Regulatory Milestone
On October 22, 2025, Hong Kong’s Securities and Futures Commission (SFC) granted authorization for the territory’s first Solana (SOL) spot exchange-traded fund (ETF). The approval positions the ChinaAMC Solana ETF as the third regulated crypto ETF in Hong Kong, following earlier listings for Bitcoin and Ethereum. This step underscores a strategic effort by local regulators to solidify Hong Kong’s status as a leading hub for digital asset investment in Asia.
Fund Details
The ChinaAMC Solana ETF will list on the Hong Kong Stock Exchange under the ticker code 03460. Trading will commence on October 27, 2025, with three currency counters available: HKD (3460), RMB (83460), and USD (9460). Each lot will represent 100 SOL tokens. Annual management fees have been capped at 0.99%, while the total expense ratio will not exceed 1.99%, aligning cost structures with existing Bitcoin and Ethereum ETFs in the region.
Custody and Operations
Asset custody and settlement will be managed by OSL Exchange, with OSL Digital Securities Ltd. appointed as sub-custodian. The operational framework includes real-time tracking of underlying Solana token holdings, ensuring full backing of ETF shares by physical SOL in secure cold storage. This design aims to mitigate counterparty risk and provide institutional-grade exposure to Solana.
Market Impact
The approval is expected to broaden institutional access to Solana, attracting capital from asset managers and pension funds that require regulated investment vehicles. According to industry estimates, inflows into a Solana ETF could range from $1 billion to $1.5 billion in the first year, driven by growing demand for layer 1 blockchain exposure. Market participants anticipate increased liquidity and price stability for SOL due to formalized investment inflows.
Global Context
Hong Kong’s approval contrasts with ongoing delays at the U.S. Securities and Exchange Commission, which remains understaffed due to a prolonged government shutdown. U.S. spot ETF applicants for Solana continue to await regulatory clarity. The SFC decision highlights diverging regional approaches, with Hong Kong accelerating ETF approvals to capture market share in Asia’s rapidly expanding crypto investment landscape.
Future Outlook
Analysts view the Solana ETF as a precursor to broader regulated offerings, potentially including additional altcoin ETFs and derivative products. Continued ETF innovation may prompt other Asian markets to follow suit. Hong Kong’s SFC has signaled willingness to review further spot ETF proposals, indicating potential approvals for other high-cap assets under the same framework.
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