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Volatility Shares has launched the first Solana futures-based ETFs in the U.S., offering traditional investors exposure to the sixth-largest cryptocurrency amid growing institutional interest.
Solana Futures ETFs Debut in the U.S. Market
The first U.S.-based Solana exchange-traded funds (ETFs) began trading today, marking a new milestone for alternative digital assets on Wall Street.
Volatility Shares LLC, a Florida-headquartered asset management firm, launched two futures-backed ETFs tied to Solana (SOL), becoming the first issuer in the country to offer such products.
The Volatility Shares Solana ETF (Nasdaq: SOLZ) is designed to track Solana futures, while the Volatility Shares 2X Solana ETF (Nasdaq: SOLT) offers leveraged exposure at twice the rate of Solana’s price movement. The respective expense ratios are set at 0.95% for SOLZ and 1.85% for SOLT.
Regulatory Approval and Strategic Timing
Volatility Shares submitted its application to the U.S. Securities and Exchange Commission (SEC) in December 2024 and received approval in just a few months, reflecting a relatively swift regulatory process.
CEO Justin Young said,
“Our launch comes at a time of renewed optimism for cryptocurrency innovation in the US. We believe the Trump administration recognizes the strategic importance of maintaining American leadership in financial technology.”
While the SEC has yet to greenlight a spot Solana ETF, analysts suggest that futures-based offerings often serve as a precursor, following a path similar to that of Bitcoin and Ethereum ETFs. Both BTC and ETH initially launched futures ETFs before obtaining approval for their spot versions.
Institutional Outlook and Market Context
Industry analysts are closely watching the market’s response. Bloomberg ETF analyst Eric Balchunas noted that while the Solana ETFs are significant, they are unlikely to match the demand seen with spot Bitcoin ETFs.
According to him,
“It’s the first altcoin after Ethereum to be approved. But history has shown that ETF investors crave holding the physical asset as much as possible.”
Vetle Lunde, head of research at K33, reported that SOL futures trading volume hit $12.3 million on launch day, a modest figure compared to Bitcoin’s $102.7 million and Ethereum’s $31 million on their respective debuts. However, he emphasized that when normalized by market capitalization, Solana’s performance aligns with both BTC and ETH.
Open interest in SOL futures reached nearly $8 million, compared to over $20 million seen during the early days of BTC and ETH futures. At the time of writing, SOL was trading at $130.22.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
