Formation Files with SEC to Operate Tokenized Securities Trading Venue on Solana

Formation Securities has filed with the U.S. SEC, planning to operate a tokenized securities trading venue on Solana under the SEC's innovation exemption, with trading expected to commence in early 2027. The first tokenized stocks to be listed include Exodus Movement, Forward Industries, and Galaxy Digital. Under the SEC's innovation exemption, eligible tokenized stocks can be traded in qualified trading venues through licensed automated market maker liquidity pools for conditional secondary market trading. Formation's tokenized stocks will carry the same voting rights and dividend rights as other shareholders, allowing investors to trade around the clock using stablecoins and other qualified assets, with on-chain atomic settlement. The relevant stocks will be offered to verified investors through channels such as Superstate, Formation Securities' proprietary platform, Alpaca, and custodians like Anchorage and BitGo Bank. Christopher Montagano, President of Formation Securities, stated that the company plans to collaborate with issuers to jointly build the tokenized stock market.

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