The Chicago Mercantile Exchange (CME) Group, a leading global derivatives marketplace, has announced its launching Solana (SOL) futures contracts on March 17, pending regulatory approval.
The new Solana futures contracts will come in two different sizes. CME will offer a micro-sized contract of 25 SOL and a standard contract with a nominal value of 500 SOL, catering to a range of trading strategies.
These are cash-settled futures contracts based on the CME CF Solana-Dollar Reference Rate, providing a daily benchmark for the U.S. dollar price of SOL, calculated at 4:00 p.m. London time.
“With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group in a press release.
“As Solana continues to evolve into the platform of choice for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies,” Vicioso added.
CME Group’s Crypto Offerings Have Been Booming
The expansion of CME Group’s cryptocurrency offerings follows a year of substantial growth for these products, which cater to institutional investors looking to gain exposure to the cryptocurrency space.
The company reported that year-to-date, it has seen an average daily volume of 202,000 contracts, up 73% year-over-year, and an open interest of 243,600 contracts, up 55% year-over-year.
On top of that, over 11,300 unique accounts are trading cryptocurrency futures on the CME, which so far have been limited to BTC and ETH futures and options contracts. The group is reportedly also planning on launching spot Bitcoin trading.
