Formation Securities has filed a notice with the U.S. Securities and Exchange Commission indicating its intention to launch a tokenized securities venue on the Solana blockchain in early 2027. The platform will allow verified investors to trade tokenized shares around the clock using stablecoins and other eligible assets while preserving voting, dividend and other shareholder rights.
Initial offerings and partners
The first securities expected to be available on the venue are shares of Exodus Movement (NYSE: EXOD), Forward Industries (NASDAQ: FWDI) and Galaxy Digital (NASDAQ: GLXY), all of which are crypto‑native companies. Tokenization services will be provided by Superstate and Securitize, and the trading engine will be licensed from Solana‑based decentralized exchange Orca.
Regulatory framework
The venue plans to operate under the SEC’s Innovation Exemption introduced in September, which permits qualified platforms to facilitate secondary trading of tokenized securities through permissioned automated market maker liquidity pools, subject to regulatory conditions.
Operational model
Unlike traditional exchanges, transactions will be recorded directly on Solana, enabling immediate on‑chain settlement. Investors will hold tokenized securities in digital wallets, while transfer agents continue to maintain official ownership records.
Distribution network
Formation Securities outlined a distribution network that includes Alpaca, Passage by CoinList, Anchorage Digital, BitGo, Fireblocks, Solflare, Squads and Jito’s JTX trading interface. Participation will be limited to verified investors.
Industry context
The announcement comes as other firms pursue blockchain‑based securities trading. Competing efforts, such as OKXICE’s proposed platform, have faced objections from dozens of companies, including major technology and automotive firms. Formation’s approach emphasizes direct collaboration with issuers, contrasting with broader tokenization strategies that have encountered resistance.
Broader tokenization activity
Nasdaq, in partnership with Kraken parent Payward, and Morgan Stanley, through the Depository Trust & Clearing Corporation’s tokenization service, are also advancing tokenized asset initiatives slated for 2027. Formation’s venue builds on Project Open, a collaborative effort submitted to the SEC in April 2025 by Orca, Superstate and the Solana Policy Institute.
