The Solana Playbook: Leah Wald on ETFs, Institutional Adoption, and SOL's Future

In a groundbreaking episode of the Lightspeed podcast, host Jack sits down with Leah Wald, CEO of SOL Strategies, to discuss the latest developments in the Solana ecosystem. Recorded live at the Digital Asset Summit (DAS) in New York 2025, this conversation offers invaluable insights into the launch of Solana ETFs, institutional trends, and the evolving vision for Solana's future.

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The Launch of Solana Futures ETF

The podcast kicks off with a discussion of the day's biggest news: the launch of the first Solana ETF in the United States. The Volatility Shares Solana Futures ETF has begun trading, marking a significant milestone for Solana's institutional adoption. Leah Wald, with her extensive experience in the ETF space, provides her expert analysis on this development.

Wald expresses surprise at the speed of the ETF's approval, noting that it came just days after the launch of Solana futures on the Chicago Mercantile Exchange (CME). She emphasizes the significance of this rapid approval process, stating, "It's huge. And I think none of us believe that we would get there so quickly."

The Volatility Shares product is particularly noteworthy as it offers 2x leverage, which Wald describes as "fascinating and very smart." This leveraged structure allows investors to potentially amplify their exposure to Solana's price movements, albeit with increased risk.

The Importance of Futures Trading

Wald highlights the importance of the successful futures trading on the CME that preceded the ETF launch. She explains, "No matter what, regardless of how much volume was actually traded on Monday, I think that it showed to the regulators that the market is there, the trading was successful so that these ETFs could actually trade successfully themselves."

This demonstration of market readiness and trading capability was crucial in paving the way for the ETF's approval. It showcases the growing maturity of the Solana ecosystem and its ability to support more complex financial products.

Early Days and Volume Expectations

While the launch of the Solana Futures ETF is undoubtedly significant, Wald cautions against drawing immediate conclusions based on day-one trading volumes. She notes, "I think that there's still more to go, but also it's early days. It's going to show the market and a lot of participants don't always participate on day one trading."

Drawing from her experience with Bitcoin futures ETFs, Wald suggests that a more meaningful assessment of the ETF's success should be made after a few months of trading. She states, "I think the test is going to be three months from now."

Comparing to Bitcoin Futures ETFs

To provide context, Wald reflects on her experience launching Bitcoin futures ETFs during her time at Valkyrie. She recalls the excitement surrounding those launches in October 2021, with ProShares' product seeing over a billion dollars in volume on its first day, while Valkyrie's product saw around $50 million.

However, Wald is quick to point out the differences in market conditions and investor preparedness between then and now. The Solana ETF launch came with less lead time, which may impact initial volumes. Despite this, she remains optimistic about the long-term potential of the Solana Futures ETF.

The Complexity of Futures ETFs

Wald takes a moment to explain the intricacies involved in launching and managing a futures-based ETF. She notes, "It is a coup and a hats off to volatility shares because a lot goes into a futures ETF, which is actually much more complicated than a spot ETF because there's so many other participants."

These complexities include working with futures commission merchants (FCMs) and dealing with the separation between paper-traded futures and the underlying spot asset. This separation creates additional challenges in terms of tracking and managing the ETF's performance relative to Solana's spot price.

Institutional Participation and Timeframes

When discussing institutional participation, Wald emphasizes the importance of looking at longer timeframes to assess the true impact of these new financial products. She explains, "A lot of firms can't buy futures and can't buy futures products and there's mandates around it, there's mandates in portfolios, et cetera."

This regulatory and operational reality means that many potential institutional investors may not be able to participate immediately. Wald suggests that a more accurate picture of institutional adoption will emerge over the course of three to nine months following the launch.

The Prospect of Spot Solana ETFs

The conversation then turns to the possibility of spot Solana ETFs in 2025. Wald expresses optimism, noting the historical pattern of futures ETFs preceding spot ETFs in the cryptocurrency space. She states, "It's a huge signal. So it's making me feel very bullish."

