Spot Solana (SOL) ETF Gets Regulatory Green Light in Hong Kong

Hong Kong investors will soon access Solana via ChinaAMC’s first spot ETF, which joins the company’s existing Bitcoin and Ethereum ETFs.

Hong Kong’s financial regulator has granted approval for ChinaAMC’s spot Solana (SOL) exchange-traded fund (ETF), setting the stage for its debut next Monday. The Securities and Futures Commission (SFC) confirmed on its website that the ChinaAMC Solana ETF, under ticker 3460, received authorization on October 17.

This is the first instance of a Solana spot ETF gaining regulatory approval in the region.

Hong Kong’s First Spot Solana ETF

According to ChinaAMC, the fund will be officially listed on October 27, with a management fee of 0.99% per year. Custody arrangements include BOCI-Prudential Trustee Limited as the primary custodian, while OSL Digital Securities acts as the sub-custodian and also provides the virtual asset trading platform for the much-anticipated ETF.

Investors will be able to trade the product in Hong Kong dollars, Chinese yuan, and US dollars on the Hong Kong Stock Exchange, with a board lot size of 100 shares in each currency. ChinaAMC already manages spot Bitcoin and Ethereum ETFs in Hong Kong, which were among Asia’s first crypto ETFs.

The approval of the Solana ETF comes at a time when market participants anticipate that the US Securities and Exchange Commission (SEC) may soon authorize its first batch of spot Solana and other altcoin ETFs. While initial approval was expected around October 10, delays likely stemmed from the extended US government shutdown.

Last month, the securities regulator streamlined the process by adopting generic listing standards and eliminating the need for token-specific filings. This regulatory change has triggered a wave of new crypto ETF applications, amidst growing institutional interest in diversified digital asset products.

MemeStrategy’s $377K Investment on Solana

The recent approval of the spot Solana ETF in the region builds on momentum set earlier this year when MemeStrategy became Asia’s first publicly listed company to invest in Solana. Back in June, MemeStrategy acquired 2,440 SOL tokens, spending approximately $377,000 at an average price of $155 per token. The company had then cited the crypto asset’s long-term potential in blockchain, decentralized platforms, and AI-driven Web3 applications.