A share certificate moving onto tokenized settlement rails in a deep navy and yellow composition

Solana Could Get a 24/7 Tokenized Stock Venue in Early 2027—With Full Shareholder Rights

By Isaac • November 9, 2026 3:20 pm • Comments

A new company wants to bring real U.S.-listed shares onto Solana without stripping away the rights that make those shares more than synthetic price bets.

Cointelegraph reports that Formation Securities has notified the Securities and Exchange Commission of plans to launch a tokenized stock venue in early 2027. The proposed market would operate around the clock and initially offer tokenized shares tied to Galaxy Digital, Exodus and Forward Industries.

Formation is licensing technology from Orca, the Solana decentralized-exchange developer. Superstate and Securitize are expected to supply tokenized shares for the marketplace, while Formation says it will develop the venue with the cooperation of public companies.

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The bigger distinction is what investors would own. Formation says verified users would retain the voting, dividend and other shareholder rights attached to the underlying U.S.-listed shares.

That would make the venue materially different from a platform offering only a derivative or a token that tracks a stock’s price.

Solana highlighted that distinction when it announced Formation’s notice:

The plan calls for automated-market-maker infrastructure, onchain settlement and the ability for eligible investors to hold securities in their own wallets.

Trades would settle against stablecoins and other eligible assets rather than waiting for the limited hours and multi-step settlement process of a conventional stock exchange.

The issuer-consent approach could avoid one of the biggest objections to earlier stock-token products: companies finding versions of their shares trading onchain without agreeing to participate.

The company’s own public notice describes the goal as bringing U.S.-listed equities onto Solana while combining traditional shareholder rights with the speed, efficiency and composability of onchain finance. The notice also links to Formation’s full filing materials.

That regulatory route still matters. Formation has notified the SEC of its intent to operate under the agency’s proposed innovation-exemption framework; it has not announced an already-open public exchange.

The early-2027 date is a target. The final product will depend on the applicable SEC process, verified-investor controls and cooperation from issuers and tokenization providers.

In other words, the notice establishes Formation’s intended structure and regulatory direction, not a guarantee that every proposed feature will launch unchanged. Investors would still need the venue’s eligibility checks, and each listed tokenized share would need a lawful issuance and a clear connection to the underlying shareholder rights.

Market watchers quickly contrasted Formation’s approach with stock-token plans that have drawn resistance from public companies:

If Formation clears those hurdles, the result could be one of the clearest tests yet of whether public equities can move onto a high-speed blockchain without becoming legally hollow copies of the real thing.

Solana already offers fast settlement and a mature trading ecosystem. Formation’s harder job is proving that those advantages can coexist with securities law, issuer approval and the full ownership rights investors expect.

The technology is familiar. Preserving the actual shareholder relationship while moving the market onchain is the more consequential experiment.

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