Formation Securities has secured a license to use trading technology from Solana-based exchange Orca for its tokenized stock platform, which is expected to begin trading in early 2027. According to Odaily, the company plans to operate the securities trading venue on Solana under the U.S. Securities and Exchange Commission’s “innovation exemption.” Initial offerings are expected to include tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital.

The platform will be open to verified investors and support round-the-clock trading and near-instant atomic settlement. Eligible tokens must carry the same voting and dividend rights as traditional shares. Companies’ transfer agents will continue to maintain official shareholder records, while each transaction will be recorded in real time on a public ledger.

Securitize and Superstate are expected to provide tokenized stocks. Securitize CEO Carlos Domingo said each of its tokens is backed by one actual share held by a broker-dealer. Investors will be able to access the offerings through Formation’s platform and channels including Alpaca, Passage from CoinList, Anchorage, BitGo, Fireblocks, Solflare and Squads.