Formation Securities has told the US Securities and Exchange Commission (SEC) that it plans to run a venue for trading tokenised US stocks on the Solana blockchain.
The company filed a notice under the SEC’s Innovation Exemption, and expects to be one of the first venues to trade tokenised US stocks onchain. Trading is expected to begin in early 2027.
The first stocks to be listed will be Exodus Movement, Forward Industries and Galaxy Digital.
How it will work
The venue will offer trading 24 hours a day, seven days a week, with near-instant settlement where both sides of a trade complete at the same moment. Every trade will be recorded on Solana’s public ledger in real time, while each company’s transfer agent keeps the official record of who owns its shares.
Tokenised shares on the venue must carry the same voting and dividend rights as the original stock. Tokenisation firms Securitize and Superstate are expected to supply them.
Formation licenses its trading technology from Orca, a Solana-based exchange. The company said it chose Solana for its speed, low costs and record with tokenised assets, noting the network already hosts more than $5 billion in tokenised real-world assets.
Who can trade
Access will be limited to verified investors. They will be able to reach the venue through Formation’s own platform and through partners including Alpaca, CoinList’s Passage, custody firms Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads.
“Tokenized stocks will succeed only if public companies see the value in them,” said Christopher Montagano, president of Formation Securities. He said the firm plans to build the market together with the companies whose shares it lists.
The SEC’s Innovation Exemption
The SEC issued the Innovation Exemption in September as conditional relief. It allows eligible tokenised stocks to trade through permissioned automated pools on qualifying venues. Formation’s plan builds on Project Open, a proposal that a group including Orca, Superstate and the Solana Policy Institute put to the SEC in 2025.
A busy week for tokenised stocks
The filing comes as Wall Street steps up its own plans. The New York Stock Exchange recently picked Avalanche for the settlement layer of its planned tokenised securities platform.
What happens next
Formation’s venue still has to launch, and its early 2027 start depends on meeting the exemption’s conditions. How many companies agree to list their shares will show whether there is real demand.
