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Coinbase (NASDAQ:COIN) Derivatives, a subsidiary of the prominent U.S.-based cryptocurrency exchange, took steps to expand its offerings by filing with regulatory authorities to list new futures contracts for Solana (SOL) and Hedera (HBAR). The proposed futures contracts, if approved, would be cash-settled on a monthly basis starting on or after February 2025.
Coinbase’s move to introduce these new contracts is part of a broader industry trend capitalizing on the currently favorable market sentiment and the potential for more accommodating regulations under the Trump Administration. Notably, the Chicago Mercantile Exchange (CME) is also preparing to introduce SOL and XRP futures in the imminent future. Furthermore, in the days preceding Inauguration Day, asset managers like VanEck and ProShares submitted a series of filings for crypto ETFs that would trade Litecoin, XRP, and Solana.
Established in June 2021, Coinbase Derivatives operates with the authorization of the Commodity Futures Trading Commission (CFTC) as a "designated contract market." This status enables the platform to offer its users the ability to trade in crypto derivatives, including futures contracts on a variety of digital assets such as Bitcoin (BTC) and Ethereum (ETH).
The proposed Solana futures contract would represent 100 SOL, which is currently valued at approximately $24,000, while trading for these contracts would cease at 4:00 PM London time on the last Friday of each contract month. Additionally, Coinbase is seeking to list a smaller-scale "nano" Solana contract with a size of five SOL. For Hedera, the contract under consideration would correspond to 5,000 Hedera tokens.
Nodal Clear, LLC, a CFTC-registered derivatives clearing organization, has been designated to clear these contracts. Coinbase has indicated that it has consulted with Futures Commission Merchants (FCMs) and market participants, who have expressed support for the launch of a nano Solana Contract. As per the filings, there are no significant objections to the proposed contracts within the industry.
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