Chicago-based derivatives trading giant CME Group has officially confirmed that Solana (SOL) futures are slated to be launched on March 17.
The product has yet to obtain the required regulatory approval.
CME Group's Giovanni Vicioso says that the new product will be launched in response to growing client demand.
Dominating Bitcoin's futures market
The Chicago-based trading behemoth made a foray into the cryptocurrency market back in late 2017, which coincided with the peak of a major bullish cycle.
CME Group is currently dominating the Bitcoin futures market. According to the data provided by analytics platform CoinGlass, its total open interest currently stands at $12.75 billion.
A major step toward Solana ETFs
The launch of regulated Solana futures is believed to be a major step toward the approval of spot Solana exchange-traded funds (ETFs) in the US.
Earlier this year, the SEC acknowledged multiple Solana ETF filings. The agency is now supposed to announce its decision by mid-October.
Polymarket users see an 85% chance of such products being approved in 2025.
Dan Burgin
Vladislav Sopov