplace, which Formation says it intends to develop in cooperation with public companies.
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.
Formation’s planned venue 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 maintaining official shareholder records, preserving companies’ direct relationships with shareholders.
These remain launch plans, not evidence of an operating marketplace or demonstrated demand.
Why issuer participation matters
Formation’s stated emphasis on working with public companies comes as other tokenization proposals face objections. 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 Innovation Exemption, venues must notify issuers in writing and wait at least 30 calendar days before trading shares tokenized by unaffiliated third parties. That gives companies an opportunity to object.
Nasdaq also warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value. Those concerns remain distinct from the technical ability to move shares onchain.
Solana’s existing foothold
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.
Those figures establish Solana’s existing role in tokenized equities; they do not establish trading activity or demand for Formation’s proposed venue. Whether the planned marketplace launches on schedule and with the expected shares remains unproven in the supplied report.
Original article: Cointelegraph — published Nov. 10, 2026, at 03:52:34 UTC+8.