FalconX Completes First Block Trade for CME Group’s Solana Futures

Digital asset prime broker FalconX announced on Saturday that it has completed the first-ever block trade for CME Group’s Solana futures with StoneX as the counterparty, just before the anticipated launch of new contracts on March 17.

Based in San Mateo, California, FalconX executed the transaction to provide a means to “manage risk and price exposure on a regulated venue,” as stated by Josh Barkhordar, head of U.S. sales.

What is a Block Trade?

A block trade refers to a large-volume, privately negotiated transaction of futures contracts, executed outside the open market to prevent disruption of the asset’s price.

CME Group Solana Futures Launch

CME Group introduced the Solana futures contract in late February to cater to increasing client demand, positioning it as a critical step towards a SOL ETF.

Several asset management firms have submitted applications to the U.S. Securities and Exchange Commission for Solana ETF launches, including Franklin Templeton, which manages over $1.5 trillion in assets.

Other firms like Grayscale, 21Shares, Bitwise, VanEck, and Canary Capital have also applied for spot Solana ETFs.

Solana futures mimic the established trajectory of Bitcoin and Ethereum, where futures trading began prior to ETF authorization and regulatory approval.

Contract Sizes and Settlement

The new futures contracts come in two sizes:
– Standard contracts representing 500 SOL
– Micro contracts representing 25 SOL

The futures are cash-settled based on the CME CF Solana-Dollar Reference Rate, which is calculated daily at 4 PM London time, offering a standardized benchmark for SOL’s U.S. dollar price.

FalconX’s Role

FalconX acts as a key liquidity provider for CME Group’s crypto derivatives suite, having executed over $1.5 trillion in trading volume across 400 tokens for approximately 600 institutions.

The firm is actively expanding within institutional crypto markets, having acquired Arbelos Markets in January 2025 and partnered with TP ICAP’s Fusion Digital Assets in February last year.

Market Growth and Trends

CME Group’s crypto derivatives market has seen impressive growth, with average daily volumes of 202,000 contracts in early 2025, a 73% year-over-year increase.

Open interest averages 243,600 contracts, up 55% year-over-year, with over 11,300 unique accounts trading its crypto products.

Meanwhile, Solana derivatives on centralized exchanges have seen a 66% volume increase to $7.24 billion, despite experiencing $12.29 million in liquidations in the last 24 hours, according to data from Coinglass.

Current market data shows Solana is down 6.4% to $127, remaining under pressure after its January all-time high near $293.31, according to CoinGecko data.

Edited by Sebastian Sinclair