Hong Kong’s securities regulator has approved the first Solana spot exchange-traded fund (SOL), marking another milestone in the city’s efforts 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 newspaper Hong Kong Economic Times reported on Wednesday.
The approval from the Securities and Futures Commission makes Solana the third cryptocurrency to receive approval for a spot ETF in Hong Kong, after Bitcoin and Ethereum.
Investors can access Solana ETF for around $100 as Hong Kong pushes retail inclusion
Brokerage documents show that each trading unit will consist of 100 shares, with a minimum investment set at around $100, or around 780 Hong Kong dollars. The ETF will be traded on the OSL Exchange, while custody and settlement services will be managed by OSL Digital Securities.
The fund has a management fee of 0.99% while custody and administration fees are capped at 1% of the fund’s net asset value. The estimated annual recurring expense ratio is 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 product Solana marks the first time a SOL-based fund has been offered in Asia and the United States.
According to CoinGecko data, Solana has a market capitalization of approximately $100.8 billion, ranking below Bitcoin, Ethereum, Tether, Binance Coin, and Ripple, but above USDC.
Meanwhile, Solana’s global ETF momentum has accelerated. The 21Shares Solana Spot ETF in the US received approval earlier this month after its Form 8-A filing with the SEC was cleared, allowing it to hold SOL and trade on a major US exchange.
The product offers direct exposure to Solana’s spot price and would potentially include staking features, which could drive institutional demand. Forecasts suggest that the token could rally as high as $300 if investor interest continues to grow.
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 shortly thereafter.
The article Hong Kong Approves First Solana Spot ETF – Here’s When Trading Starts appeared first on Cryptonews.
