--- title: "Formation Securities Files SEC Notice to Launch Solana Tokenized Equities Venue" description: "Operating under the SEC Innovation Exemption, the venue plans 24/7 AMM trading for tokenized shares of Exodus, Forward Industries, and Galaxy Digital in early 2027." url: https://basisdesk.news/news/formation-securities-sec-notice-solana-tokenized-stocks published: 2026-11-09T12:37:17.985Z modified: 2026-11-09T12:37:17.985Z section: RWA & Tokenization author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [SOL] tags: [solana, tokenization, rwa, sec, orca, securitize] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Formation Securities Files SEC Notice to Launch Solana Tokenized Equities Venue Operating under the SEC Innovation Exemption, the venue plans 24/7 AMM trading for tokenized shares of Exodus, Forward Industries, and Galaxy Digital in early 2027. ## At a glance - **What happened:** Formation Securities notified the SEC on Nov. 9, 2026, of its intent to operate a tokenized securities venue on Solana under the Innovation Exemption. - **Why it matters:** The platform enables 24/7 atomic trading of publicly listed US stocks via automated market makers while preserving legal shareholder rights. - **Who is affected:** Public equity issuers, tokenization partners Securitize and Superstate, and verified institutional and retail participants. - **What's next:** Trading is scheduled to begin in early 2027 with tokenized shares of Exodus Movement, Forward Industries, and Galaxy Digital. - **Status:** announced - **Primary source:** [Formation Securities Notifies SEC of Intent to Operate First Tokenized Securities Venue on Solana](https://www.prnewswire.com/news-releases/formation-securities-notifies-sec-of-intent-to-operate-first-tokenized-securities-venue-on-solana-302932902.html) — PR Newswire ## Key points - Formation Securities submitted a notice to the SEC on Nov. 9 to operate a tokenized securities venue on Solana under the agency's Innovation Exemption [1]. - Secondary trading is expected to launch in early 2027 featuring tokenized shares of Exodus Movement, Forward Industries, and Galaxy Digital [1]. - The venue uses Orca's AMM software, with asset issuance supported by Securitize and Superstate alongside traditional broker custody [1]. ## Editorial remark - **Context:** The platform builds on Project Open, an initiative submitted to the SEC's Crypto Task Force in April 2025 by Orca, Superstate, and the Solana Policy Institute, preceding the agency's formal Innovation Exemption framework established in September 2026. - **Impact:** Issuers gain around-the-clock secondary market trading on a public network without surrendering corporate governance mechanics, while vetted retail and institutional investors gain atomic settlement on Solana. - **Watch:** The scheduled commercial launch in early 2027 and disclosures regarding trading volume limits enforced under the SEC exemption conditions. 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](https://basisdesk.news/news/sec-innovation-exemption-tokenized-nms-stocks), 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](https://basisdesk.news/news/securitize-launches-tokenized-us-stocks-solana) 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]. ## Sources 1. [Formation Securities Notifies SEC of Intent to Operate First Tokenized Securities Venue on Solana](https://www.prnewswire.com/news-releases/formation-securities-notifies-sec-of-intent-to-operate-first-tokenized-securities-venue-on-solana-302932902.html) — PR Newswire, 2026-11-09 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai