Galaxy, Exodus Tokenized Shares Headed to Orca-Powered Solana Venue in 2027

Brief

By Dextape Desk · November 9, 2026

Formation Securities told regulators it plans to run a Solana trading venue for tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries, according to a public notice posted Nov. 9. The operator intends to skip SEC registration and rely on the agency's Innovation Exemption instead. Trading software comes from Orca, and launch is expected in early 2027. The filing states the SEC has not reviewed the accuracy of its disclosures, so it carries no endorsement. Formation calls the platform the first of its kind on Solana. Trades would run through permissioned pools without an order book, open only to vetted wallets, and tokenized stocks could only be swapped for tokenized money market funds or non-security crypto assets.

Why it matters: It shows tokenized equity trading being set up on a public blockchain under a narrow SEC exemption, with issuer objection rights and volume caps limiting its scope.

Mentioned: Solana

Summary by Dextape, based on reporting by Unchained. Machine-written from Unchained’s report and checked against it · How Dextape writes