Leading digital asset brokerage FalconX has announced the completion of the first Block Trade for CME Group's Solana (SOL) Futures Contract, with partner StoneX, just a day before the Solana (SOL) Futures Contract officially launches on 17/3.
In this context, a Block Trade is a large-volume Futures Contract negotiated privately and executed outside the open market to avoid disrupting the asset's price.
CME Group launched the Solana Futures Contract at the end of February to meet "growing customer demand", as the company competes to position the product as the progenitor and "key prerequisite" for the Solana ETF.
Several asset management firms have also filed with the US Securities and Exchange Commission (SEC) to launch Solana ETFs. Notably, Franklin Templeton, managing over $1.5 trillion in assets, filed in late February 2025. Other companies, including Grayscale, 21Shares, Bitwise, VanEck, and Canary Capital, have also filed for Solana ETF registrations.
The Solana Futures Contract follows the model established with Bitcoin and ETH, where Futures trading occurs before ETF authorization and regulatory approval.
The new Contracts come in two sizes: a standard Contract representing 500 SOL and a micro Contract representing 25 SOL.
The Futures Contracts are then cash-settled based on the CME CF Solana-Dollar Reference Rate, calculated daily at 23:00 (Vietnam time), providing a benchmark for the US Dollar value of SOL.
FalconX operates as a primary liquidity provider for CME Group's suite of cryptocurrency Derivative products. The company reports executing over $1.5 trillion in trading volume across more than 400 tokens for around 600 institutions.
The company is pursuing an institutional crypto market expansion strategy, acquiring the Arbelos Markets Derivatives platform in January 2025 and partnering with TP ICAP's Fusion Digital Assets data and liquidity solution provider in February last year.
Meanwhile, CME Group stated that their crypto Derivatives market has demonstrated significant growth, with average daily volume reaching 202,000 Contracts in early 2025, up 73% year-over-year.
The exchange reported an average Open Interest (OI) of 243,600 Contracts, up 55% year-over-year, and over 11,300 unique accounts trading their cryptocurrency products.
On centralized exchanges, Solana Derivative products have seen a 66% increase in volume to $7.24 billion, including a bullish trend with many Long/Short ratios above 2, despite around $12.29 million in 24-hour Liquidations, according to data from Coinglass.
The SOL price has declined 4% in the past 24 hours, down to $129 at the time of writing, and remains under pressure after reaching an ATH of $293.31 in January.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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Dinh Dinh