While careful not to make predictions, Wald points out that several established firms with successful track records in managing ETFs have already submitted applications for spot Solana ETFs. This level of interest from reputable financial institutions bodes well for the future of Solana in traditional finance.

Understanding "Institutions" in Crypto

Wald and the host delve into the nuanced topic of institutional involvement in cryptocurrency, challenging the common perception of institutions as a monolithic entity. Wald explains, "I think that we create these buckets of retail and institutions and we segment it based on small dollars versus large dollars. And that's really not the case, especially in crypto."

She points out that in the crypto space, some of the largest holders of assets are individuals rather than traditional institutions. This blurs the line between retail and institutional investors, especially when considering the influence and capital deployed by these individual "whales."

Types of Institutional Involvement

Wald identifies different ways institutions are engaging with Solana:

1. Direct investment in SOL tokens
2. Exploring the use of Solana's blockchain for existing financial products
3. Developing new on-chain financial instruments

She notes that conversations are increasingly focused on how institutions can participate in the Solana ecosystem, rather than if they should participate. This shift in dialogue indicates growing acceptance and interest from the traditional finance sector.

SOL Strategies' Approach to Institutional Engagement

As the CEO of SOL Strategies, Wald provides insight into how her company engages with different types of investors. She explains that while large individual SOL holders (often referred to as "retail whales") may not be interested in SOL Strategies' stock, the company offers a unique proposition for those looking to gain exposure through traditional investment vehicles.

Wald states, "Right now, we're the only retail option that you can buy the stock and have that access and, you know, exposure by your IRAs or 401ks or, you know, Canadian equivalents." This positions SOL Strategies as a bridge between the world of traditional finance and the Solana ecosystem.

The Lane Acquisition: A Strategic Move

One of the most interesting recent developments for SOL Strategies was the acquisition of the Lane Solana validator and the onboarding of Michael from Stake Was Calm as Chief Strategy Officer. Wald explains the rationale behind this move, emphasizing the importance of both technical expertise and community engagement.

She describes Michael as "absolutely incredible, brilliant business mind and yet also an engineer," highlighting the rare combination of skills he brings to the team. This acquisition not only doubled SOL Strategies' staked SOL but also brought in valuable human capital and deepened the company's connections within the Solana community.

Beyond a "Micro Strategy" for Solana

Wald takes the opportunity to clarify SOL Strategies' vision, distinguishing it from the oft-made comparison to MicroStrategy's approach with Bitcoin. She explains, "I always thought micro strategy of Sol was a weak premise because I don't think it's strong enough in quite a few ways."

Instead of simply accumulating SOL, Wald emphasizes that SOL Strategies aims to be a true technology company focused on Solana infrastructure. She draws a parallel to Bitcoin mining companies, which continue to acquire Bitcoin while running operational businesses in the Bitcoin ecosystem.

The Solana Infrastructure Company

SOL Strategies positions itself as "the Solana infrastructure company," with a focus on running validators and actively participating in the network's governance and development. Wald explains, "We're trying our best to simulate as much soul and say, get to our validators as possible. But all part of that overall strategy of running a Solana validator business."

This approach allows SOL Strategies to offer shareholders more than just exposure to SOL's price movements. By actively contributing to the Solana ecosystem, the company aims to create additional value and drive the network's growth.

Future Infrastructure Plays

When asked about potential expansion into other areas of Solana infrastructure beyond validation, Wald expresses openness to exploring various opportunities. She mentions, "I think that there's a lot of opportunities across the board, especially at as tertiary tech to running Solana validators."

This suggests that SOL Strategies is actively looking for ways to diversify its offerings and further entrench itself as a key player in the Solana ecosystem. By expanding into complementary technologies and services, the company could create additional revenue streams and strengthen its position in the market.

