Volatility Shares has submitted three new ETF applications to invest in Solana 
$189 (SOL) futures contracts. Currently, there are no such investment products available in the market. The proposed funds will specifically target Solana futures contracts traded on exchanges regulated by the Commodity Futures Trading Commission (CFTC).
Solana Futures Products Are Not Yet Available
The application from Volatility Shares indicates that the funds will only invest in contracts traded on CFTC-regulated exchanges. However, there are currently no such products or spot Solana ETFs available in the market.
Bloomberg ETF analyst Eric Balchunas commented on the application, stating, “This is crazy.” He noted that this move could be a positive sign for the introduction of Solana futures contracts in the market. Additionally, he suggested that this development might signal favorable conditions for the approval of spot ETFs based on Solana.
Competition Between CFTC and SEC
ETF Store President Nate Geraci also evaluated the application, indicating that it could represent a victory for the CFTC in its ongoing power struggle with the U.S. Securities and Exchange Commission (SEC) regarding cryptocurrency regulations. Some industry experts believe that Solana-based spot ETF approval is likely. However, other cryptocurrencies, such as XRP, are also seen as potential candidates for approval.
Volatility Shares had previously launched its first leveraged Bitcoin 
$93,501 futures ETF in June 2023. A year later, it introduced a 2x leveraged Ethereum 
$3,332 ETF in a similar manner. These moves have drawn attention from other asset management firms in the sector. This latest application is part of a series of new fund proposals aimed at capitalizing on the increasing excitement among traditional institutional investors interested in cryptocurrencies.
