Hong Kong has officially approved the world’s first Solana (SOL) spot exchange-traded fund (ETF), making the city the only jurisdiction globally to authorise regulated ETFs for the three largest blockchain networks: Bitcoin, Ethereum, and now Solana.
The approval, confirmed by the Hong Kong Securities and Futures Commission (SFC) and reported by the Hong Kong Economic Times on Wednesday, grants China Asset Management (ChinaAMC) permission to launch the new Solana ETF under the region’s virtual asset framework. The move positions Hong Kong as a frontrunner in digital asset regulation and innovation at a time when similar approvals in the United States remain in limbo.
According to the Hong Kong Stock Exchange (HKEX), the China Solana ETF will debut trading on 27 October, featuring RMB counter 83,460 and US dollar counter 9,460. Each trading lot will consist of 100 units, with a minimum investment amount of approximately US$100 (HK$780), making it accessible to both institutional and retail investors.
Fund Details: Custody, Fees, and Structure
The Solana ETF will be managed by China Capital Fund (Hong Kong), with OSL Exchange facilitating virtual asset trading and OSL Digital Securities Co., Ltd. serving as the sub-custodian.
The fund will operate under an accumulation model, meaning it will not issue dividends, mirroring the structure of Bitcoin and Ethereum spot ETFs previously launched in the city. Management fees are set at 0.99%, while custody and administrative costs are capped at 1% of the sub-fund’s net asset value, bringing the total annual expense ratio close to 1.99%.
In line with Hong Kong’s transparent regulatory framework, these fees and structures have been publicly disclosed, offering investors clarity on cost expectations.
Notably, Solana also announced its official Chinese name “Solara” earlier this week, reflecting growing localisation efforts to strengthen its regional identity and appeal.
Tighter Oversight from the Hong Kong Stock Exchange
While Hong Kong continues to embrace the tokenisation and ETF wave, regulators are tightening their grip on companies attempting to pivot into digital asset businesses without proper authorisation.
According to Bloomberg, the Hong Kong Stock Exchange has flagged at least five listed firms seeking to rebrand as “Digital Asset Treasury” (DAT) companies, a model focused solely on acquiring and holding cryptocurrencies. HKEX sources stated that none of these entities have been granted approval, as such transformations conflict with exchange rules requiring “viable, sustainable, and substantial business operations.”
Solana price remains largely flat. Source: CoinMarketCap
A spokesperson for the HKEX reaffirmed that firms lacking operational substance cannot meet listing standards, echoing similar restrictions imposed in India and Australia, where regulators have also pushed back against listed entities attempting to act as public crypto treasuries.
This balance between innovation and investor protection underscores Hong Kong’s approach: to advance financial innovation under clear, enforceable regulatory conditions.
U.S. Regulatory Progress Remains Frozen
Across the Pacific, U.S. regulators have made partial progress on approving Solana-linked investment products but remain hampered by procedural delays.
Earlier this week, the U.S. Securities and Exchange Commission (SEC) approved Form 8-A (12B) filings by 21Shares, formally registering a Solana ETF on the Cboe BZX Exchange. However, the ongoing U.S. government shutdown has halted progress on S-1 filings, preventing any new ETFs, including Solana’s, from launching.
Under existing U.S. law, such applications can take effect automatically after 20 days, but the SEC’s review is mandatory before trading begins. As a result, issuers like Bitwise and Grayscale have had to withdraw or amend their filings, waiting for normal operations to resume.
The contrast between Hong Kong’s swift authorisation and America’s regulatory stagnation highlights Asia’s accelerating dominance in crypto finance, as regional jurisdictions race to attract institutional capital and bolster digital asset infrastructure.
Solana Expands Its Ecosystem with Gemini Partnership
In a related development, Gemini announced the launch of a Solana-branded credit card earlier this week. The product offers up to 4% cashback in SOL, with rewards auto-staked on Gemini’s platform at an annual percentage yield (APY) of 6.77%.
This initiative follows Gemini’s existing crypto card suite, which already includes Bitcoin and XRP versions, and reinforces Solana’s push into consumer-grade financial products that blend utility and staking rewards.
At the time of writing, Solana (SOL) trades at US$184, consolidating below resistance near US$191. Technical indicators from TradingView show a bearish-biased RSI of 40.9, though several analysts suggest the recent correction may be losing steam, hinting at renewed bullish momentum as institutional inflows are expected to rise following ETF approval.
A Landmark Moment for Solana and Hong Kong
The SFC’s approval of the Solana ETF cements Hong Kong’s status as the global leader in regulated crypto investment products, standing ahead of Western markets struggling with policy paralysis.
By offering investors transparent, compliant, and diversified access to the digital asset market, Hong Kong continues to bridge traditional finance and blockchain innovation, a move that could further establish the city as the crypto capital of Asia.
