Hong Kong’s securities regulator has approved the first Solana (SOL) spot exchange-traded fund, marking another milestone in the city’s effort to position itself as Asia’s leading hub for regulated digital assets.
The product, managed by China Asset Management (Hong Kong), will begin trading on October 27, local outlet Hong Kong Economic Times reported Wednesday.
The approval by the Securities and Futures Commission makes Solana the third cryptocurrency to receive clearance for a spot ETF in Hong Kong, following Bitcoin and Ethereum.
Investors Can Enter Solana ETF For Around $100 As Hong Kong Pushes Retail Inclusion
Brokerage filings show that each trading unit will consist of 100 shares, with the minimum investment set at about $100, or roughly HK$780. The ETF will trade on the OSL Exchange, while custody and settlement services will be handled by OSL Digital Securities.
The fund carries a management fee of 0.99%, while custody and administrative costs are capped at 1% of the fund’s net asset value. The estimated annual recurring expense ratio stands at 1.99%, and the ETF is not expected to distribute dividends to investors.
China Asset Management (Hong Kong), one of the city’s largest fund managers, already operates Bitcoin and Ethereum spot ETFs. Its latest Solana product marks the first time a SOL-based fund has been offered in both Asia and the US.
According to CoinGecko data, Solana has a market capitalization of about $100.8b, ranking below Bitcoin, Ethereum, Tether, Binance Coin and Ripple, but above USDC.
Solana ETF Approvals Accelerate Globally As US Regulators Clear 21Shares Product
Meanwhile, Solana’s global ETF momentum has gained pace. The 21Shares Solana Spot ETF in the US received approval earlier this month following clearance of its Form 8-A filing with the SEC, allowing it to custody SOL and trade on a major American exchange.
The product provides direct exposure to Solana’s spot price and would potentially include staking features, which could drive institutional demand. Forecasts suggest the token could rally toward $300 if investor interest continues to rise.
Several other issuers, including VanEck, Bitwise, Grayscale, Canary Capital, Franklin Templeton, Fidelity, and CoinShares, have also received approval for Solana spot ETF proposals, with listings expected to follow soon after.
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