First Solana Futures ETFs Launch Thursday, Paving the Way for Spot Approval
The launch of two Solana (SOL) futures-based exchange-traded funds (ETFs) on Thursday marks a key milestone in the cryptocurrency market, potentially setting the stage for the approval of a spot Solana ETF.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Volatility Shares LLC is introducing two new ETFs:
- Volatility Shares Solana ETF (SOLZ): Tracks Solana futures.
- Volatility Shares 2X Solana ETF (SOLT): Provides leveraged exposure to Solana futures.
SOLZ will carry a management fee of 0.95%, while SOLT traders will face a 1.85% fee, per the filing.
These funds are the first-ever Solana futures ETFs to hit the market, offering investors exposure to Solana without direct ownership of the token. Currently, Solana ranks as the sixth-largest cryptocurrency, boasting a market capitalization of $66.5 billion. Its price has surged 6% in the last 24 hours, reflecting broader crypto market momentum.
A Step Toward a Spot Solana ETF?
The launch of these futures-based ETFs could increase the likelihood of SEC approval for a spot Solana ETF, which would hold the asset directly. Historically, the SEC has indicated that a robust futures market is a key prerequisite for approving spot cryptocurrency ETFs.
Following the successful introduction of spot Bitcoin (BTC) and Ethereum (ETH) ETFs last year, issuers are now exploring additional crypto-based investment products. Firms such as Grayscale, Franklin Templeton, and VanEck have already submitted applications for spot Solana ETFs, though the SEC has yet to begin reviewing them.
According to Bloomberg Intelligence ETF analysts, there is a 75% chance that these funds could receive approval by year-end. However, a final decision is unlikely before Paul Atkins, President Donald Trump’s nominee for SEC chair, is confirmed by the Senate. Currently, no confirmation hearing has been scheduled for Atkins.
