Solana tokenized stock venue approved by Formation, SEC filing shows
ITF Team2 min read
Formation Securities filed to launch a tokenized stock venue on Solana, targeting early 2027 with shares of Exodus, Forward Industries and Galaxy Digital, preserving voting and dividend rights.
Key takeaways
- Formation Securities filed a notice with the SEC on 11/9/2026 to operate a tokenized securities venue on Solana under the Innovation Exemption.
- Trading is slated to begin in early 2027 with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital.
- The venue will offer 24/7 trading, atomic settlement and will preserve shareholders’ voting and dividend rights.
- Solana currently hosts more than $5 billion in tokenized real‑world assets, making it attractive for the new platform.
Formation Securities announced on 11/9/2026 that it has submitted a notice to the U.S. Securities and Exchange Commission (SEC) to launch a tokenized securities venue on the Solana blockchain. The platform is expected to go live in early 2027 and will initially list tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital. By operating under the SEC’s “Innovation Exemption,” the venue aims to combine the speed and cost advantages of blockchain with the full set of shareholder rights found in traditional equity.
How the Solana venue will work
The proposed market will use permissioned automated market maker (AMM) pools to match buyers and sellers, allowing trades to settle atomically on‑chain within seconds. Unlike conventional exchanges, the venue will remain open 24 hours a day, seven days a week, eliminating the need for overnight closures. While each token represents a real share held by a broker‑dealer, the official shareholder register will still be maintained by the company’s transfer agent, ensuring compliance with existing reporting and voting processes.
Tokenization firms Securitize and Superstate are slated to supply the digital shares, with each token backed by a physical share held in custody. Verified investors will access the market through Formation’s own platform and a network of distributors, including Alpaca, CoinList’s Passage, custodians such as Anchorage, BitGo and Fireblocks, and wallet providers like Solflare and Squads.
Why Solana was chosen
Formation highlighted Solana’s high throughput, low transaction fees and proven track record with tokenized assets as key reasons for its selection. The network already supports over $5 billion worth of tokenized real‑world assets, providing a mature infrastructure for a new securities venue. The decision also aligns with the broader “Project Open” initiative, a coalition effort that submitted a joint proposal to the SEC in 2025 to create a standardized framework for on‑chain securities.
Other major players are racing to bring stocks on‑chain. The New York Stock Exchange recently partnered with Avalanche for its own tokenized platform, while OKX and ICE are developing a separate venue that, notably, excludes the Magnificent Seven stocks. Solana’s entry adds another competitive layer, potentially accelerating the adoption of blockchain‑based equity trading.
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Implications for traders and next steps
If the venue launches as planned, traders could benefit from near‑instant settlement, reduced counterparty risk and continuous market access. However, participation will be limited to verified investors, and compliance requirements such as maintaining voting and dividend rights remain unchanged. The success of the platform will depend on issuers’ willingness to tokenize their shares and on investor demand for on‑chain liquidity.
Market participants should monitor the SEC’s final review of the Innovation Exemption filing, the onboarding timeline for the three inaugural issuers, and any regulatory guidance on tokenized shareholder records. Subsequent milestones include the integration of additional tokenized stocks and the potential expansion of the venue to broader investor categories.
- SEC Innovation Exemption filing date: 11/9/2026
- Initial tokenized issuers: Exodus Movement, Forward Industries, Galaxy Digital
- Target launch: early 2027
- Solana’s tokenized asset volume: >$5 billion
Frequently asked questions
What is the SEC’s Innovation Exemption and how does it apply to Formation’s venue?
The Innovation Exemption, issued by the SEC in September 2026, provides conditional relief for tokenized securities that meet specific criteria, such as preserving voting and dividend rights. Formation Securities is using this exemption to operate a permissioned AMM pool on Solana, allowing tokenized shares to trade while remaining compliant with U.S. securities law.
Which companies will have tokenized shares available at launch?
The first three issuers slated for tokenization are Exodus Movement, Forward Industries and Galaxy Digital. Their shares will be represented by blockchain tokens that carry the same voting and dividend entitlements as the underlying common stock.
Official data sources
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This article is compiled from international market news for information only. It is not investment advice.