CME Group Plans Launch of Solana Futures ETFs for February 2024

CME Group Plans Launch of Solana Futures ETFs for February 2024

Key Points:

  • The CME Group plans to launch XRP and Solana futures ETFs on February 10, 2024.
  • The potential approval of spot ETFs for Solana and XRP by the SEC raises questions about the demand for futures ETFs.

The CME Group is all set to roll out the XRP and Solana futures ETFs, touted as a giant leap in the expanding cryptocurrency investment products. The expected date of the launch is February 10, 2024, pending the green light from the regulators.

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CME Group Plans XRP and Solana Futures ETFs in the US

The CME Group product page lists the offerings as including four different futures contracts: SOL Futures with a contract size of 500 SOL, Micro SOL Futures at 25 SOL, XRP Futures with 50,000 XRP per contract, and Micro XRP Futures sized at 2,500 XRP.

This development has analysts watching, specifically Bloomberg ETF analyst James Seyffart, who emphasized that the same needs confirmation by the CME Group. Still, market analysts appear to be sceptical as they might have gotten fooled earlier this year with fake news about the BlackRock-led XRP ETF coming in November of 2023.

Cryptocurrency ETF Competition Heats up with New Comer

Anticipation is growing, too, for possible approval from the U.S. Securities and Exchange Commission for both spot ETFs for Solana and XRP. Eric Balchunas with Bloomberg questioned whether there would ever be a great demand for any futures-based ETFs amid probabilities of the possible entrance of several spot ETFs within the short term.

In addition to CME Group’s plans, there are other important moves within the industry with crypto ETFs. Rex-Osprey filed for a Dogecoin ETF, while Canary Capital remains active. The recent more crypto-friendly stances by the SEC created high hopes that across-the-board approvals were on their way.

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