Formation Notifies SEC of Plans to Launch Tokenized Stock Platform on Solana in Early 2027
Key Facts
Formation Securities said on November 9, 2026, that it had notified the U.S. Securities and Exchange Commission of its intention to operate a tokenized securities platform on the Solana network. The company described the project as a tokenized securities platform, with trading expected to begin in early 2027, according to CoinDesk, citing the company. The announcement marks the start of a regulatory and operational process for a planned platform, not the start of trading. Formation intends to operate under the innovation exemption the SEC approved for tokenized stock trading platforms. The notice alone, however, does not establish that the company meets the exemption’s conditions, and Formation did not appear on the SEC’s published list in its October 26 update.
Formation plans to make trading available to verified investors, with limits on trading volume and the number of securities offered. The planned initial list includes shares of Galaxy Digital, Exodus Movement and Forward Industries, according to CoinDesk, citing the company. Formation said investors will be able to trade tokenized stocks around the clock against stablecoins and other eligible assets. It added that each trade will settle atomically on-chain, with all settlement components completed together. According to the company, holders of tokenized shares will have the same voting and dividend rights as other shareholders. These conditions link access to digital trading with preserving the ownership rights of the shares, as the company describes them.
The exemption’s terms, according to a Formation statement, set limits on listed securities and trading volume, alongside mandatory public disclosures and customer due diligence requirements. The SEC says a tokenized securities platform must publish a notice at least 30 calendar days before commencing operations. It also clarifies that a company’s inclusion on the notice list does not mean it has demonstrated compliance with the exemption’s conditions. The SEC issued the temporary, conditional exemption on September 17, 2026, to facilitate trading in tokenized NMS stocks through platforms using authorized automated market makers and liquidity pools. The order requires the smart contracts used to be auditable, public and published on a permissionless public ledger. The launch therefore remains contingent on compliance with the regulatory framework and pre-launch procedures.
Formation’s planned operating infrastructure includes trading technology licensed from Orca and restricted-access automated liquidity pools. Superstate and Securitize are expected to make tokenized shares available on the platform, while custodians Anchorage Digital, BitGo and Fireblocks are expected to help investors access the market. Formation says the Solana network settles transactions in seconds, at a cost of a fraction of a cent. The token infrastructure also supports restrictions on which wallets may hold or transfer tokenized securities, according to the company. Formation said users had traded more than $550 billion in digital assets through Orca’s liquidity-pool software as of October 31, 2026. Those figures describe activity across the broader software, while trading on Formation’s platform has not yet begun.
The move comes amid a wave of announcements from platforms seeking to operate under the SEC framework; CoinDesk said Formation was the fourth company to announce plans to create this type of market, after OKXICE, TSV LLC and Perpetuals.com. Commissioner Hester Peirce described the exemption, when it was announced, as a temporary opportunity for the SEC and market participants to observe the use and trading of tokenized stocks and how on-chain markets interact with traditional markets, helping shape permanent rules. She added that the exemption addresses one model for trading securities on-chain, while the SEC welcomes engagement on other models. The exemptions remain temporary: the SEC’s order says they will expire five years after publication and also calls for public comments on potential amendments and next steps. On the company’s plans, Formation’s president said it intends to contact companies directly over the next two months to expand the list of issuers.