Formation Securities plans to open a
Solana market price and chart-based market for tokenized stocks in early 2027, adding a proposed trading venue to the growing infrastructure for shares represented on public blockchains.
The company said in a November 9 announcement that it notified the SEC of its intention to operate under the regulator’s Innovation Exemption. Exodus Movement, Forward Industries and Galaxy Digital shares are anticipated at launch.
Proposed venue combines wallet ownership with verified access
Formation intends to license trading technology from Orca and use permissioned automated market maker pools. Verified investors would hold tokenized shares in wallets and trade them against stablecoins and other eligible assets.
The announcement identifies Superstate and Securitize as expected sources of tokenized shares. It says the assets would preserve voting and dividend rights while transfer agents maintain official shareholder records.
Formation’s proposal is therefore about both the trading mechanism and the legal rights attached to the instrument. A share represented by a token needs more than an accessible wallet interface to function as an equity investment.
BlockBriefing’s coverage of Bullish’s planned tokenized share network examines another issuer’s infrastructure choices. The relevant comparison is how ownership records, access restrictions and shareholder entitlements fit together.
SEC exemption carries trading and investor protection conditions
The SEC’s September 17 announcement describes temporary, conditional relief for venues trading tokenized National Market System stocks through permissioned pools.
Conditions include limits on symbols and volume, equivalent shareholder rights, public auditable smart contracts and disclosures about venue operations. Venues must stop trading when the underlying stock is halted on its primary exchange.
Where an unaffiliated third party tokenizes a stock, the framework also requires notice to the issuer and an opportunity to object. That provision makes issuer participation relevant even where a token can technically be created or transferred.
Continuous blockchain availability consequently does not imply uninterrupted permission to trade every security. Market protections and the terms of the exemption remain part of the operating model.
Public notice does not establish regulatory compliance alone
The SEC’s venue notification guidance requires a public notice at least 30 calendar days before operations, followed by a separate written notification to the agency within one business day.
The regulator cautions that inclusion on its notification list does not establish that a firm meets the exemption’s definition or conditions. Staff also do not endorse the merits or accuracy of a submitted notice.
Formation’s announcement should therefore be read as a statement of intended operations. It is not, by itself, evidence that trading is live or that every regulatory condition has been satisfied.
Its early-2027 timetable remains a target. The operational milestones are publication of access arrangements, confirmation of supported securities and readiness of the trading and custody connections.
For broader context, the planned NYSE-affiliated settlement platform shows a different approach to bringing equity-market infrastructure onchain. Both projects require attention to their actual launch status.
A useful launch check is whether an eligible investor can complete verification, identify the exact instrument, confirm ownership rights and settle a trade. A company notice establishes intent; those later steps establish the usable service.
