Formation plans Solana tokenized stock venue for 2027

Formation Securities has notified the U.S. Securities and Exchange Commission of plans to launch a tokenized-securities trading venue on Solana in early 2027, with shares of Galaxy Digital, Exodus Movement and Forward Industries expected among its initial offerings.

The proposed venue would operate under the SEC’s temporary Innovation Exemption. Formation has described a plan, not an operating market or confirmed regulatory approval, and says the launch depends on meeting applicable legal, regulatory and operational requirements.

Formation says verified investors would trade through permissioned automated market-maker pools and hold tokenized shares in digital wallets. Trades would settle onchain using stablecoins and other eligible assets. Traditional transfer agents would continue to maintain official shareholder records, while investors would retain rights such as voting and dividends, according to the company.

The SEC framework sets conditions for trading tokenized shares issued by unaffiliated third parties. Venues must notify issuers in writing and wait at least 30 calendar days before trading those shares, giving companies an opportunity to object. The notice period and...