TREE NEWS update: Formation Securities plans to launch a Solana-based venue in early 2027 for tokenized shares of Galaxy and Exodus, operating under the SEC’s Innovation Exemption, which allows it to run without registering as an exchange. The venue will be powered by Orca. The tokenized shares are expected to trade on the Solana blockchain.
Formation Securities to Launch Tokenized Galaxy, Exodus Shares on Solana in 2027
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AI take
The significance here lies less in the tokenized shares themselves than in the regulatory lane being used: the SEC's Innovation Exemption lets Formation operate a trading venue without exchange registration, a notable accommodation for blockchain-based equity trading. It affects issuers like Galaxy and Exodus seeking on-chain distribution and the Solana ecosystem, with Orca providing infrastructure. The open question is whether the exemption proves durable enough to support similar venues beyond this single launch.
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