Update
Formation Securities Plans Solana Stock Trading Venue
Formation Securities, a newly established company, has notified the US Securities and Exchange Commission (SEC) of plans to launch a tokenized stock trading venue on Solana in early 2027. The venue will offer 24/7 trading of tokenized shares from Galaxy Digital, Exodus Movement, and Forward Industries, with a launch planned for early 2027. The venue will operate under the SEC's temporary Innovation Exemption, allowing verified investors to trade certain US-listed shares around the clock while retaining voting, dividend, and other shareholder rights. Superstate and Securitize are expected to make tokenized shares available on the marketplace, which Formation says it intends to develop in cooperation with public companies. The venue will use automated market maker (AMM) technology, allowing investors to hold securities in their own wallets and settle trades onchain against stablecoins and other eligible assets. Traditional transfer agents will continue to maintain official shareholder records, preserving companies' direct relationships with shareholders.