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Volatility Shares volition motorboat the first-ever Solana (SOL) futures exchange-traded money (ETF) successful the US connected March 20, Bloomberg News reported connected March 19.
The issuer volition present 2 products: the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT).
Bloomberg ETF expert Eric Balchunas compared them to Bitcoin (BTC) ETFs BITO and BITX. He besides noted that the motorboat is improbable to unrecorded up to the standards acceptable by spot Bitcoin ETFs.
He added:
“It’s the archetypal altcoin aft Ethereum to beryllium approved. But past has shown that ETF investors crave holding the carnal plus arsenic overmuch arsenic possible.”
Expanding SOL offering
SOLZ volition supply vulnerability to Solana futures, portion SOLT volition connection leveraged vulnerability astatine doubly the returns of Solana futures movements. The ETFs transportation disbursal ratios of 0.95% and 1.85%, respectively.
Volatility Shares initially submitted its exertion to the US Securities and Exchange Commission (SEC) successful December, continuing the inclination of crypto-based ETFs predicted by Bloomberg analysts Eric Balchunas and James Seyffart.
Volatility Shares CEO Justin Young credited the motorboat to “renewed optimism for crypto innovation successful the US” brought by President Donald Trump’s administration.
While the SEC has not approved a spot Solana ETF, manufacture analysts spot these futures-based funds arsenic a imaginable precursor. Bitcoin and Ethereum took a akin path, with issuers introducing futures ETFs earlier gaining support for spot ETFs.
Appetite for futures
The archetypal Solana futures started trading connected the Chicago Mercantile Exchange (CME) connected March 17.
K33 caput of probe Vetle Lunde highlighted that the motorboat time volumes of SOL futures reached $12.3 million, importantly beneath BTC’s $102.7 cardinal and ETH’s $31 million.
Open involvement was besides substantially smaller, with SOL futures reaching astir $8 million, portion BTC and ETH reached astatine slightest $20 cardinal successful their launches.
Despite the seemingly lackluster numbers, Lunde said that by normalizing volumes to the assets’ marketplace caps astatine motorboat days, Solana aligns with some Bitcoin and Ethereum.
The station First Solana ETFs successful the US acceptable for trading debut connected March 20 appeared archetypal connected CryptoSlate.
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