CME Group will launch Solana (SOL) futures on March 17, pending regulatory approval. This announcement was made on February 28. The new product will include two contract sizes: a micro contract for 25 SOL and a larger contract for 500 SOL.
Giovanni Vicioso, the global head of cryptocurrency products at CME Group, stated that the launch is in response to growing client demand for regulated products to manage cryptocurrency price risks. The SOL futures will be cash-settled and will track the CME CF Solana-Dollar Reference Rate, which reflects the US dollar price of Solana.
This launch is a significant step for CME Group as it expands its cryptocurrency offerings. Currently, CME already provides Bitcoin and Ether futures, along with options futures. Teddy Fusaro, president of Bitwise, noted that the introduction of SOL futures marks an important milestone in the development of the cryptocurrency market.
Market observers believe that the launch of Solana futures could lead to regulatory approval for Solana spot exchange-traded funds (ETFs). The US Securities and Exchange Commission has received several proposals for the listing and trading of spot SOL ETFs, indicating a potential future for these products.
Fusaro emphasized that CME Group’s introduction of Bitcoin and Ether futures has helped institutionalize cryptocurrency as an asset class. This has set the groundwork for more regulated financial products, such as ETFs, to enter the market.
