Formation Securities Files SEC Notice to Launch Solana Tokenized Equities Venue

Formation Securities notified the Securities and Exchange Commission on Nov. 9 that it intends to launch a tokenized securities venue on the $SOL blockchain ¹. The platform intends to rely on the regulatory relief provided under the SEC's Innovation Exemption, which allows secondary trading of qualifying tokenized equities through permissioned automated market maker liquidity pools ¹.

Trading is slated to begin in early 2027 with tokenized shares of Exodus Movement, Inc. (NYSE: EXOD), Forward Industries, Inc. (NASDAQ: FWDI), and Galaxy Digital Inc. (NASDAQ: GLXY) ¹. Tokenization issuers Superstate and Securitize are expected to supply the underlying assets ¹. Securitize will deploy its Convertible Entitlement Tokens, which are backed one-to-one by shares held at its broker-dealer and carry identical shareholder rights, including dividends and voting entitlements ¹. At the time of writing, $SOL traded down 3.1% at $86.77 amid broader digital asset weakness.

Structure and Market Access

Formation Securities licenses its underlying trading architecture from decentralized exchange Orca, which had cleared over $550 billion in volume on its automated market maker protocols through Oct. 31, 2026 ¹. Trades on the venue will settle atomically onchain against stablecoins and approved digital assets, while traditional transfer agents retain the primary legal record of share ownership ¹.

Access will be restricted to verified market participants under the terms of the exemption, which enforces volume ceilings, listing limits, and participant diligence rules ¹. Distribution and custody partners planned for launch include Alpaca, Passage by CoinList, Anchorage Digital Bank, BitGo Bank & Trust, Fireblocks, Solflare, and Squads, with market surveillance and compliance supported by TRM Labs, Solidus Labs, Predicate, and Sec3 ¹.