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Solana recovering as CME Group launches SOL futures
On March 17, CME Group will debut Solana futures, which the CFTC is reviewing.
The debut of CME Solana futures may boost SOL ETF acceptability.
SOL gained almost 6% and reclaimed $143 after the news.
Solana (SOL) rose 6% on Friday after the Chicago Mercantile Exchange (CME) Group announced intentions to offer SOL futures on March 17, subject to CFTC clearance. The SOL futures launch may increase the likelihood of an SEC approval of a spot SOL ETF.
SOL rebounds as CME Group launches Solana futures product.
In a Friday news release, the CME Group announced plans to develop a Solana futures product to let investors diversify their digital asset portfolio using SOL contracts.
CFTC approval is required before CME Solana futures trade on March 17.
The exchange says SOL futures are a response to investors' requests for additional investing and hedging techniques.
"With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk," stated CME Group Global Head of Cryptocurrency Products Giovanni Vicioso in a news statement.
Once launched, CME's Solana futures will enable investors to trade SOL in micro or big contracts under CME trading regulations.
The SEC may permit spot Solana ETFs once CME SOL futures are listed.
CME's tight supervision of its Bitcoin and Ethereum futures contracts helped the SEC approve ETFs for both products.
"With the introduction of Bitcoin and Ether futures, CME Group paved the way for the broader institutionalization of crypto as an asset class and set the stage for more regulated financial products such as ETFs to enter the market," stated Teddy Fusaro, CEO of Bitwise Asset
After the news, SOL briefly recovered over $140.
Solana's price may rise when CME SOL futures go online in a few weeks.
Ethereum wallet MetaMask will support Solana and Bitcoin.
The upgrade will let MetaMask users purchase, sell, hold, and explore Solana dapps, expanding SOL's Ethereum user base.