Formation Securities files to launch Solana tokenised stock venue, targeting early 2027
Key points
- Formation Securities has notified the SEC of plans to operate a tokenised securities venue on Solana, with trading expected to begin in early 2027.
- The venue intends to list Galaxy Digital, Exodus Movement, and Forward Industries as its first three securities.
- Formation relies on the SEC's Innovation Exemption published in September, which allows permissioned AMM-based trading of tokenised US stocks outside the traditional exchange registration framework.
- The exemption's first live trades occurred last week on TSV LLC, a Canton Network venue trading shares of Canton Strategic Holdings, making Formation the second mover.
- Formation's technology is licensed from Orca, whose software has processed more than $550 billion in trades; distribution partners include Alpaca, CoinList's Passage, Anchorage Digital, BitGo, Fireblocks, and Jito.
Formation Securities has notified the US Securities and Exchange Commission (SEC) of its intention to operate a tokenised securities venue (TSV) on the Solana blockchain, with trading targeted to begin in early 2027. The company plans to list three securities at launch: Galaxy Digital, Exodus Movement, and Forward Industries, a Solana treasury company.
The filing rests on the SEC’s Innovation Exemption, published in September, which permits venues to trade tokenised US equities through permissioned automated market maker (AMM) pools without registering as full exchanges. The exemption saw its first live use only last week, when shares of Canton Strategic Holdings traded on TSV LLC, a venue running on the Canton Network, making Formation’s notification the second entrant into what is still a nascent regulatory category.
Formation Securities is built on technology licensed from Orca, one of Solana’s largest decentralised exchanges, whose infrastructure has processed more than $550 billion in cumulative trading volume. Orca merged with lending protocol Loopscale in October under the Formation name. The distribution architecture is notably broad: verified retail and institutional investors are expected to access the venue through broker-dealer Alpaca, CoinList’s Passage product, custodians Anchorage Digital, BitGo, and Fireblocks, Jito’s trading interface, and unspecified wallet providers. The range of access points suggests Formation is treating connectivity, not just the trading mechanism itself, as a core competitive consideration.