CME Announces First XRP and SOL Option Trades

The CME Group's new options tied to XRP$2,0854 and solana SOL$129,30 futures went live Monday, with initial trades conducted by key market participants, including Wintermute, Galaxy, Cumberland DRW and SuperState.

CME's users can now trade options on SOL, Micro SOL, XRP, and Micro XRP futures, across daily, monthly and quarterly expiries. Options are derivative contracts that give the purchaser the right but not the obligation to purchase the underlying asset at a predetermined price at a later date. A call option gives the right to buy, and a put confers the right to sell.

The new offering expands CME’s existing cryptocurrency product suite, which includes standard and micro futures linked to XRP, solana, bitcoin, ether. Crypto options trading has experienced a remarkable boom in recent years, driven largely by growing institutional demand for efficient risk management strategies.

"As the crypto market continues to mature, market participants increasingly are looking to manage their exposure and pursue new opportunities across a wider range of crypto instruments," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.

"With the deep liquidity we've built in our Solana and XRP futures markets, these new options provide traders with additional tools to further enhance their growing cryptocurrency investment and hedging strategies. We are pleased with the early support we've seen from a wide range of clients for these new contracts," Vicioso added.

First trades

The first options trade on Solana SOL$129,30 futures occurred on Monday, and was executed between Cumberland DRW and Galaxy. It was a block trade, meaning it was a large transaction directly negotiated between the two parties outside the public order book.

"Cumberland is thrilled to facilitate the first block trade for options on SOL futures, which highlights the strong and growing demand for more ways to trade digital assets," said Roman Makarov, Head of Cumberland Options Trading at DRW. "Institutional participants are clearly seeking greater choice and depth in crypto markets — a trend that will continue to drive innovation across the ecosystem."

The first XRP options trade, executed as a block trade on Sunday, October 12, involved Wintermute and Superstate.

Saahith Pochiraju, Portfolio Manager at Superstate, said that the debut of XRP options on the CME helps manage and hedge digital asset exposure within strategies like the Superstate Crypto Carry fund.