Key Takeaways
- CME Group is launching Solana futures on March 17 with micro and larger-sized contracts.
- The launch of SOL futures reflects increasing demand for regulated cryptocurrency products.
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CME Group announced today it will launch Solana (SOL) futures on March 17, subject to regulatory review. The derivatives marketplace will offer both micro-sized contracts of 25 SOL and larger-sized contracts of 500 SOL.
The announcement confirms part of the information from a leak on the exchange’s staging website, which suggested XRP and Solana futures would launch on Feb. 10. At the time, CME clarified that the leaked information was an error and no decisions had been made regarding XRP or SOL futures.
“With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.
The contracts will be cash-settled based on the CME CF Solana-Dollar Reference Rate, calculated daily at 4:00 p.m. London time. The new offering joins CME’s existing crypto product suite, which includes Bitcoin and Ether futures and options futures.
The company’s crypto trading metrics show year-to-date average daily volume of 202,000 contracts, up 73% year-over-year, with average open interest of 243,600 contracts, up 55% year-over-year. More than 11,300 unique accounts are currently trading.
“The launch of SOL futures is a significant milestone in the ongoing maturation of the cryptocurrency market,” said Teddy Fusaro, President of Bitwise Asset Management, Inc. “This announcement underscores CME Group’s commitment to and leadership in offering institutional investors and active traders advanced tools for trading and risk management.”
Kyle Samani, Co-Founder and Managing Partner of Multicoin Capital, added: “As the digital asset market matures and demand continues to grow, sophisticated investors need better ways to get exposure and manage volatility. CME Group’s new crypto derivatives provide just that, giving investors increased flexibility with less upfront capital.”
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