Formation Securities notified the US Securities and Exchange Commission on November 9 that it intends to operate the first tokenized securities venue on Solana, seeking issuer consent for listings.

According to the company's announcement, the platform would let verified investors buy and sell eligible US-listed shares around the clock using stablecoins and digital wallets, with buyers receiving securities and sellers receiving payment in the same blockchain transaction.

Trading is expected to begin in early 2027, and the first listings are planned to be tokenized shares of Exodus Movement (EXOD), Forward Industries (FWDI) and Galaxy Digital (GLXY).

Formation says the tokens will carry the same shareholder rights as the underlying stocks, including voting rights and dividend payments, with official records kept through applicable transfer agents.

The surprise is that this is not another wrapper product: Formation plans to run the venue itself on a public blockchain under a purpose-built regulatory pathway.

crypto.news reports the platform will operate under the SEC's Innovation Exemption, announced September 17, which permits certain tokenized securities to trade through permissioned automated market maker pools without the operator registering as a traditional exchange.

That means trading against smart-contract liquidity pools rather than an order book, around the clock rather than during market hours.

Formation says it intends to work directly with issuers — President Christopher Montagano said tokenized stocks will succeed only if public companies see the value in them — a reversal of the usual model where tokenizers list shares without issuer sponsorship.

The public notice is detailed enough to be checked.

crypto.news reports Formation will license trading technology from Solana decentralized exchange Orca, whose automated market maker software has processed more than $550 billion in digital asset trades through October 31, and that the platform builds on Project Open, a proposal submitted to the SEC's Crypto Task Force in April 2025 by Orca, Superstate and the Solana Policy Institute.

Tokenization providers Superstate and Securitize will make eligible securities available, while custody and distribution partners include Anchorage Digital Bank, BitGo Bank & Trust, Fireblocks, Alpaca, Passage by CoinList, Solflare and Squads.

Compliance monitoring is assigned to Predicate, Sec3, Solidus Labs and TRM Labs, and the venue commits to publishing prices, volumes, timestamps, pool addresses and daily balances.

The move lands alongside another crypto-to-equities convergence: NewsBTC, via TradingView, reports that CFTC chairman Michael Selig said on November 3 that individual-equity perpetual futures can begin trading on appropriately registered US exchanges, deemed approved as security-futures products under an existing Commission regulation and subject to a joint CFTC-SEC framework tied to an interagency memorandum signed earlier in 2026.

Regulated venues are adopting formats popularized by crypto trading — continuous exposure without expiration — while crypto rails are adopting regulated securities.

Formation's notice is not SEC approval: operators must publish arrangements at least 30 days before opening, and submitting a notice does not confirm compliance, so volume limits and issuer objections still shape what launches in 2027.