Formation Securities plans Solana stock trading venue under SEC exemption
The proposed venue would offer 24/7 trading of tokenized shares from Galaxy Digital, Exodus and Forward Industries, with a launch planned for early 2027.
Formation Securities, a company using technology from decentralized exchange Orca, has informed the US Securities and Exchange Commission (SEC) of its plans to launch a tokenized stock trading venue on the Solana blockchain in early 2027. The SEC's Innovation Exemption allows the venue to offer 24/7 trading of tokenized shares from Galaxy Digital, Exodus Movement, and Forward Industries without violating shareholder rights.
The venue will use automated market maker (AMM) technology, enabling investors to hold securities in their wallets and settle trades on-chain using stablecoins or other eligible assets. Formation Securities intends to collaborate with public companies to develop the marketplace, with tokenized shares from Superstate and Securitize expected to be available.
Solana currently hosts around $575 million worth of tokenized stock, compared to $747 million on Ethereum and $1.7 billion on BNB Chain, according to RWA.xyz data. The move comes as companies and investors debate the best approach for bringing publicly traded shares onto the blockchain, with some objecting to tokenization on rival platforms.
The SEC has warned that trading such venues could impact liquidity, price discovery, and long-term shareholder value.
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