Formation Securities has notified the U.S. Securities and Exchange Commission (SEC) of its intention to operate a tokenized securities venue on Solana. According to the announcement, the platform would enable U.S.-listed stocks to be traded by verified investors on a 24/7 basis on a public blockchain, while maintaining the rights of a traditional shareholder.

News of the notification was shared by Solana's official X account on November 9, 2026:

BREAKING: Formation Securities (@formation_so) notifies the SEC of its intent to operate the first tokenized securities venue on Solana. U.S.-listed shares with the same voting and dividend rights as the originals, settling atomically onchain, 24/7.
— Solana (@solana) November 9, 2026 (view post)

Launch Lineup and Tokenization Model

Trading is scheduled to begin in early 2027, subject to the applicable regulatory requirements. Formation Securities expects three companies to be featured at launch: Exodus Movement (NYSE: EXOD), Forward Industries (NASDAQ: FWDI), and Galaxy Digital (NASDAQ: GLXY). All three are shares already listed on major U.S. exchanges, meaning the venue would open with established listings rather than newly issued securities.

The planned venue will adopt the SEC's Innovation Exemption, which permits automated market maker (AMM) liquidity pools — a decentralized-finance mechanism that prices trades from pooled funds rather than an order book — to trade eligible tokenized securities on the secondary market.

Tokenized shares are expected to be supplied by Superstate, an asset manager focused on tokenized funds, and Securitize, a digital securities platform. Rather than creating distinct assets, the structure is designed to maintain the same voting rights, dividend rights, and other benefits associated with the underlying traditional shares. The distinction is significant for tokenized equities: investors would be able to access securities through the blockchain without losing the advantages of owning them. It also addresses a known limitation elsewhere in the tokenized-equity space, where some structures track a share's price without extending voting or dividend rights to holders.

24/7 Trading With Atomic Onchain Settlement

Under the proposed design, verified investors would store tokenized shares in their digital wallets and be able to exchange them for a stablecoin or other valid assets. Unlike traditional stock exchanges with fixed market hours, the venue would operate continuously.

Trades are intended to settle atomically on Solana, meaning assets and payments are exchanged within a single on-chain transaction, thereby minimizing settlement lag between counterparties — in contrast to conventional U.S. equities, which settle on a next-business-day (T+1) cycle. The platform would also offer issuers transparency, as transactions are visible to the entire public blockchain. The companies' official shareholder records, however, would still be kept by their transfer agents.

Major Crypto Infrastructure Providers Join the Launch

Several established crypto infrastructure firms are expected to participate in the initiative. Investors would be able to access the venue through Formation Securities as well as distribution channels such as Alpaca and Passage by CoinList. Anticipated custody providers include Anchorage Digital, BitGo, and Fireblocks, while other potential access points include Solflare, Squads, and Jito's JTX interface. The lineup gives verified investors multiple routes onto the venue, spanning retail wallets, brokerage-style access, and institutional custody.

Securitize and Superstate would enable the tokenization of the share supply, bridging the gap between traditional securities and blockchain trading platforms.

SEC Innovation Exemption Sets the Rules

A central element of the proposed launch is the SEC's Innovation Exemption. Qualifying tokenized stocks are eligible to trade on a qualified venue under specific conditions, such as limitations on what can be listed, trading volume constraints, disclosure requirements, and certain customer verification requirements.

Formation Securities' effort is also built on Project Open, an initiative involving Orca, Superstate, and the Solana Policy Institute that explored how securities could be issued and traded on public blockchains. As the company ties the early-2027 start to applicable regulatory requirements, the SEC's response to the notification and the final conditions attached under the exemption are the near-term items to watch.

Source: Crypto Ninjas — Solana Tokenized Stocks Venue Targets 24/7 Trading With Three Major U.S. Stocks in 2027