Formation Notifies SEC of Plan for First Tokenized Securities Venue on Solana, Galaxy Expected at Launch

TL;DR

• Formation Securities notified the SEC that it intends to operate a tokenized securities venue on Solana under the Innovation Exemption, targeting an early 2027 launch.
• Galaxy Digital, Exodus Movement and Forward Industries are anticipated among the initial securities, while Superstate and Securitize are expected to provide tokenized shares.
• Verified investors would trade 24/7 through permissioned AMM pools, with atomic settlement, self-custody, shareholder rights and compliance controls preserved for trading.

Formation Securities has notified the U.S. Securities and Exchange Commission that it intends to operate a tokenized securities venue on Solana under the agency’s Innovation Exemption. According to the official announcement, trading is expected to begin in early 2027, with Galaxy Digital, Exodus Movement and Forward Industries anticipated among the launch securities. Formation is proposing a regulated venue for tokenized shares rather than announcing an operational market today. The plan extends the growing market for real-world asset tokenization on public blockchains.

Formation Targets 24/7 Tokenized Stock Trading on Solana

Formation said its venue would use trading technology licensed from Orca and operate through permissioned automated market maker liquidity pools. Eligible tokenized stocks must preserve the rights attached to traditional shares, including voting and dividends. Verified investors are expected to hold the securities directly in digital wallets and trade them around the clock against stablecoins and other eligible assets. Transactions would settle atomically onchain, while transfer agents continue maintaining official shareholder records. The structure follows the SEC Innovation Exemption, which created conditional relief for qualifying tokenized securities venues.

Galaxy Digital’s Nasdaq-listed GLXY shares are anticipated to be available when Formation launches, alongside NYSE-listed Exodus Movement and Nasdaq-listed Forward Industries. Superstate and Securitize are expected to supply tokenized shares to the venue. The initial lineup remains forward-looking and subject to legal, regulatory and operational requirements before trading begins. Galaxy already has experience bringing its equity onchain through Superstate, adding context to the company’s earlier tokenized GLXY deployment on Solana, but Formation would provide a separate trading venue under the SEC framework.

Access would be restricted to verified participants, with planned distribution through Formation’s platform and channels including Alpaca, CoinList’s Passage, Anchorage Digital Bank, BitGo, Fireblocks, JTX, Solflare and Squads. The exemption also imposes limits on listed securities and trading volume, alongside public disclosure and customer-diligence requirements. Formation’s model combines self-custody and public-blockchain settlement with permissioned access and conventional shareholder rights. The company selected Solana for speed, costs and existing tokenized-asset activity, saying the network hosts more than $5 billion in tokenized real-world assets, consistent with its expanding RWA infrastructure on Solana. Formation expects launch in early 2027. If completed, the venue would add another regulated route for U.S.-listed equities to trade onchain while retaining issuer-linked ownership and compliance controls for investors.