Formation Tells SEC It Will Run Tokenized Stock Venue on Solana

Formation Securities LLC notified the US Securities and Exchange Commission on November 9 that it intends to operate a venue for tokenized stocks on the Solana blockchain, with trading expected to begin in early 2027. The plan is laid out in the company's press release and was reported by The Block.

Details

The venue will operate under the SEC's Innovation Exemption, the temporary conditional relief for trading tokenized stocks that the agency issued in September. Formation licenses its trading technology from Orca, and the project builds on Project Open, a 2025 proposal from Orca, Superstate and the Solana Policy Institute. According to The Block, the company emerged from an October merger of Orca and Loopscale.

Formation says shares will trade around the clock from digital wallets against stablecoins, with onchain settlement in seconds. Holders keep voting and dividend rights, as with ordinary shares. A transfer agent maintains the official shareholder record, access is limited to verified participants, and every trade is written to a public ledger.

The company expects three issuers at launch: Exodus Movement (NYSE: EXOD), Forward Industries (NASDAQ: FWDI) and Galaxy Digital (NASDAQ: GLXY). Superstate and Securitize are expected to provide the tokenized shares, distributed through Alpaca, Passage by CoinList, the Solflare and Squads wallets and Jito's JTX interface. Custodians are Anchorage Digital Bank, BitGo Bank & Trust and Fireblocks.

Formation president Christopher Montagano said: "Tokenized stocks will succeed only if public companies see the value in them."

What it means for the market

This is a filing for a specific venue inside a new regulatory regime. It is a notice of intent, not an SEC approval of the launch. For Solana it is another step in the tokenization of securities, an area where the network already holds a visible position.

There is no direct effect on SOL holders: the venue will not open before 2027. More on the network is on the Solana page, and the live price is in the daily brief.