First U.S.-Based Solana Futures ETFs Launch Today, Paving the Way for Spot ETFs

On March 20, 2025, two groundbreaking exchange-traded funds (ETFs) tied to Solana (SOL) futures contracts will begin trading in the United States, marking a significant step toward the potential approval of spot Solana ETFs.

These funds, introduced by Volatility Shares LLC, a Florida-based asset manager, are the first of their kind to track futures for SOL, the sixth-largest cryptocurrency by market capitalization. Volatility Shares is launching the Volatility Shares Solana ETF (SOLZ), which tracks Solana futures with a management fee of 0.95%, and the Volatility Shares 2X Solana ETF (SOLT), which offers double the leveraged exposure to SOL futures with a fee of 1.85%.

According to an SEC filing, these funds follow the successful precedent set by Bitcoin and Ether futures-based ETFs. Justin Young, CEO of Volatility Shares, highlighted the launch as a moment of “renewed optimism for cryptocurrency innovation in the US.” The debut comes after the firm’s initial filing for a Solana futures ETF in December and aligns with the Chicago Mercantile Exchange (CME) Group’s recent introduction of SOL futures contracts.

The launch of these futures ETFs signals a shift in the SEC’s stance, implicitly recognizing Solana as a commodity rather than a security—a key distinction that could bolster the case for spot Solana ETFs. The SEC has historically required an established futures market as a prerequisite for approving spot crypto ETFs, making this development a critical milestone. Following a change in SEC leadership and the return of President Donald Trump, major asset managers like Grayscale, Franklin Templeton, Canary Capital, and VanEck have filed applications for spot Solana ETFs.

Bloomberg ETF analysts estimate a 70% chance of regulatory approval by year-end, which could unlock significant capital inflows from retail and institutional investors, potentially driving a sustained increase in SOL’s price. The debut of SOLZ and SOLT not only expands the range of crypto investment options in the U.S. but also sets the stage for broader adoption of Solana-based financial products, bringing spot Solana ETFs closer to reality.