First XRP and SOL Options Now Available on CME

CME Group Launches First XRP and Solana Options Trades

CME Group has officially launched options tied to XRP and Solana (SOL) futures, with early trades executed by key market participants including Wintermute, Galaxy, Cumberland DRW, and SuperState.

Traders can now access options on SOL, Micro SOL, XRP, and Micro XRP futures across daily, monthly, and quarterly expirations. Options are derivative contracts that grant the holder the right, but not the obligation, to buy or sell the underlying asset at a predetermined price. Call options give the right to buy, while put options allow selling.

The launch expands CME’s crypto product suite, which already includes standard and micro futures for XRP, SOL, Bitcoin, and Ether. Growth in crypto options trading has been fueled by rising institutional demand for sophisticated hedging and risk management tools.

“As the crypto market matures, participants are seeking more ways to manage exposure and pursue opportunities across a wider range of instruments,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME. “The liquidity in Solana and XRP futures, combined with these new options, gives traders additional tools to enhance investment and hedging strategies. Early client adoption has been strong.”

The first Solana options trade was executed Monday as a block trade between Cumberland DRW and Galaxy. “Facilitating the first SOL options block trade underscores 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 occurred Sunday, October 12, as a block trade between Wintermute and SuperState. Saahith Pochiraju, Portfolio Manager at SuperState, noted that XRP options help manage risk for strategies such as the Superstate Crypto Carry fund.