From Decrypt · By Guillermo Jimenez
In brief
Formation Securities notified the SEC it intends to run a tokenized securities venue on Solana under the agency’s “Innovation Exemption,” with trading expected in early 2027.
The venue promises 24/7 trading and near-instant atomic settlement while preserving shareholders’ voting and dividend rights.
It joins a crowded onchain-stock race from the NYSE-Avalanche deal to the OKX-ICE venue—and builds on the Solana-backed Project Open proposal.
A new firm is lining up to become one of the first to trade tokenized U.S. stocks onchain, notifying the Securities and Exchange Commission that it intends to run a tokenized securities venue on Solana.
Formation Securities said Monday it had filed the notice to operate under the SEC’s “Innovation Exemption,” the conditional relief the agency issued in September that lets eligible tokenized stocks trade through permissioned automated market maker pools on qualifying venues.
Trading is expected to begin in early 2027, with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch.
PredictCryptoSOL next move: Pump to $160 or Dump to $40?
42%58%$160$40$22.54K volumeOpen until resolutionOpen until resolutionThe pitch is to deliver the benefits of blockchain trading, 24/7 markets and near-instant settlement, without stripping away the rights investors expect from real stock.
Under the exemption, eligible tokens must carry the same voting and dividend rights as traditional shares, and each trade settles atomically onchain, a feature 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, which licenses its trading technology from Solana-based exchange Orca.
Tokenization firms Securitize and Superstate are expected to supply tokenized shares, with Securitize CEO Carlos Domingo noting its tokens are each backed by a real share held by its broker-dealer.
BitcoinBTC · USD$74,786−2.9%Nov 2Nov 4Nov 6Nov 8Nov 9$80.7k$78.4k$76.2k$73.9k24h HighHigh$75,88124h LowLow$73,709VolVol$1.4BMarket projectionsOdds by MyriadToday$74,000 to $76,000$74k–$76k51% chance→Buy Bitcoin with USDCPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →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.