Formation Securities said Monday it had notified the U.S. Securities and Exchange Commission of plans to operate a tokenized securities venue on Solana, according to Decrypt’s report published November 10, 2026, at 01:46:02 UTC+8.
Trading was expected to begin in early 2027, with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch. The filing was a notice to operate under the SEC’s “Innovation Exemption,” not a report that trading had begun.
Shareholder rights and the ownership record
The exemption, which the source says the SEC issued in September, provides conditional relief allowing eligible tokenized stocks to trade through permissioned automated market maker pools on qualifying venues. Eligible tokens must retain the voting and dividend rights of traditional shares.
The arrangement combines public transaction records with an official shareholder register maintained by a company’s transfer agent. Each trade is to settle atomically onchain and appear on the public ledger in real time. Atomic settlement is intended to reduce settlement risk; the transfer agent still maintains the official ownership record.
Securitize and Superstate were expected to supply the tokenized shares. Securitize CEO Carlos Domingo said each of his firm’s tokens is backed by a real share held by its broker-dealer. That backing statement concerns Securitize’s tokens; the source does not describe an equivalent holding arrangement for Superstate.
Verified access, rather than open participation
Access would be restricted to verified investors through Formation’s platform and distribution channels including Alpaca, CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads.
Formation licenses its trading technology from Solana-based exchange Orca. The proposed benefits include round-the-clock trading and near-instant settlement while preserving shareholder rights.
“Tokenized stocks will succeed only if public companies see the value in them, and we intend to build this market together with issuers,” Formation Securities President Christopher Montagano said.
A growing field of tokenized securities venues
The plan builds on Project Open, a proposal submitted to the SEC in 2025 by a coalition including Orca, Superstate and the Solana Policy Institute. Formation said it selected Solana for its speed, low costs and track record with tokenized assets, citing more than $5 billion in tokenized real-world assets on the network.
At the time of the report, competing initiatives included the NYSE’s planned tokenized securities platform, which had selected Avalanche for settlement; Securitize’s launch of tokenized stocks on Solana; and an OKX-ICE venue in development. Decrypt reported that all Magnificent Seven stocks had opted out of the latter initiative.