Key facts
- Formation Securities said trading on the Solana venue is expected to begin in early 2027.
- Tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital are anticipated at launch, per Formation.
- Formation licenses its trading technology from Solana-based exchange Orca, the company said.
- Securitize and Superstate are expected to supply tokenized shares, with Securitize CEO Carlos Domingo saying each token is backed by a real share.
- Access will be limited to verified investors through Formation's platform and distributors including Alpaca, CoinList's Passage, Anchorage, BitGo, Fireblocks, Solflare and Squads.
- Formation said Solana hosts more than $5 billion in tokenized real-world assets.
Formation Securities said on November 9 that it had notified the Securities and Exchange Commission that it intends to run a tokenized securities venue on Solana under the agency's Innovation Exemption. The company said trading is expected to begin in early 2027, with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch.
The exemption is conditional relief the SEC issued in September that lets eligible tokenized stocks trade through permissioned automated market maker pools on qualifying venues. Under it, eligible tokens must carry the same voting and dividend rights as traditional shares, and each trade settles atomically onchain, a feature the company said is meant to cut settlement risk. A company's transfer agent still keeps the official shareholder record, while every trade posts to the public ledger in real time.
"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. Formation licenses its trading technology from Solana-based exchange Orca.
Securitize and Superstate are expected to supply tokenized shares. Securitize CEO Carlos Domingo said its tokens are each backed by a real share held by its broker-dealer. Access will be limited to verified investors, who can reach the venue through Formation's platform and distributors including Alpaca, CoinList's Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads.