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Solana (CRYPTO: SOL) gained momentum Wednesday ahead of the launch of its first-ever futures exchange-traded fund products.
What happened: Solana jumped over 7%, becoming the second-most successful large-cap cryptocurrency over the last 24 hours. The coin's trading volume surged 54% to $3.65 billion.
The sixth-largest cryptocurrency outshone market heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which grew by 3.82% and 5.11%, respectively.
The rally came in anticipation of the debut of new ETFs on Thursday that would track Solana futures.
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Florida-based Volatility Shares LLC is introducing Volatility Shares Solana ETF, having the ticker SOLZ, and the Volatility Shares 2X Solana ETF, with the ticker SOLT, offering twice the leveraged exposure.
"In order to obtain exposure to Solana, the Fund intends to typically enter into cash-settled Solana Futures Contracts," the registration statement read. The shares would be listed on the Nasdaq stock exchange.
Why It Matters: It’s crucial to note that these products would be distinct from Solana spot ETF products, for which applications have been submitted to the SEC by issuers such as Grayscale, Canary Capital, and 21Shares.
Unlike spot ETFs, futures ETFs don’t hold the cryptocurrency directly. Instead, they track its price through regulated futures contracts.
Currently, Bitcoin futures exposure is available through ProShares Bitcoin ETF (NYSE:BITO) and ARK 21Shares Active Bitcoin Futures Strategy ETF (BATS:ARKA).
Price Action: At the time of writing, Solana was exchanging hands at $133.58, up 5.77% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was down 29%.
Image via Shutterstock
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