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Solana has officially entered the Wall Street ETF arena with the launch of two Solana futures exchange-traded funds (ETFs) from Volatility Shares, marking the first U.S.-listed Solana ETF products.

The funds—Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT)—began trading on the Nasdaq yesterday, March 20, offering futures-based exposure to SOL.

Volatility Shares CEO Justin Young said the firm filed for the ETFs in December 2024, giving them a first-mover advantage in bringing Solana-linked products to market.

This launch closely follows the Chicago Mercantile Exchange’s (CME) debut of Solana futures contracts just days earlier, on March 17, reflecting mounting demand for regulated investment vehicles tied to the altcoin.

According to Chris Chung, founder of Solana-based swap platform Titan, the timing and structure of the launch signal Solana’s evolving maturity in the eyes of institutional players.

“The CME’s futures indicate that SOL is now a mature asset capable of attracting institutional interest,” Chung told Cointelegraph.

He added that these financial instruments show Solana is “poised for real-world use cases such as payments, not just a memecoin casino.”

The launch may lead Solana to ‘narrowing the gap’ with Ethereum

The SOLZ and SOLT ETFs provide exposure to Solana’s price action via futures contracts, rather than direct token ownership. These funds aim to offer a familiar structure for traditional investors navigating the crypto space.

Specifically, the SOLZ ETF tracks Solana’s daily performance, while the leveraged SOLT ETF targets twice the daily return. Management fees are set at 0.95% for SOLZ and 1.85% for SOLT.

This futures-based approach mirrors the path taken by Bitcoin and Ethereum, both of which saw futures ETFs approved before spot versions.

Initial trading data shared by K33 Head of Research Vetle Lunde and Senior Analyst David Zimmerman in a Tuesday report shows Solana futures reached a daily notional volume of $12.3 million on day one, with $7.8 million in open interest.

While modest compared to Bitcoin’s $102 million and Ethereum’s $30 million at launch, these figures are consistent with Solana’s smaller market capitalization.

Bitget Research chief analyst Ryan Lee told Cointelegraph the launch could play a pivotal role in shaping Solana’s position within the broader crypto ecosystem.

“The launch of the first Solana ETFs in the U.S. could significantly boost Solana’s market position by increasing demand and liquidity for SOL, potentially narrowing the gap with Ethereum’s market cap,” Lee said.

Anmol Singh, co-founder of the Solana-native DEX Bullet, echoed this sentiment in the same report, adding that the move “creates the possible avenues for more wide-scale adoption.”

SOL Spot ETFs are the ‘next step’ for asset managers

Beyond futures, attention is now turning toward the possibility of spot Solana ETFs—products that would allow investors to gain direct exposure to the token itself.

Several asset managers, including 21Shares and VanEck, have filed spot ETF proposals with the U.S. Securities and Exchange Commission (SEC).

Franklin Templeton, the largest of the three, submitted its application earlier this month, positioning itself at the forefront of the race.

Analysts believe these products could unlock a wave of new capital, which could potentially outpace Ethereum’s spot ETF adoption rate.

According to a JPMorgan research report shared by VanEck’s head of digital assets research, Matthew Sigel, a spot SOL ETF could attract $3 billion to $6 billion in net assets within its first six months.

SOL & XRP ETPs Could Attract $3-8bn Each: JPM

ETP assets ($108bn) make up 6% of the total Bitcoin market cap ($1,874bn) after the ETPs’ first year of trading; likewise, ether ETP assets ($12bn) have a 3% penetration rate of the total Ethereum market cap ($395bn) within its first… pic.twitter.com/7rApA2z71h

— matthew sigel, recovering CFA (@matthew_sigel) January 13, 2025

While the SEC has yet to approve any spot Solana product, the introduction of futures ETFs is seen by many as a step in the right direction and a signal of shifting regulatory openness.

Anmol Singh remains optimistic about what comes next.

“Solana spot ETF is yet to be approved, but given the increased awareness around Solana and the futures ETFs, this would be a logical next step.”

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