# Formation Securities notifies SEC of Solana-based tokenized stock venue for three US-listed companies

- Published: 2026-11-12 03:16 UTC
- Section: Industry & People › Companies & markets
- Tags: tokenized securities, tokenized stock trading, Solana blockchain, SEC Innovation Exemption, 24/7 stock trading, Formation Securities, Securitize, Superstate, Orca AMM, on-chain settlement
- URL: https://realtech.media/news/rt-1e73de5f140b17732d9064f7_formation_securities_notifies/

**The company plans to start round-the-clock trading of tokenized shares in early next year, keeping the voting and dividend rights of the original stock and settling on the blockchain.**

![Formation Securities notifies SEC of Solana-based tokenized stock venue for three US-listed companies](https://realtech.media/media/2026/11/32dfb928ad3e6c82.png)
*biz.heraldcorp.com*

Formation Securities said it notified the US Securities and Exchange Commission (SEC) on the 9th, local time, of its plan to operate a Tokenized Securities Venue (TSV) built on the Solana blockchain, according to biz.heraldcorp.com. The goal is to start trading tokenized shares of three US-listed companies in early next year [1]. The first stocks selected are Forward Industries (FWDI) and Galaxy Digital (GLXY), both listed on Nasdaq, and Exodus Movement (EXOD), listed on NYSE American [1].

## Innovation Exemption and token rights

The project relies on the Innovation Exemption that the SEC introduced in September. Under it, operators that meet certain requirements may run a tokenized stock trading platform without registering as a formal securities exchange. The exemption period is five years, and limits apply to the number of tradable securities and to trading volume [1].

A tokenized stock implements the rights attached to an existing share as a token on a blockchain. According to the company, the tokens it handles guarantee the same shareholder rights as the original stock, so an investor holding tokens can vote and receive dividends like any other shareholder [1].

Carlos Domingo, CEO of Securitize, said the venue will focus on order execution and liquidity, while Securitize supplies the tokenized shares. He said that for each Securitize Convertible Entitlement Token, an affiliated broker-dealer holds one actual share, that only identity-verified investors may hold the tokens, and that holders have the same voting and dividend rights as the original stock [1]. The tokenized shares will be supplied by Superstate and Securitize [1].

## Trading and settlement on the blockchain

Identity-verified investors will keep tokenized shares in a personal digital wallet and trade them 24 hours a day, every day of the year, using eligible assets such as stablecoins. Shares and payment are exchanged simultaneously on the blockchain, which, as described, can reduce settlement delays and counterparty risk found in traditional securities markets [1].

The trading system will use the automated market maker (AMM) technology of Orca, a decentralized exchange on Solana that began service in 2021 [1].

Beyond its own platform, Formation plans to widen access through Alpaca, CoinList's Passage and Jito's JTX, and to connect with custody providers Anchorage Digital, BitGo and Fireblocks. Issuers will be able to see transactions recorded on the blockchain in real time, while the official shareholder register stays with the transfer agent as before [1].

Christopher Montagano, Formation's CEO, said the company will seek issuers' consent and grow the market together with them, since listed companies need a clear reason to tokenize their shares [1].

## Sources

1. [biz.heraldcorp.com](https://biz.heraldcorp.com/article/10934102)

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Source: RealTech, realtech.media — https://realtech.media/news/rt-1e73de5f140b17732d9064f7_formation_securities_notifies/