Congrats! Reply to @cpmontagano: Today begins a new chapter: I’m thrilled to be leading the newly created Formation Securities as President. First order of business: we notified @SECgov that we intend to operate the first tokenized securities venue on @solana. I want to take you back to the inception point of this endeavor. More than 18 months ago, @yelennyy at @SolanaFndn and @millercwl at @SolanaInstitute approached me about @orca_so representing the DeFi stack in a proposed framework to the SEC for trading tokenized stocks on a public, permissionless blockchain. That became Project Open, a coalition with @SuperstateInc and others that we submitted to the SEC’s Crypto Task Force in April 2025. We spent the next year working through the details with SEC staff. When the SEC published the Innovation Exemption this September, it reflected much of what we proposed, including AMM trading on a public, permissionless blockchain. I started my career as an SEC intern, spent a decade working with public registrants, then nearly a half decade building a pioneering AMM on Solana. A real full-circle moment. Tokenization is a generational upgrade to the infrastructure underpinning public markets, and a real opportunity for public companies and their shareholders. Helping issuers understand it is a responsibility I take seriously, and I look forward to engaging with every company considering the opportunity. Years ago I helped take @PhillipsEdison public. I know what it’s like inside a public company legal department when a random proposal lands in the mailbox. The Formation Securities team will work to make tokenization easy for issuers to understand, and we’re committed to building this market together. For issuers, it means a market for their stock that’s open 24/7, trades that settle atomically and a real-time view of trading in their shares. Their transfer agent keeps the shareholder register, and their shareholders keep their voting and dividend rights. We’re building on Orca’s AMM, which has run on Solana since 2021. Traders have moved more than $550B through it, @Certora formally verified the code, and four independent firms have audited it 11 times. @Exodus ($EXOD), @FWDind ($FWDI) and @galaxyhq ($GLXY) are among the earliest adopters, and their tokenized shares are expected to be available when trading begins in early 2027. This is just the starting line. I’m grateful to the coalition that got us here and the issuers who said yes early. Much more to come! Learn more: https://www.prnewswire.com/news-releases/formation-securities-notifies-sec-of-intent-to-operate-first-tokenized-securities-venue-on-solana-302932902.html(Historical earnings: For 2026Q3 (period ended 2026-06-30), reported basic and diluted EPS of -10.02, net loss of USD 0.938 billion, and revenue of USD 45.176 million. Consensus expectations: Consensus for 2026Q4 expects EPS of 0.02 and revenue of USD 12.480 million.)