The Evolving Solana Thesis

As the conversation shifts to the current Solana thesis, Wald provides her perspective on the network's position and potential. She observes, "I think that what I see is Solana figuring itself out. I mean, it's still a very nascent asset. You know, it's still a blockchain that's trying to determine exactly where it fits."

Wald acknowledges Solana's technical superiority in terms of efficiency and performance compared to other blockchains. However, she emphasizes that the key question now is: "Who does that matter to? Who's going to build on that? Who's going to use it?"

Exploring Solana's Niche

For 2025, Wald expresses hope that Solana will further define its niche within the broader blockchain ecosystem. She notes the diverse range of startups and projects being built on Solana, from on-chain mutual funds to payment systems.

Wald states, "I'm hoping to see where Solana kind of figures out its niche, it's figured out its pillars of superiority, but I don't think it's figured out its niche and it can come in a variety of ways for, you know, institutional adoption can look like a lot of different things."

This process of finding a specific niche or set of use cases where Solana excels could be crucial for driving further adoption and cementing the network's place in the broader blockchain landscape.

Comparing to Bitcoin's Journey

To provide context for Solana's current stage of development, Wald draws a comparison to Bitcoin's evolution. She notes, "Bitcoin took a long time to figure out its niche as well. And I think that it has. I think it's firmly established itself as a store value asset, but Solana is much more speculative."

This comparison highlights the potential for Solana to carve out its own unique position in the crypto ecosystem, potentially focusing on areas where its technical advantages can provide the most value.

The Future of Crypto Holding Companies

The conversation concludes with a discussion about the potential for more companies to adopt strategies similar to SOL Strategies across various blockchain ecosystems. Wald predicts, "I think we're going to see a lot of them. And I've spoken to a good amount of companies that are interested in doing it."

However, she cautions that merely being listed on a public exchange is not enough for success. Wald emphasizes the importance of "participation, interest, volume in your stock, ecosystem support, whether it's from the token community or from capital markets, ecosystem support."

The Importance of Long-Term Thinking

Wald stresses the need for companies entering this space to think long-term and actively engage with their respective ecosystems. She states, "I hope we see companies that are thinking more robust than just, hey, we're public. Let's try to get out. And actually thinking long term."

This emphasis on long-term engagement and ecosystem participation aligns with SOL Strategies' approach and highlights the potential for these types of companies to play a crucial role in driving adoption and development within their chosen blockchain networks.

Conclusion: A Pivotal Moment for Solana

As the podcast wraps up, it's clear that Solana is at a critical juncture in its development. The launch of futures ETFs, growing institutional interest, and the emergence of companies like SOL Strategies all point to an ecosystem that is maturing and finding its place in the broader financial landscape.

Leah Wald's insights provide a valuable perspective on the challenges and opportunities facing Solana in 2025 and beyond. As the network continues to evolve and define its niche, the coming months and years promise to be an exciting time for Solana and its community of developers, users, and investors.

Facts + Figures

• The Volatility Shares Solana Futures ETF launched in 2025, marking the first Solana ETF in the United States.
• The ETF launch came just days after the introduction of Solana futures on the Chicago Mercantile Exchange (CME).
• The Volatility Shares product offers 2x leverage, allowing for amplified exposure to Solana price movements.
• SOL Strategies acquired the Lane Solana validator, approximately doubling their staked SOL to 3.3 million.
• Michael from Stake Was Calm joined SOL Strategies as Chief Strategy Officer following the Lane acquisition.
• Bitcoin futures ETFs launched in October 2021, with ProShares' product seeing over $1 billion in volume on its first day.
• Valkyrie's Bitcoin futures ETF saw around $50 million in volume on its first day of trading.
• SOL Strategies positions itself as "the Solana infrastructure company" rather than just a SOL accumulation vehicle.
• Leah Wald suggests a 3-6 month timeframe to accurately assess the success of the Solana Futures ETF.
• Multiple established firms have submitted applications for spot Solana ETFs as of 2025.
• SOL Strategies offers exposure to Solana through traditional investment vehicles like IRAs and 401ks.
• The company actively participates in Solana network governance, including voting on improvement proposals.
• Wald predicts an increase in crypto-focused public companies and IPOs in the near future.
• She emphasizes the importance of long-term thinking and ecosystem engagement for crypto-focused public companies.
• Solana is described as still being in a "nascent" stage, working to define its specific niche in the blockchain ecosystem.

