In brief
- ChinaAMC’s Solana ETF will be Hong Kong’s first spot fund offering direct exposure to SOL, set to begin trading Oct. 27.
- The ETF will invest entirely in SOL and track the CME CF Solana-USD Index based on the APAC reference rate.
- Observers say the move shows Hong Kong’s confidence in expanding its regulated crypto market beyond Bitcoin and Ether.
Hong Kong’s market watchdog has approved ChinaAMC’s Solana ETF, positioning it as the city’s first spot vehicle offering direct exposure to SOL, with trading slated to begin by October 27 on the Hong Kong Stock Exchange.
Formally listed as ChinaAMC Solana ETF, the product will trade under tickers 3460 (HKD), 83460 (RMB), and 9460 (USD) in 100-share lots on the HKEX Main Board, which serves as its primary market.
The fund is designed to “closely correspond to the performance of SOL,” invest all of its assets in the cryptocurrency, and track the CME CF Solana-USD Index, based on the APAC reference rate, according to an HKEX filing.
Transactions for the fund will be conducted through SFC-licensed virtual-asset trading platforms, but “will not stake any portion of the SOL” held by the sub-fund, the filing details.
The approval comes as Beijing continues to tighten its grip on Hong Kong’s digital-asset sector.
Over the past month, mainland authorities have instructed state-backed brokers to halt real-world asset tokenization projects in the city and ordered major tech firms to shelve stablecoin plans.
Hong Kong’s Solana ETF approval has moved ahead of the U.S., where the SEC was expected to decide on its first batch of spot Solana and other altcoin ETFs by October 10, but appears to have delayed amid the federal government shutdown now entering its fourth week.
China has moved to block private stablecoin ambitions in Hong Kong, in what could be interpreted as an effort to reaffirm its state authority over monetary policy.
Two of China’s largest technology companies, Alibaba-backed Ant Group and JD.com, an e-commerce group, have been instructed to suspend their stablecoin plans in Hong Kong.
That follows guidance from the People’s Bank of China and the Cyberspace Administration of China, which warned against allowing private entities to issue currency-l…
Broadening exposure
Observers say the approval reinforces confidence in Solana from Hong Kong, setting it apart from markets still debating approval rules.
“A Solana ETF adds depth and diversity to the market, showing that regulators are willing to broaden exposure beyond the top two assets,” Jakob Kronbichler, co-founder and CEO of on-chain credit marketplace Clearpool, told Decrypt.
Hong Kong regulators appear to be “moving methodically” with “an openness to innovation,” he added.
The new ETF may initially attract retail interest in Asia, where Solana’s developer base and consumer-focused apps have a strong following, Kronbichler notes.
That tilt to retail could still change once institutional investors eventually view these digital assets like Solana as “components of a diversified on-chain economy rather than isolated single-asset exposures,” he explained.
Still, a new ETF could also draw institutional interest by introducing Solana to a largely “traditional finance audience,” given how it provides a “proper, regulated channel” for investors, Joshua Sum, head of product at Solayer Labs, told Decrypt, adding that the listing represents “a vote of confidence that Solana is ready” for adoption.
Solana’s selection as the third spot ETF offering in Hong Kong reflects “both its technical progress and the market’s confidence in its long-term relevance,” Clearpool’s Kronbichler said, adding that this shows Solana is now “large enough to be liquid and globally recognized, yet different enough in design to test how broader token exposure fits.”
Decrypt reached out to the Hong Kong SFC and ChinaAMC for confirmation and comment, and this report will be updated should they respond.
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