Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, according to a report published on November 10, 2026, at 03:52:34 UTC+08:00. The proposal adds to tokenized-equity activity, but issuer objections and questions about market structure remain important context.
Proposed access and settlement
Formation, a newly established company licensing technology from decentralized exchange Orca, has notified the US Securities and Exchange Commission of its plans. The company said Monday that tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries were expected to be available at launch.
The venue would operate under the SEC’s temporary Innovation Exemption, announced in September. The exemption allows verified investors to trade certain US-listed shares around the clock while retaining voting, dividend and other shareholder rights.
Superstate and Securitize are expected to make tokenized shares available on the marketplace. Formation says it intends to develop the venue in cooperation with public companies.
The proposed system would use automated market maker technology, allowing investors to 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.
Tokenized-equity snapshot
According to RWA.xyz data cited in the report, tokenized stock value as of Monday stood at approximately:
- Solana: $575 million
- Ethereum: $747 million
- BNB Chain: $1.7 billion
Those figures place Solana among the largest blockchains for tokenized equities. They measure tokenized stock value, not trading volume or market liquidity.
Issuer objections and market-structure risks
Formation’s issuer-focused approach comes amid debate over how publicly traded shares should be brought onchain. As of early November, 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 period gives companies an opportunity to object.
Nasdaq warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value. Formation’s planned venue therefore represents a proposed expansion of onchain equity access—not evidence that those market-structure concerns have been resolved.
Source: Original Cointelegraph article, published November 10, 2026, at 03:52:34 UTC+08:00.