Coinbase intends to launch cash-settled Solana futures contracts on its regulated derivatives exchange as it attempts to expand its offerings to bolster its bottom line and compete with established players.
“We are actively working with the Commodity Futures Trading Commission to file and list Solana futures on the Coinbase Derivatives Exchange,” a spokesperson confirmed with Decrypt late Thursday.
If approved, the contracts would offer investors a unique instrument compared to those provided by Chicago-headquartered CME Group, which is currently limited to Bitcoin and Ether futures and options.
In the third quarter of 2024, Coinbase reported total transaction revenue of $573 million, a 27% decrease from the previous quarter. That figure encompasses all transaction types, including spot and derivatives trading.
CME Group’s crypto product suite, meanwhile, achieved record performance in 2024, with an average daily volume of 116,000 contracts, marking a 203% year-over-year increase, according to its own figures.
Coinbase seeks to offer contracts representing 100 SOL ($235.75) tokens each, with an approximate value of $25,000 at current prices, according to a
