Formation Securities Plans Solana Venue for Tokenized U.S. Equities Under SEC Relief

By Coinvote

Published November 9, 2026 - 19:25 UTC | 4 mins read

Formation Securities Plans Solana Venue for Tokenized U.S. Equities Under SEC Relief

Formation Securities has told the SEC it will run a venue on Solana for tokenized U.S. shares, with trading planned for early 2027. The filing tests a September exemption that keeps shareholder rights intact while moving trading and settlement onchain.

Formation tells the SEC it plans a Solana stock venue

Formation Securities told the Securities and Exchange Commission on Monday that it intends to operate a tokenized securities venue on Solana, Decrypt reported. The firm will rely on the conditional relief the agency issued in September, known as the Innovation Exemption. Opening day is pencilled in for early 2027.

The initial lineup is expected to include tokenized versions of shares in Exodus Movement, Forward Industries and Galaxy Digital. The Block, The Defiant and CoinDesk all gave the same launch window and the same three companies in their headlines and summaries.

What the exemption requires of the venue

According to Decrypt, the relief covers eligible tokenized stocks that change hands in permissioned pools run by automated market makers at qualifying venues. An automated market maker prices trades against a pool of assets instead of matching buyers and sellers in an order book. Permissioned means only approved participants can use the pool.

Decrypt said the tokens must give holders voting and dividend rights equal to those of conventional stock. Each trade settles onchain in a single step, which Decrypt framed as a way to reduce settlement risk. The issuer's transfer agent remains the keeper of the formal shareholder register, and each trade is recorded on the public ledger as it happens.

Token suppliers, distributors and who can trade

Formation licenses its trading technology from Orca, a Solana-based exchange, Decrypt reported. Tokenization firms Securitize and Superstate are expected to supply the shares. Securitize CEO Carlos Domingo said each of its tokens corresponds to an actual share that its broker-dealer holds.

Only verified investors will be able to take part, a restriction The Defiant also highlighted in its summary. According to Decrypt, investors can reach the venue via Formation's own platform and distributors such as Alpaca, CoinList's Passage, the custodians Anchorage, BitGo and Fireblocks, and the wallet providers Solflare and Squads. Formation president Christopher Montagano said the market will succeed only if public companies see value in it, and that the firm intends to build it "together with issuers."

Key facts and numbers

Where the outlets agree and where they differ

Decrypt's headline calls it "another" venue and notes that Securitize has already launched tokenized stocks on Solana. The accounts may differ only in scope, since one concerns the first venue under the exemption and the other concerns tokenized stocks on the network generally, but the summaries do not settle the point. On timing, The Block published at 12:30 UTC, The Defiant at 12:38 UTC and CoinDesk at 12:41 UTC, while Decrypt followed at 17:46 UTC with the supplier, distributor and rights details.

Why the venue matters in a crowded race

Decrypt placed the filing in a fast-crowding field. It said the NYSE recently chose Avalanche as the settlement layer for its own planned tokenized securities platform, and that an OKX-ICE venue is also being developed. Every Magnificent Seven stock opted out of that venue, according to the outlet.

That detail shows why issuer participation is the central test, a point Montagano made himself. Formation's initial list is also limited to three companies, and Decrypt describes their shares as anticipated rather than confirmed. Readers who follow the Solana ecosystem can track wider activity through Coinvote's list of new Solana tokens, though the stock tokens described here are restricted to verified investors.

Open questions before early 2027

The reports do not say whether the SEC has responded to the notice or attached further conditions. They also do not say how liquidity will behave in permissioned pools when only verified investors can take part. Both points will shape whether the venue draws meaningful trading.

Other questions are whether more issuers join beyond the three named companies and whether Securitize and Superstate confirm their supply roles. Project teams considering tokenized equity can check the exemption's conditions on voting and dividend rights and the role of the transfer agent. The outlets' reports confirm those conditions only through Decrypt's description.

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FAQ

When will Formation's Solana tokenized stock venue launch?

Formation Securities expects trading to begin in early 2027, according to Decrypt, The Block, The Defiant and CoinDesk. The firm filed its notice with the SEC on Monday.

Which stocks will be available first?

Tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital are anticipated at launch. Decrypt said Securitize and Superstate are expected to supply the tokenized shares.

Who can trade on the venue?

Access will be limited to verified investors, according to Decrypt and The Defiant. Routes to the venue include Formation's own platform and distributors such as Alpaca, CoinList's Passage, Anchorage, BitGo, Fireblocks, Solflare and Squads.