Solana Set for Another Tokenized Stock Venue as Formation Notifies the SEC

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.

The 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.