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11/09/2026

Formation Targets Early 2027 for Solana-Based Stock Trading

What happened: Formation Securities notified the SEC that it intends to operate a tokenized securities venue on Solana under the regulator’s innovation exemption, with trading targeted for early 2027.

Formation Targets Early 2027 for Solana-Based Stock Trading

What happened: Formation Securities notified the SEC that it intends to operate a tokenized securities venue on Solana under the regulator’s innovation exemption, with trading targeted for early 2027. Initial offerings are expected to include Exodus Movement, Forward Industries and Galaxy Digital, using their respective EXOD, FWDI and GLXY tickers. The proposed structure combines Orca trading technology with tokenization through Superstate and Securitize, custody through Anchorage, BitGo and Fireblocks, and distribution through Alpaca, CoinList and Solflare.

Why it matters: The framework offers a five-year window and preserves voting and dividend rights, but participation is limited to verified investors using permissioned automated market maker pools, while issuers have a 30-day opt-out. Those conditions make investor access, shareholder rights and issuer participation central to assessing the proposal; tokenization alone does not explain how the market will function. Formation is the fourth firm to announce such a venue, following OKX/ICE, TSV LLC and Perpetuals.com, so its proposed competition with Nasdaq on spreads and efficiency remains an ambition to test after launch: the notification establishes intent, while operating performance and actual trading costs remain unproven.

Source: CoinDesk; The Defiant.