SOL, XRP futures coming? And what about a DOGE ETF?
CME Group’s inadvertent glimpse into possible product plans comes as crypto ETF filings have accelerated in recent weeks
Pamela Brick/Shutterstock modified by Blockworks
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
While CME Group doesn’t yet have concrete plans to launch XRP and/or SOL futures contracts, the company is certainly thinking about it.
The derivatives exchange launched bitcoin futures contracts in December 2017. It followed up with ether futures in early 2021. Fast forward to yesterday, when screenshots floated around social media signaling that XRP and SOL futures would come next month.
“A beta page from our website was released in error earlier today,” a CME spokesperson told me Wednesday. “Many mock-ups are included in that test environment, and no decisions have been made regarding XRP or SOL futures contracts.”
This glimpse the company inadvertently gave into possible product plans comes as crypto ETF filings have accelerated in recent weeks. Among them are proposed spot XRP and SOL funds.
A number of observers have said spot crypto ETF approvals by the SEC — outside of BTC and ETH — could take a while given the precedent of the regulator wanting to first see a regulated futures market. There’s also the fact that the SEC has named SOL a security and is moving forward with an appeal in its case against Ripple.
Remember, too, that it was years after bitcoin and ether futures existed that ETFs holding those futures contracts came to market. Those notably preceded spot funds investing in those assets directly.
To that point, VolatilityShares filed for a solana futures ETF in December and ProShares followed that up with a similar filing last week.
Then there are Teucrium planned products that would invest in XRP futures. These filings all appear to be bets that a revamped SEC could be more open-minded to such ETFs. We can only wait to see about that.
As we speak of altcoin-focused funds, perhaps it’s worth a quick mention that the Delaware state website shows Bitwise registered a dogecoin trust.
While a Bitwise spokesperson acknowledged the filing, the rep declined to comment further. This isn’t yet a formal product proposal to the SEC, mind you. But it’s yet another indication that we best, as some would say, “strap in.”
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.
Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
