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- Hong Kong approves Asia’s first Solana Spot ETF, expanding regulated access to cryptocurrency investments.
- The Solana ETF, managed by China Asset Management, will begin trading on October 27 with a minimum entry of about US$100.
The Hong Kong Securities and Futures Commission (SFC) has approved the first Solana Spot ETF, making it the third crypto ETF after Bitcoin and Ethereum. This approval places Hong Kong ahead in digital asset regulation and marks a major step for investors looking for safer ways to invest in cryptocurrencies.
Hong Kong Welcomes Solana Spot ETF
The Solana Spot ETF, managed by China Asset Management (Hong Kong), will start trading on October 27 on the Hong Kong Stock Exchange. It will trade under the code 03460, with RMB and USD counters listed as 83460 and 9460. Each trading unit is set at 100, with a minimum investment of about US$100, roughly HK$780.
The trading platform for the ETF is OSL Exchange, while OSL Digital Securities Co., Ltd. will handle digital asset custody. The management fee is 0.99¥, while custody and administrative costs are capped at 1% of the fund’s value. This gives the ETF an estimated annual expense ratio of 1.99%. Investors should note that the fund will not pay dividends.
Notably, China Asset Management already manages Bitcoin and Ethereum spot ETFs in Hong Kong. With this new approval, the Solana Spot ETF becomes the first of its kind in Asia and the first Solana product to appear on a U.S.-linked exchange. The company described the ETF as a regulated way for both institutional and retail investors to gain access to Solana without directly buying the coin.
Meanwhile, CNF also reported that asset management firm Grayscale’s latest filing has confirmed that a 0.35% fee has been imposed on the Solana (SOL) ETF. This follows Bitwise’s revision of its filing to include a 0.2% fee.
In another major milestone for SOL, as detailed in our last news piece, crypto exchange Gemini has launched a new Solana Edition Credit Card. This will allow users to earn and automatically stake SOL rewards on eligible purchases.
Solana’s Market Standing and Outlook
Solana, known for its speed and low transaction costs, is the world’s sixth-largest cryptocurrency. It now has a new Chinese name, “Solala.” China Asset Management explains that SOL, the token used on the Solana network
It is worth noting that the aforementioned update represents value within an open-source system that runs without any government or company backing. Additionally, its price is determined purely by supply and demand on exchanges. As of now, it was trading at $184.64, up by 1.03%. As CNF noted earlier, a crypto analyst predicted that the coin may push to $221 by December.
Meanwhile, Marketcap data shows that Solana’s total market value is around $101.01 billion, ranking below Bitcoin, Ethereum, Tether, Binance Coin, and XRP but above stablecoin USDC. Despite growing interest and increased use of the Solana network, the price of SOL has fallen slightly by about 2% since the beginning of the year.
Still, by comparison, Bitcoin and Ethereum have both risen around 14% over the same period. The approval of the Solana Spot ETF in Hong Kong shows the city’s growing confidence in digital assets. It signals a stronger acceptance of cryptocurrency investments in Asia and opens the door for more blockchain-based financial products in the region.
