Formation Securities plans round-the-clock stock trading on Solana

Formation Securities has notified the U.S. Securities and Exchange Commission (SEC) that it plans a trading venue for tokenized stocks on Solana, launching in early 2027. According to reports on November 9, 2026, the first securities will include Exodus Movement, Forward Industries and Galaxy Digital, with trading around the clock and access only for verified investors.

What is Formation Securities planning on Solana?

Formation Securities, which emerged from the merger of Orca and Loopscale, wants to create a trading venue where stocks will trade as digital tokens on the Solana blockchain. This is the conversion of securities into tokens, known as tokenization: the stock takes a digital form that can be used on the corresponding infrastructure.

According to Cointelegraph, the plan calls for trading 24 hours a day, seven days a week. Consider the difference: instead of the ability to trade following the hours of a stock exchange session, the proposed venue would remain available outside them too. For now, however, this is a planned operation, not a service that has already opened.

What rights will the tokenized stocks carry?

The tokenized stocks are expected to carry the same voting and dividend rights as the actual shares, according to Decrypt. We think this is the most important detail of the announcement: the interest isn’t limited to moving trading onto a blockchain, but also concerns the rights that come with the security.

The trading hours easily grab attention. For the holder, though, what exactly they acquire matters just as much. The mention of voting and dividends gives the plan concrete substance, without on its own answering every question about the final operating terms.

How will access to the venue work?

Access will be limited to verified investors, while the infrastructure will use permissioned automated market makers (permissioned AMMs). AMMs are mechanisms that automate pricing and the execution of swaps; here, however, participation won’t be open to anyone who connects a wallet.

This sets the project apart from the picture of decentralized finance (DeFi) with no entry restrictions. Formation uses blockchain infrastructure but puts a check at the door. Solana is the plan’s network, not a promise of open access for everyone.

What does the SEC notification mean?

Notifying the SEC of the plan should not be presented as a general approval of the venue. Decrypt links its operation to the SEC’s “Innovation Exemption,” while the reports place the expected launch in early 2027.

For readers in Greece, the available information doesn’t clarify whether Greek investors will be allowed to participate or exactly what conditions will apply. “Verified investor” isn’t enough to draw any conclusion about geographic eligibility.

Our take

We find the combination of continuous trading and preserved voting and dividend rights interesting. What matters now is for the plan to move from notification to practice. We are watching the final access terms, the regulatory status and whether the timeline is met, not just the “stocks on the blockchain” label.

Sources: Crypto Briefing, Decrypt, The Defiant, Cointelegraph, The Block.