Historical reporting snapshot: Decrypt published the original article on November 10, 2026, at 01:46:02 UTC+8.
Formation Securities said Monday it had notified the U.S. Securities and Exchange Commission of its intention to operate a tokenized securities venue on Solana. Trading was expected to begin in early 2027, with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch.
The announcement outlined a planned venue—not an operating market or evidence of trading demand.
Trading structure and shareholder rights
Formation said it planned to operate 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 retain the voting and dividend rights of traditional shares.
- Each trade settles atomically onchain, a feature intended to reduce settlement risk.
- A company’s transfer agent maintains the official shareholder record, while trades appear on the public ledger in real time.
The proposed venue aims to offer round-the-clock trading and near-instant settlement while preserving shareholder rights. Access would be restricted to verified investors.
Technology, token supply and access
Formation licenses its trading technology from Solana-based exchange Orca. Its president, Christopher Montagano, said the company intended to build the market alongside issuers, arguing that public-company participation would be essential to tokenized stocks’ success.
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.
Verified investors would be able to access the venue through Formation’s platform and distributors including Alpaca and CoinList’s Passage; custodians Anchorage, BitGo and Fireblocks; and wallet providers Solflare and Squads.
Adoption context—not a liquidity reading
The plan builds on Project Open, a proposal submitted to the SEC in 2025 by a coalition including Orca, Superstate and the Solana Policy Institute. Formation cited Solana’s speed, low costs and tokenized-asset track record in its choice of network, saying it hosted more than $5 billion in tokenized real-world assets. That figure describes assets on the network, not trading volume or liquidity available on Formation’s planned venue.
Decrypt also reported competing efforts: 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 every Magnificent Seven stock had opted out of that effort.
For market-condition analysis, the announcement documents planned infrastructure and access arrangements. It does not establish realized trading activity or liquidity on Formation’s venue.