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Formation Securities plans tokenized securities venue on Solana under SEC exemption

Photorealistic Solana logo with on-chain ledger and tokenized stock tickers in a newsroom setting.

Formation Securities has notified the U.S. Securities and Exchange Commission that it intends to operate a tokenized securities venue on Solana, according to a public notice from the company. The venue is expected to support trading in tokenized U.S. stocks and would operate under the SEC’s Innovation Exemption, if the conditions described in the filing are met.

The company said trading is expected to begin in early 2027. At launch, it anticipates offering tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital, with Superstate and Securitize expected to provide tokenized shares for the venue.

Formation Securities said the venue is designed to give issuers and verified investors access to onchain trading while preserving the role of the transfer agent as the official recordkeeper. The notice says holders of tokenized stock would keep voting and dividend rights tied to the underlying shares, while trades would be recorded on a public ledger and settle onchain.

Access would run through multiple channels

According to the notice, investors would be able to reach the venue through Formation’s own platform as well as through Alpaca, CoinList’s Passage, Anchorage Digital Bank, BitGo Bank & Trust, Fireblocks, Jito’s JTX interface, Solflare and Squads. The venue would be limited to verified participants and would operate with the trading and disclosure requirements attached to the exemption.

Formation also said the structure is intended to allow 24/7 trading against stablecoins and other eligible assets, with each trade settling atomically onchain. The company described the model as one that could reduce settlement risk and give issuers a real-time view of trading activity in their shares.

The filing is notable because it places a tokenized securities venue on Solana under a specific SEC framework rather than treating the launch as a general blockchain experiment. It also comes as tokenized stock products remain sensitive for public companies, many of which have raised concerns about their shares being tokenized without consent.