Formation Securities notified the SEC of plans to run a tokenized securities venue on Solana, with launch targeted for early 2027.
MoneyTurkey Crypto Desk | 9 November 2026
Key points
- Formation Securities published a public notice and told the SEC it intends to operate a tokenized securities venue on Solana under the agency’s Innovation Exemption.
- Initial tokenized shares are set to include Exodus Movement, Forward Industries and Galaxy Digital, with trading targeted for early 2027.
Formation Securities notified the US Securities and Exchange Commission that it intends to operate a tokenized securities venue on Solana. The Block and CoinDesk reported that the platform plans to list tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital. The notice is a required disclosure under the SEC’s Innovation Exemption framework; it is not an SEC approval of the venue’s merits.
What happened
Formation said trading would run through permissioned automated market-maker pools on Solana. The Block reported that launch is expected in early 2027 and that the filing covers the initial three issuers. CoinDesk reported that the venue would be the first such Solana platform to operate under the SEC’s exemption framework.
Timeline and scope
The Block reported that launch is expected in early 2027. No other timelines or issuers appear in the source material beyond the initial three names.
Why it matters
The notice marks an attempt to bring tokenized US-listed shares onto Solana under a temporary SEC exemption rather than as a registered exchange. Issuers and intermediaries still have to clear participation, and the SEC has not endorsed the disclosures in the notice.
What to watch
- Any issuer objections or further SEC action on the Formation notice
- Confirmation of a launch date in early 2027
- Addition of further issuers beyond the initial three
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For information only. Not investment advice.
Sources
- The Block: https://www.theblock.co/news/defi/2026-11-09-formation-tokenized-securities-solana-436060
- CoinDesk: https://www.coindesk.com/business/2026/11/06/solana-lset-for-its-first-tokenized-stock-venue-under-sec-framework-listing-galaxy
- Formation Securities public notice: https://formationsecurities.com/notice.pdf
