U.S. stock markets still close at 4 p.m. ET and stay shut on weekends. Formation Securities wants to change that, and it's turning to the Solana blockchain to do it.
On Monday, the New York–based firm said it has notified the U.S. Securities and Exchange Commission that it plans to run what it calls the first tokenized securities venue on Solana.
A tokenized stock is a share of a company issued as a digital token on a blockchain. Solana is a high-speed blockchain built for fast, low-cost transactions. Formation expects trading to begin in early 2027.
The plan relies on the SEC's Innovation Exemption, released in September 2026.
Under the exemption, a tokenized share must give holders what a regular share does, such as votes and dividends. Trading has to run through permissioned automated liquidity pools on venues that qualify.
Galaxy, Exodus and Forward lined up first
Formation says it expects to list tokenized shares of three companies at launch:
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Exodus Movement (NYSE: EXOD)
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Forward Industries (NASDAQ: FWDI)
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Galaxy Digital(NASDAQ: GLXY)
Superstate and Securitize, two firms that turn traditional securities into blockchain tokens, are expected to supply the shares.
"Tokenized ...