Formation Securities Plans Solana Tokenized Stock Venue
The venue would let verified investors trade tokenized shares around the clock against stablecoins under the SEC's Innovation Exemption.
Updated on Nov. 9, 2026 in Investing
Live Poll
Would you trust buying company shares through a blockchain-based trading venue?
Formation Securities LLC notified the SEC on November 9, 2026 that it intends to operate a tokenized securities venue on Solana. Trading is expected to begin in early 2027, licensing trading technology from Orca.
Why it matters
The plan tests whether tokenized equities can trade on public blockchain infrastructure under a federal exemption framework. Solana already hosts more than $5 billion in tokenized real-world assets, and Orca's software has facilitated over $550 billion in digital asset trades.
The venue relies on Orca's AMM software, which has facilitated more than $550 billion in digital asset trades as of October 31, 2026, and was audited by four independent firms across 11 audits. Whether the venue reaches regulatory and launch milestones on the projected early-2027 schedule has not been confirmed.
The players
Formation Securities LLC
A company seeking to operate a tokenized securities venue on Solana under the SEC's Innovation Exemption.
Securities and Exchange Commission (SEC)
The U.S. federal regulator that released the Innovation Exemption permitting secondary trading of eligible tokenized stocks.
Orca
A Solana-based decentralized exchange whose AMM software Formation Securities is licensing for its trading technology.
The details
Verified investors would hold tokenized shares in digital wallets and trade them 24/7 against stablecoins and other eligible assets, with each trade settling atomically onchain. Formation Securities will launch with service providers Predicate, Sec3, Solidus Labs and TRM Labs, and expects Superstate and Securitize to make tokenized shares available.
Timeline
April 2025: Project Open proposal submitted to the SEC Crypto Task Force.
September 2026: SEC Innovation Exemption released.
November 9, 2026: Formation Securities notified the SEC of its intent to operate the venue.
Early 2027: Expected start of trading on the venue.
Market Dynamics
The venue operates under the SEC's Innovation Exemption, released in September 2026, which permits secondary trading of eligible tokenized stocks through permissioned automated market maker liquidity pools. Eligible tokenized stocks must carry the same voting and dividend rights as traditional shares.
If launched as planned, verified investors could trade tokenized shares of listed companies around the clock against stablecoins rather than only during traditional market hours. Tokenized shares that qualify under the exemption must carry the same voting and dividend rights as traditional shares.
The takeaway
Investors watching tokenized equities should track whether the venue meets its projected early-2027 launch and which shares it actually lists. Verified-investor access and 24/7 settlement would be the practical differences from conventional trading.
What happens next
Trading on the venue is expected to begin in early 2027, with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch.
Further reading
For more on how tokenized assets are changing trading, see Investing coverage.
More information
Read the Formation Securities public notice to the SEC for the company's filing details.
Source note: This article includes information reported by Macau Business.
Live Poll
Would you trust buying company shares through a blockchain-based trading venue?
