Volatility Shares will launch two Solana futures ETFs on Thursday, making them the first of their kind in the United States. The Volatility Shares Solana ETF (SOLZ) will provide exposure to Solana futures contracts, while the Volatility Shares 2X Solana ETF (SOLT) will aim for twice the daily return of Solana’s price. Both funds will be listed on Nasdaq and have already been registered with the Depository Trust & Clearing Corporation (DTCC). SOLZ will have an expense ratio of 0.95%, while SOLT’s will be 1.85%. Unlike spot ETFs that hold the asset directly, these funds track Solana prices through futures contracts traded on Commodity Futures Trading Commission (CFTC)-regulated exchanges.

Solana futures trading began on the Chicago Mercantile Exchange (CME) on Monday, recording $12.3 million in notional daily volume and closing with $7.8 million in open interest. This initial activity was lower than Bitcoin and Ethereum futures at their launch, but K33 Research noted that Solana’s debut was in line with expectations when adjusted for market capitalization. The launch of these futures ETFs is seen as a step toward potential approval of spot Solana ETFs. Several asset managers, including Franklin Templeton, 21Shares, and VanEck, have already filed for spot Solana ETFs. Franklin Templeton, the largest firm to apply, made its filing earlier this month. Bloomberg ETF analyst Eric Balchunas previously said that the existence of Solana futures ETFs could be a positive sign for spot ETF approval.

Volatility Shares filed for Solana futures ETFs in December, stating in its prospectus that the funds would only invest in contracts traded on CFTC-registered exchanges. CEO Justin Young highlighted that being the first to file allowed the firm to be the first to launch. Volatility Shares manages $3 billion in assets. Young also confirmed that the firm had filed for a “-1x Solana ETF,” which would have allowed investors to bet against Solana’s price, but that product has been put on hold.

While the SEC has yet to approve any spot Solana ETFs, the launch of futures-based ETFs suggests regulators recognize Solana as a commodity rather than a security. The approval process remains uncertain, as ongoing regulatory reviews, enforcement actions, and public comments could impact the decision.

At the same time, Solana removed its "America is Back—Time to Accelerate" ad after criticism from the crypto community. The ad, posted Monday before noon in New York, received 1.4 million views by evening but was widely criticized on X for being "offensive" and "divisive." Many viewers took issue with its patriotic themes and political undertones, particularly regarding gender diversity.

Solana’s price rose 5% to $130 in Wednesday trading, according to CoinMarketCap. However, the cryptocurrency has fallen 27% over the past month, with analysts linking the decline to uncertainty over U.S. President Donald Trump’s tariff policies.