Formation Securities has filed a notice with the SEC to launch a venue on Solana for tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries. Trading is expected to begin in early 2027, though the filing does not mean the project has been approved by the regulator.
According to Unchained, the venue will use licensed Orca smart contracts and permissioned liquidity pools instead of an order book. Access will be limited to wallets that have passed identity verification, sanctions screening and address verification.
Formation will not custody users’ assets but will retain control over smart contract parameters. As of November 9, no issuer had objected to the listing of its shares.