Coinbase has taken a significant step in the US crypto market by launching CFTC-regulated Solana (SOL) futures contracts, a move that strengthens the legitimacy of Solana as an institutional asset and could lay the groundwork for a future Solana exchange-traded fund (ETF).
Coinbase Derivatives, LLC now offers CFTC-regulated futures for $SOL and $HBAR –bringing more institutional-grade crypto products to the U.S. futures market. pic.twitter.com/rLJz1bQGRA
— Coinbase Institutional 🛡️ (@CoinbaseInsto) February 18, 2025
A Milestone for Solana in the US Market
On February 19, Coinbase announced the launch of SOL futures on its regulated US derivatives exchange. The move is a strategic effort to increase institutional adoption and provide a regulated benchmark for Solana’s performance. The Commodity Futures Trading Commission (CFTC) oversees the new offering, ensuring compliance with US regulatory standards.
In addition to Solana, Coinbase has introduced futures contracts for Hedera (HBAR), the native asset of the Hedera hashgraph network. According to the exchange, this expansion highlights the growing demand for digital asset derivatives and the gradual acceptance of crypto within regulated financial markets.
Futures contracts are standardized agreements to buy or sell an asset at a predetermined price on a future date. These instruments play a crucial role in stabilizing price discovery, which is essential for the approval and launch of spot cryptocurrency ETFs.
Currently, five asset managers have filed applications with the US Securities and Exchange Commission (SEC) to launch spot Solana ETFs, with a final decision expected by October 2025. Bloomberg Intelligence estimates the likelihood of SOL ETFs getting approved at 70%, with the first futures-backed ETF potentially arriving as early as March 2025.
NEW: @EricBalchunas and I took a look at the filings for spot crypto ETFs. We're putting out relatively high odds of approval across the board. Mainly focused on Litecoin, Solana, XRP, and Dogecoin for now.
— James Seyffart (@JSeyff) February 10, 2025
Here's the table with the odds and some other details: pic.twitter.com/xaXaNXLb0M
Coinbase’s Solana Futures: Institutional and Retail Access
Coinbase’s new SOL futures contracts are designed to cater to both institutional and retail traders. The offering includes:
- Standard contracts representing 100 SOL each.
- Retail-oriented “nano” contracts, each representing 5 SOL (less than $1,000 as of Feb. 19 pricing).
This tiered structure allows investors of all levels to gain exposure to Solana’s price movements in a regulated derivatives market.
The introduction of SOL futures is part of a broader trend in the US derivatives market. Cryptocurrency futures trading volume surged by over 10,950% in 2024, according to Coinbase and Investing.com. The exchange launched its US derivatives platform in 2022, offering contracts for Bitcoin, Ethereum, and even memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
The SEC has already approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH), signaling a potential shift in regulatory attitudes toward altcoin ETFs. With the increasing interest in Solana and other altcoins like XRP and Litecoin (LTC), further ETF approvals could be on the horizon.
HODL Team
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