Orca Authorizes Formation Securities to Use Its Trading Technology

Orca authorized Formation Securities to use its trading technology for a planned Solana venue for tokenized securities, as the company targets an early 2027 start for trading.

Formation plans to operate the venue under the SEC’s “innovation exemption.” The authorization is a technology step for the project, which Formation previously outlined in its plan for a secondary market in tokenized stocks.

The expected first offerings would represent shares of Exodus Movement, Forward Industries and Galaxy Digital. The venue is intended for verified investors and would allow trading around the clock, with transactions settling nearly instantly through atomic settlement, in which both sides of a trade complete together.

Eligible tokens must carry the same voting and dividend rights as traditional shares. Companies’ transfer agents would maintain the official shareholder records, while each transaction would be recorded in real time on a public ledger.

Securitize and Superstate are expected to provide tokenized stocks. Planned access channels include Formation, Alpaca, CoinList’s Passage, Anchorage, BitGo, Fireblocks, Solflare and Squads.

Formation was created through the combination of Orca and Loopscale. The venue is expected to begin trading in early 2027.