CME Group to Launch Solana Futures on March 17
Exciting news from CME Group as they announced the upcoming launch of Solana (SOL) futures on March 17, pending regulatory approval. The decision comes in response to increasing client demand for SOL trading options. Nate Geraci, CEO of The ETF Store, sees this development as a positive sign for potential SOL exchange-traded fund (ETF) opportunities.
The new Solana futures contracts, set to debut in two sizes – a 25 SOL micro-contract and a 500 SOL larger contract, aim to cater to a wide range of market participants, from institutional investors to active traders.
“As Solana continues to evolve into the platform of choice for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies.” – Giovanni Vicioso, CME Group
Industry experts like Kyle Samani from Multicoin Capital and Teddy Fusaro from Bitwise view the introduction of SOL futures as a crucial step towards market maturity, providing sophisticated tools for managing crypto exposure.
CME Group’s Solana futures will be cash-settled and tied to the CME CF Solana-Dollar Reference Rate, offering a standardized daily valuation of Solana in US dollars.
Boosting ETF Prospects
Analysts believe that gaining futures contracts is a key requirement for the approval of a spot crypto ETF, following the paths of Bitcoin (BTC) and Ethereum (ETH). The launch of SOL futures could significantly enhance the likelihood of a Solana ETF approval.
Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 70% chance of a Solana ETF approval in the US this year, as the SEC recently acknowledged spot SOL ETF filings from five issuers. The filings are now under SEC review, with a decision expected by October 16.
JPMorgan predicts that Solana ETFs could attract $3 billion to $6 billion in net flows, based on the success of Bitcoin and Ethereum ETFs.
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