Formation Securities says it plans to launch a Solana-based marketplace for tokenized shares, with round-the-clock trading and on-chain settlement for verified investors. The proposed venue is still subject to regulatory approval, but the company has outlined an initial structure that would bring conventional equity features into a blockchain-based trading environment.
Among the companies Formation expects to work with first are Galaxy Digital, Exodus Movement and Forward Industries. Superstate and Securitize are expected to provide the tokenized securities, while decentralized exchange developer Orca is set to supply the trading technology.
A Solana venue for tokenized equities
The planned marketplace would let approved participants buy and sell tokenized versions of shares at any time, rather than only during standard market hours. Formation says transactions would be recorded directly on Solana, with settlement taking place on-chain and investor wallets holding the tokenized securities.
The company’s stated goal is to combine continuous trading with the legal and economic features investors expect from traditional stocks. According to the plan, holders of the tokenized shares would retain rights tied to the underlying equities, including voting and dividends, along with other shareholder entitlements.
How the market is expected to work
Formation says the venue would rely on permissioned liquidity pools for secondary trading of tokenized securities. That model is intended to limit access to verified investors while enabling activity in a blockchain-native market structure.
Even with trading and settlement on-chain, the official ownership record would not rest solely with wallets. Transfer agents are expected to keep the formal shareholder records, creating a link between blockchain transfers and the conventional recordkeeping used in securities markets.
Initial partners and distribution plans
For the tokenized securities themselves, Formation expects to work with Superstate and Securitize. Orca is slated to provide the trading infrastructure behind the venue.
On the issuer side, Formation says it aims to collaborate with public companies and has named Exodus Movement, Forward Industries and Galaxy Digital as its initial targets. Distribution is also expected to extend through a range of crypto and fintech networks, including Alpaca, CoinList’s Passage, Anchorage Digital, BitGo, Fireblocks, Solflare, Squads and Jito’s JTX.
Regulatory route and next step
The company plans to operate under the U.S. Securities and Exchange Commission’s Innovation Exemption. Under that framework, Formation is proposing a marketplace structure tailored to tokenized securities rather than a standard exchange model.
For now, the launch is not final. Formation’s venue remains dependent on regulatory approval, making that decision the key confirmed next step before any trading in tokenized shares can begin.
Source: news.bitcoin.com