CME to Launch XRP and Solana Futures ETF in February
The American financial services giant, CME Group, is preparing to introduce XRP and Solana Futures Exchange Traded Funds (ETFs) in the United States. Reports indicate that CME Group has already created a dedicated product page for these ETFs, providing details about the contract specifications.
CME Group and the Solana Futures ETF
According to the product page, the CME Group intends to launch these futures ETFs on February 10, pending regulatory approval.
The page outlines four distinct offerings for Solana and XRP:
These offerings are generating significant anticipation, as many expect the US Securities and Exchange Commission (SEC) to approve Solana and XRP ETFs this year. Fox Business journalist Eleanor Terrett also hinted that CME’s plans could pave the way for additional XRP and Solana futures ETF products in the near future.
Source: Eleanor Terrett
Skepticism Over the Announcement
Despite the buzz, some remain cautious due to the lack of direct confirmation from CME Group. On social media platform Crypto X, many users are withholding judgment on the legitimacy of the plans. Bloomberg Senior ETF Analyst Eric Balchunas even stated that he had to delete his initial post regarding the update due to uncertainty.
Skepticism is not uncommon in the crypto space. In November 2023, fake news about a BlackRock-backed XRP ETF caused market volatility before the investment firm publicly denied any involvement with the product.
Meanwhile, firms like 21Shares have submitted applications for XRP ETFs with the SEC. Although BlackRock has not yet filed for a similar product, experts believe this will not diminish the likelihood of securing regulatory approval for other applicants.
Spotlight on Other Crypto ETFs
Beyond Solana and XRP ETFs, other asset managers are expanding their offerings. Canary Capital and Rex-Osprey are leading the charge, with Rex-Osprey recently filing for a Dogecoin ETF with the SEC. This application also includes other meme coins like TRUMP and MELANIA.
As the SEC adopts a more pro-crypto stance, expectations for the approval of these ETFs remain high.
