Formation tells the SEC it plans to run a tokenized-stock venue on Solana from early 2027, starting with Exodus, Forward Industries and Galaxy shares

Formation Securities, the tokenization company created last month by the merger of Solana exchange Orca and Loopscale, has told the SEC it plans to operate a tokenized securities venue on Solana, The Block and Decrypt report. It is filing under the SEC's innovation exemption, conditional relief issued in September that lets eligible tokenized stocks trade through permissioned automated market maker pools on qualifying venues.

Trading is expected in early 2027. Tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital are planned at launch. Under the exemption, tokens carry the same voting and dividend rights as traditional shares, trades settle onchain, and the company's transfer agent keeps the official shareholder record, Decrypt reports. Access is limited to verified investors through Formation's platform and partners including Alpaca.

Formation licenses its trading technology from Orca and chose Solana for speed, low cost and its record with tokenized assets. Its president, Christopher Montagano, said: "Tokenized stocks will succeed only if public companies see the value in them."

The venue enters a crowded field. NYSE has tapped Avalanche for a planned platform, and the OKXICE venue is still not live after 67 companies objected to tokenization of their shares there.