DIME ETF taps Solana amid surge in prediction markets

The July report from CoinShares says its DIME ETF provides investors exposure to Solana and a range of altcoins as prediction-market trading expanded rapidly. Combined monthly volume on two leading platforms rose from $4.5 billion in September 2025 to $43.7 billion in June.

The report identifies Solana and exchange Hyperliquid as blockchains that are settling an increasing share of prediction-market activity. DIME spreads exposure across those networks and other altcoins because neither of the largest prediction platforms is publicly traded or issues a native token, leaving investors without a direct equity or token stake in the venues that handle the trades.

On Solana, the report describes the network as a distribution and settlement layer rather than a trading venue. Phantom, a Solana wallet with about 20 million users, removed a Kalshi-linked market on June 1 and replaced it with World, which uses Chainlink oracles to automatically settle contracts. Jupiter, the network’s largest trading app, launched a product called Forecast in June that matches traders against market makers instead of routing orders into a shared liquidity pool. Activity that settles on Solana shows up as network usage rather than as revenue for the prediction platforms.

CoinShares estimates Solana protocol revenue, defined as roughly half the transaction fees the network retains, averaged about $1.4 million per month in the second quarter, while SOL’s market capitalization was near $47 billion. The report frames the gap between fee revenue and token market value as a bet on future optionality rather than an expectation of near-term earnings from fees. The report also notes that product and platform leadership can change quickly: Phantom removed its Kalshi-linked product after seven months.

Hyperliquid launched an on-exchange outcome markets feature, HIP-4, on May 2 to offer yes-or-no contracts. Token Terminal data cited in the report show Hyperliquid processed $331.1 million in cumulative notional volume in its first nine weeks, with weekly volume rising from under $3 million to more than $75 million by late June. Trading revenue collected in that period was about $5,906, while the exchange’s HYPE token had a market capitalization near $15.4 billion. Hyperliquid directs fees into an Assistance Fund that buys back HYPE on the open market.

An analysis referenced in the CoinShares report estimated combined monthly prediction-market volume at roughly $24 billion in April, which the report uses to corroborate the broader expansion.

The report outlines how decentralized infrastructure and exchange features route prediction wagers through blockchains. Investors in DIME gain indirect exposure to that routing, while direct trading revenue from the prediction platforms and settlement chains remains small compared with the token market caps of the networks involved.