Volatility Shares files for Solana futures ETF with SEC

Asset manager Volatility Shares has filed an application with the U.S. Securities and Exchange Commission (SEC) to introduce a futures-based Solana (CRYPTO:SOL) exchange-traded fund (ETF).

This application is notable as it seeks to gain exposure to Solana futures contracts, even though no such products are currently available for trading.

The proposed ETF will offer three leverage options: 1x, which tracks the price of Solana futures directly; 2x, which amplifies price movements by two times; and -1x, which provides inverse exposure, profiting when the futures contracts decline.

Nate Geraci, president of the ETF Store, highlighted the significance of this filing in a post on X, noting that it could potentially pave the way for spot ETFs in the future.

"This filing might mean the CFTC may be winning its power struggle with the SEC over digital asset regulation," he stated.

Bloomberg ETF analyst Eric Balchunas also commented on the development, calling it a "good sign" for future Solana futures products and their potential impact on spot ETF approval odds.

The fund's prospectus specifies that it will invest in contracts traded only on exchanges registered with the Commodity Futures Trading Commission (CFTC), ensuring regulatory compliance.

Volatility Shares previously launched the first leveraged Bitcoin (CRYPTO:BTC) futures ETF in June 2023 and followed up with a similar Ether (CRYPTO:ETH) ETF a year later.

Industry experts are optimistic that Solana could be among the next assets to receive approval for a spot ETF, although others are focused on different digital assets like XRP (CRYPTO:XRP).

At the time of reporting, the Solana price was $192.56.