Securities firm Formation plans to launch a tokenized securities trading platform on Solana

Formation Securities has notified the SEC that it plans to operate a tokenized securities trading platform on Solana, targeting early 2027 for trading to begin. The firm intends to rely on the SEC's innovation exemption to conduct conditional secondary trading of qualifying tokenized equities through permissioned automated market maker liquidity pools within a compliant venue. Initial products are set to include tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital, carrying the same voting and dividend rights as other shareholders. Investors would be able to trade around the clock using stablecoins and other eligible assets, with atomic settlement completed on-chain. The move matters as a test of whether exemptive relief can support regulated equity trading on public blockchains, and the next things to watch are the SEC's response and Formation's progress toward its 2027 launch.