Coinbase Expands Derivatives Offering with New Solana and Hedera Futures Contracts

Coinbase Expands Derivatives Offering with New Solana and Hedera Futures Contracts

TLDR:

• Coinbase launched CFTC-regulated Solana (SOL) and Hedera (HBAR) futures contracts on its US derivatives exchange, offering both standard (100 SOL) and nano (5 SOL) contract sizes for different investor types
• The launch is considered a key step toward potential Solana ETF approval, with at least five ETF issuers having filed with the SEC and a decision deadline set for October 2025
• Crypto derivatives trading volumes have grown by approximately 10,950% in 2024, showing massive market expansion
• Bloomberg Intelligence estimates a 70% probability of SOL ETF approval, with futures-based ETFs possibly launching as early as March
• Coinbase’s derivatives platform now offers more than half a dozen futures contracts, including memecoins and traditional commodities like oil and gold

Coinbase launched new futures contracts for Solana (SOL) and Hedera (HBAR) on February 19, 2025, expanding its regulated derivatives offering in the United States.

The new futures contracts, regulated by the Commodity Futures Trading Commission (CFTC), come in different sizes to accommodate various types of investors. For Solana, Coinbase offers standard contracts representing 100 SOL and smaller “nano” contracts of 5 SOL, making them accessible to retail investors. The Hedera futures contract represents 5000 HBAR per contract.

These products join Coinbase’s growing derivatives platform, which already lists several futures contracts tied to various cryptocurrencies and traditional commodities. The platform currently offers futures for Bitcoin, Ethereum, and even memecoins like Dogecoin and Shiba Inu, as well as commodities such as oil and gold.

Rapid Growth

The launch comes at a time when the cryptocurrency derivatives market is experiencing rapid growth. According to Coinbase data, trading volumes in crypto derivatives increased by approximately 10,950% in 2024, showing strong market demand for these financial products.

The timing of the Solana futures launch is particularly relevant as several companies seek approval for Solana ETFs in the United States. At least five ETF issuers have filed applications with the Securities and Exchange Commission (SEC) to list spot Solana ETFs.

The SEC has set an October 2025 deadline to make its final decision on these Solana ETF applications. Bloomberg Intelligence analysts currently estimate a 70% chance of approval for these ETF applications.

Futures markets play an important role in the potential approval of spot cryptocurrency ETFs. They provide stable benchmarks for measuring a digital asset’s performance, which regulators consider when evaluating ETF applications.

Bloomberg analyst Eric Balchunas suggests that a futures-based Solana ETF might arrive even sooner, possibly as early as March. This would follow the pattern set by Bitcoin and Ethereum, where futures-based ETFs were approved before spot ETFs.

Once again Stu from VolShares was ahead of the pack. We see a Solana futures ETF on market as early as mid-March. But.. knowing spot coming soon how much demand would there be. I guess we’ll find out. pic.twitter.com/eomAOG5xZX

— Eric Balchunas (@EricBalchunas) January 22, 2025

Coinbase started its derivatives platform in the US in 2022, bringing cryptocurrency futures to its large user base. The platform has focused on making these products accessible to retail investors through smaller contract sizes.

The new SOL futures aim to increase institutional adoption of Solana. The regulated nature of these contracts provides a structured environment for traditional financial institutions to engage with digital assets.

For Hedera, the futures launch represents an opportunity to expand its market presence. The Hedera network uses hashgraph distributed ledger technology, offering an alternative to traditional blockchain platforms.

The exchange views this launch as part of the ongoing development of cryptocurrency derivatives in the United States. These regulated products help establish legitimacy for digital assets in traditional financial markets.

Coinbase continues to expand its derivatives offerings while working within the regulatory framework established by the CFTC. This approach aligns with broader industry efforts to develop regulated cryptocurrency products in the United States.

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