Questions Answered

What is the significance of the Solana Futures ETF launch?

The launch of the Volatility Shares Solana Futures ETF marks a major milestone for Solana's institutional adoption. It provides a regulated, traditional finance vehicle for investors to gain exposure to Solana's price movements. This development is particularly significant as it came shortly after the introduction of Solana futures on the CME, demonstrating rapid progress in Solana's integration with mainstream financial markets.

How does the Solana Futures ETF compare to earlier Bitcoin ETF launches?

While the Solana Futures ETF launch is significant, initial trading volumes were lower compared to the Bitcoin futures ETF launches in 2021. Leah Wald, who was involved in the Valkyrie Bitcoin ETF launch, notes that the Bitcoin ETFs saw higher day-one volumes, with ProShares' product exceeding $1 billion and Valkyrie's reaching around $50 million. However, she emphasizes that it's too early to draw conclusions, suggesting a 3-month evaluation period for a more accurate assessment of the Solana ETF's performance.

What is SOL Strategies' approach to Solana investment?

SOL Strategies positions itself as more than just a Solana investment vehicle. While the company does accumulate and stake SOL, its primary focus is on being a Solana infrastructure company. This involves running validators, participating in network governance, and exploring other infrastructure opportunities within the Solana ecosystem. The company aims to provide value to shareholders beyond simple exposure to SOL's price movements by actively contributing to and benefiting from Solana's growth and development.

How are institutions engaging with Solana in 2025?

Institutional engagement with Solana is evolving in several ways. Some institutions are exploring direct investment in SOL tokens, while others are investigating how to use Solana's blockchain for existing financial products or developing new on-chain financial instruments. The launch of futures and ETF products is opening up new avenues for institutional participation. However, Leah Wald notes that true institutional adoption may take time, with a 3-6 month window needed to assess meaningful participation levels.

What is the current thesis for Solana's future development?

As of 2025, Solana is still in the process of defining its specific niche within the blockchain ecosystem. While its technical superiority in terms of efficiency and performance is acknowledged, the focus is now on determining the most impactful use cases and target users.

How does SOL Strategies plan to expand beyond validator operations?

While SOL Strategies is primarily focused on running Solana validators, the company is open to exploring other infrastructure opportunities within the Solana ecosystem. Leah Wald mentions the potential for developing "tertiary tech" related to running Solana validators, suggesting that the company is actively looking for ways to diversify its offerings and strengthen its position in the market.

What challenges does Solana face in achieving widespread institutional adoption?

One of the main challenges for Solana's institutional adoption is the need to clearly define its niche and value proposition. Unlike Bitcoin, which has established itself as a store of value, Solana is still seen as more speculative. Additionally, regulatory considerations and the need for more robust financial products and services built on Solana are factors that could influence institutional interest and participation.

How does the concept of "institutions" differ in the crypto space compared to traditional finance?

In the crypto space, the line between "retail" and "institutional" investors is often blurred. Leah Wald points out that some of the largest holders of cryptocurrencies are individuals rather than traditional institutions. This challenges the conventional understanding of institutional investment and requires a more nuanced approach when discussing adoption and market influence in the crypto sector.

What is the outlook for crypto-focused public companies in the near future?

Leah Wald predicts an increase in crypto-focused public companies and IPOs in the coming years. However, she emphasizes that success will depend on more than just being publicly listed. Factors such as trading volume, community support, and meaningful engagement with the underlying crypto ecosystem will be crucial for these companies to thrive and provide value to shareholders.