Formation Securities LLC has notified the U.S. Securities and Exchange Commission (SEC) of its plans to launch the first tokenized securities venue (TSV) on the Solana blockchain. The platform, designed to operate under the SEC's Innovation Exemption, will offer around-the-clock trading of tokenized stocks while preserving traditional shareholder rights like voting and dividends.
The venue is expected to go live in early 2027, with tokenized shares of Exodus Movement, Inc. (NYSE: EXOD), Forward Industries, Inc. (NASDAQ: FWDI), and Galaxy Digital Inc. (NASDAQ: GLXY) available at launch. Formation Securities will leverage technology licensed from Orca and work with service providers like Predicate, Sec3, Solidus Labs, and TRM Labs to ensure secure and efficient operations.
Christopher Montagano, president of Formation Securities, emphasized the importance of providing issuers and investors with a transparent market that operates beyond traditional hours while maintaining key shareholder rights. The platform will allow verified investors to hold tokenized shares in their digital wallets and trade them 24/7 against stablecoins and other eligible assets, with each trade settling atomically onchain.
Formation Securities is built on Project Open, a proposal submitted in April 2025 by a coalition including Orca, Superstate, and Solana Policy Institute. The project outlined an approach for issuing and trading shares on public, permissionless blockchains. Solana was chosen for its reliability, speed, low transaction costs, and established track record with tokenized assets.