Volatility Shares Launches First-Ever Solana Futures ETFs, Paving Way for Spot Products
A new player in the ETF space is making waves with the debut of the first-ever funds tied to Solana futures, marking a major milestone for the sixth-largest cryptocurrency after the success of Bitcoin-based products.
Florida-based Volatility Shares LLC is set to launch two Solana futures ETFs on Thursday, according to its recently approved registration statement. These will be the first funds offering direct exposure to Solana futures, a cryptocurrency with a market capitalization of roughly $67 billion.
The products include the Volatility Shares Solana ETF (ticker: SOLZ), which tracks Solana futures, and the Volatility Shares 2X Solana ETF (ticker: SOLT), designed to deliver twice the leveraged exposure. The firm originally filed for approval with the US Securities and Exchange Commission (SEC) back in December. SOLZ will carry a 0.95% expense ratio, while SOLT’s is set at 1.85%.
“Our launch comes amid renewed optimism for crypto innovation in the US,” said Justin Young, CEO of Volatility Shares. “We believe the Trump administration recognizes the strategic importance of keeping America at the forefront of financial technology.”
This debut follows the rollout of Ether futures ETFs, which have experienced investor pullback amid recent volatility. While US investors don’t yet have access to spot Solana ETFs—funds that directly hold the token—many industry observers view these futures-based products as a potential stepping stone. Bitcoin and Ether followed similar trajectories, with futures ETFs preceding their spot counterparts.
“This is the first altcoin after Ether to get approval,” said Eric Balchunas, ETF analyst at Bloomberg Intelligence. “But historically, ETF investors prefer holding the physical asset when they can, which could pose challenges once a spot product is approved.”
Spot Bitcoin ETFs have seen explosive growth, amassing $92 billion in assets since their debut in January 2024, according to Bloomberg data. Ether’s spot ETFs, which launched in mid-2024, hold about $6.5 billion. Bloomberg Intelligence’s Balchunas and James Seyffart predict there’s a 75% likelihood that spot Solana ETFs will get the green light this year.
Solana first gained traction when promoted by Sam Bankman-Fried. Following the collapse of his FTX exchange and Alameda Research in 2022, Solana’s future was uncertain. Yet it has made a notable recovery, attracting attention for its lower transaction fees compared to competitors. Despite a roughly 30% drop in price this year, Solana continues to draw strong institutional interest, bolstering its case for ETF approval.
The launch of SOLZ and SOLT underscores how ETF issuers remain focused on attracting speculative investors, even in a turbulent market. It also highlights the continued expansion of the $10 trillion ETF industry, with new filings ranging from altcoins like Avalanche and SUI (valued at $7 billion) to spot Bitcoin and carbon credit futures.
This latest rollout comes as the Trump administration steps up its support for digital assets, fueling new product initiatives like staking and spot ETFs. Notably, asset managers including Franklin Templeton, Grayscale, and VanEck have already submitted filings for spot Solana ETFs, signaling broader momentum for crypto-based investment products.
