Formation plans a Solana stock venue with shareholder rights and verified wallets

Formation Securities says it has notified the SEC of plans for a tokenized stock venue on Solana, targeting early 2027. Its website states that operations have not begun. The proposed market combines onchain trading pools with identity checks and issuer controls.

The 9 November announcement envisages shares including Galaxy, Exodus and Forward Industries. Formation says its model preserves voting, dividend and other shareholder rights, with issuers and transfer agents retaining the shareholder relationship. This is a planned venue for secondary trading, rather than an announcement that those shares are freely available through it today.

Its public notice describes permissioned automated market maker pools using licensed Orca technology. Only approved wallets may trade or provide liquidity, and participants must pass identity, sanctions and wallet checks. A public blockchain does not make this particular market open to every wallet. The proposal also retains administrative powers over upgrades, pauses, fees and access.

Formation intends to use the SEC's conditional tokenized-securities exemption. Its notice explicitly says the operator is not registered with the SEC for those activities and that the agency has not endorsed the notice's merits or accuracy. That distinction prevents a regulatory filing being mistaken for a general seal of approval. The milestones to follow are the actual opening, eligible listings and the terms under which investors can enter or leave.