Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, adding a proposed trading channel to a blockchain that already hosts approximately $575 million in tokenized equities.
As reported by Cointelegraph on November 10, 2026, at 03:52:34 UTC+08:00, the newly established company has notified the US Securities and Exchange Commission of its plans. Formation said Monday that tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries were expected to be available at launch. The launch and initial listings remain prospective, not evidence of trading activity or investor adoption.
How the proposed marketplace would work
Formation licenses technology from decentralized exchange Orca. Its venue 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.
The company plans to 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.
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. Traditional transfer agents would continue to maintain official shareholder records, preserving companies’ direct relationships with shareholders.
Existing tokenized stock value is not a user-growth measure
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 provide a snapshot of tokenized stock value across the three networks, not a growth rate. The report supplies no earlier comparison baseline, investor counts, trading volumes or retention figures with which to assess sustained use of Formation’s proposed venue.
Issuer objections and market risks remain relevant
Formation’s issuer-focused approach comes amid disagreement over how publicly traded shares should move onchain. 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 SEC’s 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. Formation’s proposal describes another route for bringing equities onchain, but its eventual scale and durability cannot be established from launch plans alone.
Original article: Cointelegraph — published November 10, 2026, at 03:52:34 UTC+08:00.
