Wall Street Moves to Solana’s Clock: Formation Plans 24/7 Tokenized Stock Trading

Formation Securities has notified the Securities and Exchange Commission of plans to launch a tokenized U.S. stock trading venue on Solana in early 2027, with shares of Exodus Movement, Forward Industries and Galaxy Digital expected at launch. The venue will operate under the SEC’s temporary “Innovation Exemption,” announced in September, allowing verified investors to trade certain U.S.-listed shares around the clock through permissioned automated market maker pools on qualifying venues.

Eligible tokens must carry the same voting and dividend rights as traditional shares, while each trade settles atomically onchain to reduce settlement risk. Official shareholder records will remain with companies’ transfer agents, although every transaction will be posted to Solana’s public ledger in real time. Investors may hold the securities in their own wallets and settle trades against stablecoins and other eligible assets. “Tokenized stocks will succeed only if public companies see the value in them, and we intend to build this market together with issuers,” said Christopher Montagano, president of Formation Securities, which licenses its trading technology from Solana-based exchange Orca.

Superstate and Securitize are expected to supply the tokenized shares. Securitize CEO Carlos Domingo said each token is backed by one-to-one by a real share held by the firm’s broker-dealer. Access will be restricted to verified investors using Formation’s platform and distributors including Alpaca, CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads. Formation selected Solana for its speed, low costs and existing tokenized-asset activity, including more than $5 billion in tokenized real-world assets.

The announcement follows Securitize’s Wednesday launch of Securitize Stocks with security entitlements to 12 widely held U.S. stocks on Solana: Apple, Microsoft, Nvidia, Google, Tesla, Meta, Amazon, Netflix, Circle, Strategy and Palantir. The product builds on Project Open, a proposal submitted to the SEC in 2025 by a coalition including Orca, Superstate and the Solana Policy Institute.

Solana is already among the largest networks for tokenized equities, with approximately $575 million in tokenized stock value as of Monday, compared with $747 million on Ethereum and $1.7 billion on BNB Chain, according to RWA.xyz data. Other developments include the NYSE’s selection of Solana rival Avalanche to settle its planned tokenized securities platform and a proposed OKX-ICE venue backed by OKX and New York Stock Exchange parent Intercontinental Exchange, from which all Magnificent Seven companies opted out as of early November. Under the Innovation Exemption, venues must notify issuers in writing and wait at least 30 calendar days before trading third-party tokenized shares, giving companies an opportunity to object; Nasdaq warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value.