Solana’s First Tokenized Stock Venue Takes Step Toward Launch

By Matthew Brienen

Published: 2026-11-09T15:03:45+00:00

Formation Securities has notified the U.S. Securities and Exchange Commission that it intends to operate a tokenized securities venue on Solana, bringing the blockchain closer to a new market for trading shares around the clock.

The company expects trading to begin in early 2027. Its planned launch lineup includes tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital, with tokenization providers Superstate and Securitize expected to make shares available on the venue.

The announcement adds another chapter to the push to bring traditional securities onchain. It also shows how crypto-native trading infrastructure is being adapted for a market where shareholder rights and regulatory requirements remain central.

Stocks That Trade Around the Clock

Formation plans to let verified investors hold tokenized shares in digital wallets and trade them 24 hours a day, seven days a week, against stablecoins and other eligible assets. Trades are intended to settle atomically onchain, meaning the exchange of assets takes place as one linked transaction.

That could make capital available more quickly after a trade and reduce the time during which the parties are waiting for settlement. It would also extend trading access beyond the regular hours associated with traditional U.S. stock markets.

Formation says the eligible tokenized shares will carry the same voting, dividend and other rights as their traditional counterparts. The companies’ transfer agents would continue to maintain the official shareholder record.

The distinction matters: a token can provide exposure to a stock in different ways, and the rights attached to it depend on how the product is structured. Formation is pitching a venue built around securities that preserve those shareholder rights.

How the Venue Would Operate

Formation intends to operate under the SEC’s Innovation Exemption, a conditional framework for certain tokenized securities venues. It permits eligible secondary trading through permissioned automated market maker liquidity pools, subject to requirements covering areas such as disclosures, customer diligence and limits on securities and trading volume.

An automated market maker uses software and liquidity pools to facilitate trading. Formation is licensing trading technology from Orca, a Solana-based company whose automated market maker software had handled more than $550 billion in digital asset trading as of October 31, 2026, according to the announcement.

Although Solana is a public blockchain, access to Formation’s proposed venue would be limited to verified participants. The notification is a statement of intent, and the venue has yet to begin trading.

Why It Matters for Solana

Formation said it selected Solana for factors including speed, cost and its existing tokenized asset activity. The company pointed to more than $5 billion in tokenized real-world assets on the network at the time of its announcement.

The company expects investors to reach the venue through its own platform and additional distribution channels, including Alpaca, Passage by CoinList and several custody and wallet providers. That network of potential access points could matter as much as the underlying technology when it comes to attracting traders.

For Solana, the opportunity is to become infrastructure for a market that operates differently from the crypto assets currently traded onchain. The next test will be whether Formation can bring the venue live, secure participation from issuers and investors, and build enough liquidity to make around-the-clock trading useful.