XRP and SOL Option Trading Debuts on CME

CME Group Launches First XRP and Solana Options Trades

CME Group’s new options tied to XRP and Solana (SOL) futures officially went live Monday, with early trades executed by major market participants including Wintermute, Galaxy, Cumberland DRW, and SuperState.

The platform now offers options on SOL, Micro SOL, XRP, and Micro XRP futures, with daily, monthly, and quarterly expiries. Options give holders the right—but not the obligation—to buy or sell the underlying asset at a predetermined price. Call options confer the right to buy, while put options allow selling.

This launch expands CME’s cryptocurrency product suite, which already includes standard and micro futures for XRP, SOL, Bitcoin, and Ether. The rise in crypto options trading has been driven largely by growing institutional demand for effective hedging and risk management strategies.

“As the crypto market matures, participants are looking for more ways to manage exposure and pursue opportunities across a broader range of instruments,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. “With the liquidity we’ve built in Solana and XRP futures, these options give traders additional tools to enhance investment and hedging strategies. Early client support has been strong.”

The first Solana options trade was executed Monday as a block trade between Cumberland DRW and Galaxy. “Facilitating the first block trade for SOL options highlights growing institutional demand for diverse ways to trade digital assets,” said Roman Makarov, Head of Cumberland Options Trading at DRW.

The first XRP options trade took place Sunday, October 12, as a block trade between Wintermute and SuperState. Saahith Pochiraju, Portfolio Manager at SuperState, noted that XRP options enable better risk management within strategies like the Superstate Crypto Carry fund.

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