Asset manager Volatility Shares has filed for three ETFs designed to invest in Solana (SOL) futures contracts traded on CFTC-regulated exchanges, despite the absence of such products currently available in the market.
According to the fund’s prospectus, the ETFs would invest only in futures contracts listed on Commodity Futures Trading Commission (CFTC)-registered exchanges. This stipulation presents a paradox, as neither Solana futures contracts nor a spot Solana ETF currently exist.
“This is wild,” noted Bloomberg ETF analyst Eric Balchunas on X, suggesting the filing could indicate that Solana futures products are on the horizon. He also hinted this development might improve the odds of eventual spot Solana ETF approval.
Nate Geraci, president of The ETF Store, speculated the filing could reflect a power shift between regulatory agencies, stating the CFTC might be gaining ground in its ongoing jurisdictional struggle with the SEC over digital asset regulation.
Some in the crypto community believe Solana could be next in line for a spot ETF approval, though others anticipate XRP or alternative assets may get there first.
Volatility Shares is no stranger to innovation in the ETF space, having launched the first leveraged Bitcoin futures ETF in June 2023, followed by a 2x Ether ETF in 2024. The firm’s latest filing adds to the growing wave of funds targeting institutional interest in digital assets.