On Thursday, two exchange-traded funds (ETFs) that will track futures for Solana (SOL) are set to debut in the market.
As per a recent filing with the Securities and Exchange Commission (SEC), Volatility Shares LLC is rolling out two ETFs: the Volatility Shares Solana ETF (SOLZ), which will monitor Solana futures, and the Volatility Shares 2X Solana ETF (SOLT), which provides leveraged exposure.
The management fee for SOLZ will be 0.95%, whereas SOLT is set at 1.85%, according to the filing.
These products represent the first ETFs tracking Solana futures. Currently valued at $66.5 billion, Solana is the sixth-largest cryptocurrency by market capitalization. Over the past 24 hours, the token has seen an increase of 6%, mirroring trends in the wider crypto market.
The introduction of these ETFs may pave the way for the approval of a spot Solana ETF, which would hold the actual token. Historically, the SEC has indicated that they would prefer to see a stable futures market for an asset before endorsing a spot product.
Following the approval of spot Bitcoin (BTC) and Ether (ETH) ETFs last year, numerous issuers are eager to expand the array of crypto offerings available.
Several firms, including Grayscale, Franklin Templeton, and VanEck, have submitted proposals for a spot Solana ETF, which are pending review by the SEC. Analysts at Bloomberg Intelligence estimate there’s a 75% likelihood that these funds could be approved by the end of the year.
However, any decision might be delayed until Paul Atkins, nominated by former President Donald Trump to chair the SEC, gets confirmed by the Senate, with no hearings currently scheduled for Atkins.