just now
CME Group has launched trading in its new Solana (SOL) futures contracts, with the first trade taking place on Sunday, March 16 between FalconX and StoneX.
The world's leading derivatives marketplace is now offering the cryptocurrency contracts in both micro-sized (25 SOL) and larger-sized (500 SOL) formats, adding to its regulated cryptocurrency suite.
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, said: "We are pleased to see such early support for our new futures contracts. The addition of SOL and Micro SOL futures to our regulated cryptocurrency suite will provide investors with the capital-efficient tools they need to support their growing cryptocurrency investment and hedging strategies."
Josh Barkhordar, Head of US Sales at FalconX, commented: "FalconX is proud to execute the first block trade in CME Group SOL futures with StoneX. This highly anticipated launch marks a historic moment for the Solana ecosystem, allowing institutional investors to manage risk and price exposure on a regulated venue. We're committed to offering innovative derivatives products to support a maturing market."
The introduction of Solana futures reflects growing institutional interest in cryptocurrency derivatives, according to industry participants.
Vincent Angelico, Head of Clearing and Execution Services for StoneX Group, said: "StoneX is proud to support CME Group and our clients in clearing these new innovative products that CME Group continues to bring to market. We continue to observe substantial growth in institutional demand for cryptocurrency access and recognize that our ability to swiftly adapt to this demand is crucial to our ongoing success as one of the largest non-bank FCMs."
Rob Strebel, Head of Relationship Management at Cumberland DRW, added: "It's exciting to see CME Group continue to deliver innovative products that are in high demand. Our team is proud to support CME Group's product expansion in digital assets -- and its adoption by institutional investors -- by providing trusted, deep liquidity across a wide spectrum of assets like Solana Futures."
Bob Fitzsimmons, EVP at Wedbush, which has been clearing cryptocurrency futures since their introduction at CME, stated: "Wedbush has actively cleared Crypto Futures offered by CME Group since inception and continues to do so today with the launch of Solana Futures. This digital journey is evolving each day, and has been an interesting path for Wedbush. We anticipate more growth, and welcome it."
The new futures are cash-settled and based on the CME CF Solana-Dollar Reference Rate, which provides a daily reference rate of the U.S. dollar price of SOL calculated at 4:00 p.m. London time.
