Solana Tokenized Stock Trading Goes 24/7: Formation Tells SEC
Solana tokenized stock trading is a step closer. Formation Securities told the SEC it plans to run a tokenized securities venue on Solana, with trading targeted for early 2027, The Block and CoinDesk report. It is a plan, not a live market. For miners the plain answer is: no direct effect on your hashprice.
What Formation told the SEC
Formation says it notified the SEC under the agency’s innovation exemption. That framework allows conditional trading of eligible tokenized stocks through permissioned automated market maker pools. CoinDesk describes it as a five-year framework limited to verified investors, with caps on volume and on the number of securities.
The first shares named are Galaxy Digital (GLXY), Exodus Movement (EXOD) and Forward Industries (FWDI). Investors would trade around the clock against stablecoins, with onchain settlement. Both outlets say the shares carry the same voting and dividend rights as ordinary shares.
Formation came out of last month’s merger of the Solana exchange Orca and Loopscale. Christopher Montagano, its president, said Formation intends to build this market together with issuers.
Why Solana tokenized stock trading is not a sure thing
The notice is not an approval. CoinDesk calls Formation the fourth firm to announce a venue under the framework, after OKXICE, TSV LLC and Perpetuals.com. Companies get 30 days to block trading of their shares if an outside party tokenizes them. On OKXICE, about 90% of the 62 companies first picked had objected by Friday, per CoinDesk’s tally. We covered that fight in our OKXICE tokenized stocks report. Formation signed its first three issuers before announcing, which is the opposite approach.
On scale, CoinDesk cites RWA.xyz: Solana holds about $570 million of a $3.8 billion tokenized stock market, third behind Ethereum and BNB Chain. More than $7 billion traded on Solana last week, though CoinDesk notes much of that is synthetic stock tokens.
What it means for bitcoin miners
We think this matters little to a bitcoin miner today. Solana is proof of stake, so Solana tokenized stock trading does not touch your S19 earns bitcoin, not SOL. The indirect link is demand for onchain finance, and that is not a hashprice input. Hashprice moves with the bitcoin price and network hashrate, and this story changes neither. See our bitcoin price prediction for that.
Miner math: bitcoin hashprice today
Here is the live maths on November 9. Bitcoin is $74,848 and the network is 967 EH/s, so hashprice is about $35.12 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.56 | -$2.90 | -$6.02 | 4.3c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.86 | -$1.04 | -$3.58 | 6.4c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.34 | -$0.83 | -$3.72 | 6.9c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $4.01 | $1.48 | -$1.89 | 9.8c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If this story moves bitcoin by 0%: the break-even power price on an S19k Pro rises from 6.4 to 6.4 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.04 to -$1.04.
That is the honest scenario: the margin stays where the table puts it. If a machine already sits below break-even at your power price, tokenized stocks will not fix it. Read our mining economics guides.
If your machines no longer pay, you can sell us your used miners. To buy, see all miners.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.