New York, November 9, 2026 / PRNewswire / -- Today, we notify the U.S. Securities and Exchange Commission ( SEC ) that we intend to operate a tokenized securities trading venue ( TSV ) on Solana . Solana is a public, permission-free blockchain.
Formation Securities is a company that has been licensed to trade technologies from Orca and plans to operate under the innovative exemption (Innovation Exemption) framework in SEC. This conditional exemption allows for secondary trading of qualified tokenized stocks through licensed market makers' (AMM) liquidity pools in eligible venues. Qualified tokenized stocks must offer the same rights and privileges as traditional stocks, including voting rights and dividend rights. This public notice can be found at https :// formationsecurities.com / notice.
The company expects transactions to begin in early 2027, by which time the tokenized stocks of Exodus Movement, Inc (New York Stock Exchange ticker: EXOD), Forward Industries, Inc (Nasdaq ticker: FWDI), and Galaxy Digital Inc (Nasdaq ticker: GLXY) are expected to be among the first to be listed. Superstate and Securitize are also expected to offer tokenized stocks on this platform. Verified investors will be able to access this platform through the Formation Securities platform and other distribution channels, including Alpaca; CoinList's Passage; custodian institutions Anchorage Digital Bank, N.A, BitGo Bank & Trust, National Association, and Fireblocks; Jito's trading interface JTX; as well as on-chain wallet providers Solflare and Squads.
Formation Securities President Christopher Montagano stated: "Tokenized stocks will only be successful if listed companies see their value. We intend to build this market together with the issuers." The design goal of Formation Securities is to provide issuers and investors with a new, transparent market that supports trading outside of traditional trading hours and enables faster settlement on the blockchain, while also retaining the key rights that shareholders enjoy in the traditional financial sector.
Formation Securities indicates that this platform is designed to help issuers, tokenization service providers, and traders take advantage of Solana blockchain-based transactions. Issuers can access an efficient, global, and 24/7 open securities market, while their transfer agents will still maintain the official shareholder records. Each transaction is immediately recorded on a public, permission-free distributed ledger, allowing issuers to view their stock transaction details in real-time. Companies will continue to maintain a direct relationship with their shareholders, and holders of tokenized stocks will retain the same voting rights and dividend rights as other shareholders.
Verified investors will hold their tokenized stocks in digital wallets and will be able to trade them 24/7 using stablecoins and other eligible assets. Each transaction will be settled atomically on the blockchain, a design aimed at reducing settlement risks and allowing funds to be immediately available for use. Holders are also expected to be able to use their stocks in approved blockchain applications. This platform is only open to verified participants and will operate under the SEC innovation exemption conditions, which include restrictions on listed securities and trading volume, as well as mandatory public disclosure and customer due diligence requirements.
Securitize CEO Carlos Domingo stated: "Tokenized securities platforms should focus on execution and liquidity. Our Convertible Entitlement Tokens provides tradable assets for them. Each token is backed by one actual share held by our brokers, enjoying the same rights as that share, and is held only by verified investors. This is the standard that tokenized stocks should meet. We are delighted to bring this to the launch on Solana within Formation Securities, as Securitize Stocks originates from Solana."
Superstate, Co-Founder and CEO, Robert Leshner said: "This is the moment we have been working towards since the establishment of Superstate. Thanks to the innovative exemptions provided by SEC, the companies we collaborate with can now trade their stocks on the blockchain around the clock on Formation Securities. This is a huge step for the public market, and we are very pleased to be a part of it."
Based on Project Open
Formation Securities is built upon Project Open. This proposal was submitted in April 2025 to SEC's cryptography working group by an alliance that included Orca, Superstate, and Solana Policy Institute. Project Open outlined a method for issuing and trading stocks on a public, permission-free blockchain. Subsequently, this alliance collaborated with SEC's staff to understand how such transactions would function, prior to SEC releasing an innovative exemption in September 2026.
Why choose Solana
The reason for choosing Solana over Formation Securities is its reliability, speed, low cost, and its established track record in tokenized asset transactions. Solana hosts over $5 billion in tokenized real-world assets.[1] Transactions on Solana can be settled within seconds, with fees being a mere fraction of a few cents, which makes frequent and small-value transactions more feasible. The token infrastructure of Solana supports permission control and transfer restrictions, which can be used to manage which wallets are allowed to hold or transfer tokenized securities.
Formation Securities will be launched together with the following service providers: Predicate, Sec3, Solidus Labs, and TRM Labs.
About Formation Securities LLC
Formation Securities LLC is a company that plans to operate TSV in Solana under the innovation exemption of SEC, using trading technologies licensed from Orca. The company is led by President Christopher Montagano. For more information, please visit https :// formationsecurities.com.
About Orca
Orca builds a complete financial product stack on public blockchains (including trading, credit, and revenue vaults), aiming to unleash the full potential of tokenization. Orca launched its AMM technology on Solana at the beginning of 2021. As of October 31, 2026, users have traded over $550 billion in digital assets through its AMM software; this software has passed the official verification of Certora and has undergone 11 audits by four additional independent security companies. For more information, see https:// orca.so.
Forward-looking Statements
This press release contains forward-looking statements, including information regarding products that are in planning. Actual results may differ significantly from those stated. The products in planning must comply with applicable laws and regulatory requirements and may not be available in all jurisdictions. This press release does not constitute an offer to sell any securities or other financial products, nor does it constitute an invitation to purchase any securities or other financial products, nor does it provide investment, legal, or tax advice.
Contact Information
Media: press @ formationsecurities.com
Cooperation: partnerships @ formationsecurities.com
X: @formation_so
LinkedIn : https :// www.linkedin.com / company / formation-securities /
Website: https :// formationsecurities.com /
1 https :// app.rwa.xyz / networks / solana
