CME Group has announced the launch of Solana (SOL) futures, expanding its crypto derivatives offerings. The futures are expected to be available in March 2025.
Launch of Solana Futures in March
According to official reports, CME Group plans to launch Solana futures on March 17, pending regulatory approval. The market will see the availability of micro-sized contracts (25 SOL) and larger-sized contracts (500 SOL). Giovanni Vicioso, Global Head of Crypto Products at CME Group, noted that the launch is driven by strong client demand for a broader set of regulated tools to manage crypto price risks.
A New Direction in Derivatives
The CME Group Solana futures will be cash-settled based on the CME CF Solana-Dollar Reference Rate. The inclusion of Solana alongside CME's existing crypto futures, such as BTC and ETH, marks a significant step in derivatives market development. Bitwise President Teddy Fusaro stated that the SOL futures launch is a milestone reflecting CME's commitment to leading in providing institutional-grade tools for traders and active investors.
Rise in Solana Price
Following CME Group's announcement, the price of SOL saw a substantial increase. At the time of writing, SOL was trading over $143, up more than 3% from the previous day. This price movement comes amid a general crypto market downturn, with losses around 4%. It's noteworthy that on March 1, a nearly $1.6 billion SOL token unlock is expected, potentially increasing market volatility.
The launch of Solana futures by CME Group demonstrates not only an expansion of crypto derivatives offerings but also reinforces the company's position in the industry. This event could significantly affect the market by providing new opportunities for investors and increasing institutional involvement in crypto assets.
