Formation Securities planned to launch a tokenized-stock trading venue on Solana in early 2027 under the SEC’s innovation exemption, according to an Odaily report citing Cointelegraph, published on November 10, 2026, at 04:00:31 UTC+8.
Proposed trading and settlement model
The venue planned to support tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries using automated market maker technology. Investors would be able to hold securities in their own wallets and settle transactions on-chain using stablecoins and other eligible assets. Traditional transfer agents would continue to maintain official shareholder records.
Issuer objections and market-structure concerns
According to the report, the SEC’s innovation exemption requires a trading venue to notify an issuer in writing and wait at least 30 calendar days before trading shares tokenized by an unaffiliated third party.
By early November 2026, more than 50 companies had opposed the tokenization of their shares on OKXICE’s proposed venue. Nasdaq had also warned that tokenized-stock trading could have unforeseen effects on liquidity, price discovery and long-term shareholder value.
Tokenized-stock value across chains
As of the Monday preceding publication, the reported value of tokenized stocks on Solana was approximately $575 million, compared with $747 million on Ethereum and $1.7 billion on BNB Chain. These figures describe the value of tokenized stocks on each network, not trading volume or available liquidity.