BitGo Taps Formation Securities for Solana-Based Tokenized Stock Venue

BitGo announced a partnership with Formation Securities on Nov. 9 to support onchain trading of tokenized U.S.-listed shares on Solana, with Formation targeting an early 2027 launch for a venue that would let verified investors trade tokenized equities around the clock.

The arrangement places BitGo at the infrastructure layer of one of the more concrete attempts yet to bring continuous, 24-hour secondary trading in tokenized U.S. equities to a public blockchain. Formation Securities plans to operate the venue on Solana, restricted to verified investors, with secondary trading in eligible tokenized shares.

Settlement mechanics are the defining design choice. Trades on the planned venue would settle atomically onchain, with payment flowing in stablecoins and other assets. Atomic settlement removes the gap between execution and finality that characterizes conventional equity market infrastructure — in U.S. markets today, that gap typically spans one to two business days. Compression from days to seconds is the operational delta the venue is built around.

Around-the-clock access is the second structural change. U.S.-listed equities currently trade in defined sessions, with extended-hours windows that remain bounded. A venue designed for continuous trading on Solana would, if it launches as planned in early 2027, extend access to the full week — a shift aimed at investors whose schedules or jurisdictions sit outside U.S. market hours.

What does this change for practitioners?

For custody and infrastructure clients of BitGo, the partnership signals a positioning of BitGo's trust and wallet stack as settlement-grade plumbing for tokenized securities, not just digital assets. For broker-dealers and asset managers watching the tokenized-equity segment, Formation's model offers a template: a purpose-built venue, restricted to verified investors, where secondary liquidity in tokenized shares settles onchain against stablecoins.

The verified-investor restriction matters. It frames the venue as operating within a compliance perimeter rather than as an open, permissionless exchange — a distinction that determines which institutions can participate and under what onboarding obligations. Eligibility screening of the tokenized shares themselves, rather than blanket listing of U.S. equities, points the same direction.

Solana's selection as the host chain is also a market-structure signal. The venue's design presumes high-throughput, low-latency settlement infrastructure capable of supporting continuous secondary trading, and positions Solana as a settlement layer for regulated tokenized securities alongside its existing DeFi usage.

The timeline and what sits between here and 2027

Formation is targeting an early 2027 start. That runway is not long by securities-infrastructure standards, but it is not short either: roughly two years separates the announcement from the intended launch, time the firms will presumably need to finalize venue construction, investor-verification processes and the eligibility framework for tokenized shares.

The announcement did not include detail on which U.S.-listed shares would be tokenized first, the specific stablecoins accepted for settlement, or the regulatory registrations underpinning Formation's venue. Those gaps define the diligence agenda for any institution evaluating participation before launch.

For now, the verified core facts stand: BitGo and Formation Securities have partnered, the venue is planned on Solana, trading is designed to run around the clock for verified investors, settlement is atomic and onchain in stablecoins and other assets, and the target launch is early 2027. Whether that date holds will depend on execution against the compliance and technical build-out that the next two years require.