FalconX Executes First Block Trade for CME’s Solana Futures

FalconX, a prominent digital asset prime broker, has successfully executed the first-ever block trade for CME Group’s Solana futures. This groundbreaking transaction was completed with StoneX, a leading financial services firm, just a day before the official launch of SOL futures on March 17. The trade was facilitated to enable institutional investors to manage risk and price exposure on a regulated platform, marking a significant milestone in the cryptocurrency derivatives market.

Block trades, which are large, privately negotiated transactions executed outside the open market, are crucial for preventing major price disruptions. These trades are particularly common in derivatives markets, ensuring smooth execution for large-volume participants. The execution of this block trade by FalconX underscores the growing demand for regulated platforms that offer liquidity and hedging opportunities for institutional clients.

CME Group introduced Solana futures in late February in response to rising institutional demand for exposure to the asset. The new derivatives are seen as a potential stepping stone to a Solana exchange-traded fund (ETF), similar to the pathway followed by Bitcoin and Ethereum. Several asset managers have already submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Solana ETFs, including Franklin Templeton, Grayscale, 21Shares, Bitwise, VanEck, and Canary Capital.

CME’s Solana futures contracts come in two sizes: standard contracts representing 500 SOL and micro contracts covering 25 SOL. These 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, enhancing the reliability and trustworthiness of the futures market.

FalconX has established itself as a key liquidity provider in CME’s crypto derivatives ecosystem. The company has executed over $1.5 trillion in trading volume across more than 400 tokens for around 600 institutional clients. FalconX’s expansion includes the acquisition of derivatives trading firm Arbelos Markets in January 2025 and a partnership with TP ICAP’s Fusion Digital Assets in February 2024. Additionally, the firm 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.

CME Group has reported continued growth in its crypto derivatives market, with the average daily volume for crypto contracts reaching 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, highlighting the increasing interest and participation in the crypto derivatives market.