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

A Solana venue for tokenized shares of Galaxy Digital , Exodus Movement and Forward Industries plans to operate without registering with the SEC, relying instead on the agency’s Innovation Exemption , according to a public notice its operator, Formation Securities , posted on Nov. 9. Formation, which licenses its trading software from Orca, a Solana automated market maker (AMM), told the SEC the same day that it intends to run a tokenized securities venue (TSV) and expects trading to begin in early 2027 . The notice is not an approval: it states that the SEC “has not passed upon the merits or accuracy of the disclosures” it contains. Formation’s release calls the venue the first TSV on Solana.

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