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Highlights
- The CME Group is launching a Solana and XRP Futures ETF product
- A dedicated page for these offerings have been created on its website
- Scheduled timing for these offerings is early February 2024
American financial services giant, CME Group is making moves to launch an XRP and Solana Futures Exchange Traded Fund (ETF) in the United States. According to a circulating report, the CME Group has launched a dedicated page for these new products, highlighting the contract specifications.
CME Group and the Solana Future ETF
According to the product page, the CME Group plans to launch these futures ETFs on February 10, pending regulatory approval.
Per the product page, there are four distinct offerings covering both Solana and XRP. The first, SOL Futures has the ticker symbol “SOL” and comes with a 500 SOL contract size. The second is the Micro SOL Futures with an “MSL” ticker and a 25 SOL contract size.
The XRP Futures offerings come with an “XRP” ticker and a 50,000 XRP contract size. The last offering is the Micro XRP Futures, marked with the “MXP” ticker and a much smaller 2,500 XRP contract size. These CME Group offerings come amid strong expectations that the US SEC will approve SOL and XRP ETFs this year.
According to Fox Business Journalist Eleanor Terrett, the CME Group plans will mean more related XRP and SOL futures ETF products will follow soon.
So this means we’ll likely see an inflow of applications for $XRP and $SOL futures ETFs. Applications for spot products have also been filed but it’s unclear when those might get approved. Will be interesting to see the level of demand for futures when spot products now have a… https://t.co/0gtnYsqfqd
— Eleanor Terrett (@EleanorTerrett) January 22, 2025
What if the Update is a Hoax
Without a direct confirmation from the CME Group, many on crypto X are staying on the side of caution regarding the viability of the plans. Even Bloomberg Senior ETF analyst Eric Balchunas revealed that he had to delete his initial post regarding the update.
While market experts question what might be, the trend is not uncommon in the industry. In November 2023, fake news regarding a BlackRock-backed XRP ETF product made the rounds. After a volatile market reaction, the investment firm denied ties to the product.
Meanwhile, a number of top firms like 21Shares have filed for XRP ETF applications with the US SEC. Although BlackRock is yet to make a related move, experts believe this will not mar the chances of securing approval.
Other Crypto ETF in the Spotlight
Beyond Solana and XRP ETF, asset managers Canary Capital and Rex-Osprey are expanding the list. As reported earlier by Coingape, Rex-Osprey filed for Dogecoin ETF with the SEC. It made this filing alongside other meme coins like TRUMP and MELANIA.
The expectations for approval of these ETF products are high drawing on a new pro-crypto SEC in charge.
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