Volatility Shares Leads with Two Solana Futures ETFs, Fueling Institutional Interest

Volatility Shares is gearing up to launch two new Solana futures ETFs in the U.S., paving the way for increased exposure to Solana in traditional financial markets. This development comes as the industry awaits the potential approval of spot Solana ETFs, which would give investors direct exposure to the cryptocurrency itselfs instead of futures contracts. 

Solana Futures ETFs: A First in the U.S.

Volatility Shares is set to debut two Solana futures ETFs on March 21, 2025: the Volatility Shares Solana ETF (SOLZ) and the leveraged Volatility Shares 2X Solana ETF (SOLT). These ETFs will give investors exposure to Solana’s price action through futures contracts, without requiring direct ownership of the asset . The SOLZ ETF will track the price of Solana, while the SOLT ETF aims to deliver twice the daily return of Solana’s price.

These funds will be listed on the Nasdaq stock exchange and have already been registered with the Depository Trust & Clearing Corporation (DTCC). The SOLZ ETF will carry an expense ratio of 0.95%, while the SOLT ETF’s fee is set at 1.85%.By launching these futures ETFs, Volatility Shares aims to capture growing interest in Solana while working within the regulatory limitations of spot crypto offerings.

Solana Futures Trading Gains Traction

Solana futures officially began trading on the Chicago Mercantile Exchange (CME) on March 17, 2025, with a notional daily volume of $12.3 million and $7.8 million in open interest at close. While this initial activity was lower than Bitcoin or Ethereum futures when they first launched, it met market expectations based on Solana’s market capitalization. Futures contracts offer institutional investors an opportunity to bet on Solana’s price movement without directly owning the cryptocurrency, marking a key moment for Solana’s mainstream financial adoption.

The launch of Solana futures ETFs comes at a time when several asset managers, including Franklin Templeton, 21Shares, and VanEck, have already filed for approval of spot Solana ETFs. Franklin Templeton, the largest firm to apply, filed its prospectus earlier this month. Experts suggest that the existence of Solana futures ETFs could serve as a precursor to the approval of spot Solana ETFs.

Regulatory Challenges and the Path to Spot ETFs

While the SEC has yet to approve any spot Solana ETFs, the approval of futures-based products is a positive sign for the crypto industry. The regulatory bodies appear to view Solana as a commodity rather than a security, which aligns with the approval of futures contracts. However, the approval process for spot ETFs remains uncertain, as ongoing regulatory reviews, public comments, and enforcement actions will influence the decision.

Volatility Shares filed for Solana futures ETFs in December 2024 and quickly became the first firm to bring these products to market. CEO Justin Young emphasized that being the first to file allowed the firm to lead the launch of Solana futures ETFs. He also mentioned that a “-1x Solana ETF” product was proposed, which would allow investors to bet against Solana, but it has since been put on hold.