How Solana’s futures-based ETFs are carving a niche amid Bitcoin and Ether dominance

Solana is making its mark in the crypto ETF world without much fanfare. Since the debut of Bitcoin and Ether ETFs, the market has been eager for the next digital asset to gain traction. Two U.S.-listed Solana futures ETFs launched in March—SOLZ and SOLT—offer a glimpse into what might come next. 

These funds aren’t the spot ETFs many await but futures-based products that have quietly gathered momentum. Senior financial agent Na Jiyeon of Bitnixer explores how these ETFs are performing and what this means for Solana investors.

Early Performance and Asset Growth

Since launching on March 20, 2025, the Solana ETF (SOLZ) and the 2x Solana ETF (SOLT) have seen modest yet noteworthy inflows:

• SOLZ attracted $13 million in assets, now managing about $17 million
• SOLT, the leveraged version, pulled in $21 million, growing to $32 million in AUM

While these numbers don’t rival Bitcoin’s historic ETF launch, where the ProShares Bitcoin Strategy ETF (BITO) amassed $1 billion within two days, they are solid for niche products just two months old. By comparison, Ether futures ETFs launched in bulk in 2023 gathered less than $30 million shortly after their debut. In that context, Solana’s futures ETFs resemble Ether’s steady start rather than Bitcoin’s explosive entrance.

Why Futures ETFs Matter

Futures-based ETFs don’t hold the underlying asset directly. Instead, they invest in derivatives that track the asset’s price movements. This structure appeals to certain investors who want exposure without owning the crypto outright. However, most buy-and-hold investors prefer spot ETFs, which directly hold the digital currency.

• The U.S. market has about $130.3 billion in spot crypto ETFs, dwarfing the $8.7 billion in derivatives-based funds
• Within derivatives, leveraged strategies like SOLT account for around $5.3 billion of that $8.7 billion

The leveraged ETF SOLT benefits from this appetite for speculative, higher-risk products. Its structure aims to amplify returns, sometimes doubling the daily performance of Solana, which attracts traders looking for bigger short-term gains.

The Leveraged Advantage

Leveraged ETFs have proven popular in the crypto space. For example:

• Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) commands over $2.7 billion in assets
• Its 2x Ether Strategy ETF (ETHU) holds approximately $857 million

SOLT’s similar setup positions it well to attract investors seeking speculative leverage on Solana’s price movements. This contrasts with SOLZ, which caters more to conservative investors but may struggle to gain traction without the appeal of holding the underlying asset.

What Lies Ahead for Solana ETFs

The arrival of spot Solana ETFs—expected but not yet approved—could alter the landscape significantly. Spot ETFs tend to attract long-term investors due to their direct crypto holdings and lower tracking errors. This could cause a shift in assets away from futures-based products like SOLZ and SOLT.

For now, SOL futures ETFs have carved out a place but face an uncertain future once spot Solana ETFs come to market. Investors should watch for:

• Regulatory approvals of spot Solana ETFs
• Market reactions and inflow shifts following such approvals
• The performance gap between futures and spot products as investors adjust strategies

Broader Market Context

Solana’s market cap, hovering around $90 billion, remains much smaller than Bitcoin’s $2 trillion and Ether’s $300 billion. This gap helps explain why Bitcoin and Ether ETFs dominate assets under management. Still, Solana’s focus on high-throughput blockchain solutions and smart contract functionality has positioned it as a compelling alternative in the crypto ecosystem.

As more institutional players embrace digital assets, Solana’s ETF products could gain traction by offering diversified exposure beyond the big two. Futures ETFs act as a gateway for investors wary of holding crypto directly but interested in capturing price movements.

Emerging Opportunities and Challenges

While Solana’s ETFs show promise, they face hurdles linked to regulatory uncertainty and market competition. The crypto sector’s evolving regulatory landscape may slow spot ETF approvals, affecting investor confidence. 

Additionally, competing blockchain projects are vying for investor attention, meaning Solana must continue proving its technical edge and network growth.

Investors should also consider fee structures and tracking differences between futures and spot ETFs, as these factors influence long-term returns. Monitoring how Solana’s developer ecosystem and partnerships evolve will provide insight into its potential ETF success.

Conclusion: Solana’s Quiet Rise in the ETF World

Solana’s futures ETFs—SOLZ and SOLT—have quietly built a foundation in the expanding crypto ETF market. While their assets are modest compared to Bitcoin’s groundbreaking launch, they show steady growth and attract different investor profiles, from cautious to speculative. The upcoming approval of spot Solana ETFs may disrupt this balance, but for now, these products highlight Solana’s growing relevance.

Investors should watch regulatory developments, market inflows, and performance trends as indicators of Solana’s ETF future. The slow but steady ascent of Solana ETFs reveals a maturing market embracing more than just the crypto giants.