Volatility Shares files for Solana futures ETF, despite lack of Sol futures products
Quick Take
- Asset manager Volatility Shares has filed an application for ETFs that would invest in Solana futures contracts on CFTC-regulated exchanges and offer 1x, 2x, and -1x leverage options.
- The filing comes even before any such Solana futures products are available to trade.
In a curious move, asset manager Volatility Shares has filed for three new ETFs that would gain exposure to Solana futures contracts offered on CFTC-regulated exchanges. However, no such products are currently available on the market.
The fund's prospectus clarifies that the fund will invest in contracts "that trade only on an exchange registered with the Commodity Futures Trading Commission [CFTC]," despite that neither such a product, nor a spot Solana ETF, currently exists.
"This is wild," Bloomberg ETF analyst Eric Balchunas wrote on X in response to the filing. Balchunas said the filing is a "...good sign Solana futures [are on the] way which arguably bodes well for spot [ETF approval] odds."
ETF Store president Nate Geraci chimed in, speculating that the filing could mean the "...CFTC may be winning [its] power struggle [with the] SEC over digital asset regulation."
Some crypto industry experts think Solana could be the next asset to win approval for a spot asset ETF, though others have pinned their hopes on XRP or other digital assets.
Volatility Shares previously launched the first leveraged bitcoin futures ETF in June 2023, before launching a similar 2x Ether ETF one year later. Other asset managers later followed its lead in launching leveraged funds.
The new filing joins a score of recently-announced funds that seek to capitalize on the growing enthusiasm around digital assets from traditional institutional traders.
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