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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Digital asset prime broker FalconX has executed the first-ever block trade for CME Group’s Solana futures, with financial services firm StoneX acting as the counterparty.
The transaction was completed just a day before the official launch of SOL futures on March 17, according to a Sunday press release.
FalconX, based in San Mateo, California, executed the trade to facilitate institutional investors’ ability to manage risk and price exposure on a regulated platform.
“This trade represents a significant step in providing liquidity and hedging opportunities for institutional clients,” said Josh Barkhordar, head of U.S. sales at FalconX, in a statement.
Block Trades Facilitate Large-Scale Transactions Without Market Disruptions
Block trades refer to large, privately negotiated transactions executed outside the open market to prevent major price disruptions.
These trades are commonly used in derivatives markets to ensure smooth execution for large-volume participants.
CME Group introduced Solana futures in late February in response to rising institutional demand for exposure to the asset.
The new derivatives are also seen as a potential stepping stone to a Solana exchange-traded fund (ETF), similar to the pathway followed by Bitcoin and Ethereum.
Futures markets for both assets played a critical role in the lead-up to spot ETF approvals.
Several asset managers have already submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Solana ETFs.
Franklin Templeton, managing over $1.5 trillion in assets, filed its application in February 2025.
Other firms, including Grayscale, 21Shares, Bitwise, VanEck, and Canary Capital, have also moved to establish spot Solana ETFs.
CME’s Solana futures contracts come in two sizes: standard contracts representing 500 SOL and micro contracts covering 25 SOL.
The contracts are cash-settled based on the CME CF Solana-Dollar Reference Rate, which is calculated daily at 4:00 p.m. London time.
This pricing mechanism provides a transparent benchmark for SOL’s value in U.S. dollars.
FalconX remains a key liquidity provider in CME’s crypto derivatives ecosystem.
The company reports having executed over $1.5 trillion in trading volume across more than 400 tokens for around 600 institutional clients.
It has also expanded its institutional presence through acquisitions and partnerships.
FalconX Expands Institutional Presence
In January 2025, FalconX acquired derivatives trading firm Arbelos Markets, followed by a partnership with TP ICAP’s Fusion Digital Assets in February 2024.
Last year, the firm also unveiled a prime brokerage service designed to facilitate institutional investors’ trading activities on exchanges while their funds remain securely held in regulated, bankruptcy-remote custody.
Meanwhile, CME Group reports continued growth in its crypto derivatives market.
The average daily volume for crypto contracts reached 202,000 in early 2025, marking a 73% increase year-over-year.
Open interest has also surged, with 243,600 contracts recorded—up 55% from the previous year. More than 11,300 unique accounts are actively trading CME’s crypto products.
On centralized crypto exchanges, Solana derivatives have seen a sharp rise in trading activity, with volumes surging 66% to $7.24 billion, according to Coinglass.
Despite this, the asset remains under pressure, trading at $127, down 6.4% on the day, following its January high near $293.31, as per CoinGecko data.
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