In a landmark development for the global cryptocurrency market, the Hong Kong Securities and Futures Commission (SFC) has officially approved the first-ever Solana (SOL) spot exchange-traded fund (ETF). The product, issued by ChinaAMC (Hong Kong), marks the third crypto ETF approved under Hong Kong’s regulated virtual asset framework, following earlier launches for Bitcoin and Ethereum.
The ETF will list on the Hong Kong Stock Exchange (HKEX) under two trading counters, RMB counter 83,460 and U.S. dollar counter 9,460 and is scheduled to debut on 27 October 2025. Investors will be able to trade in lots of 100 units, with a minimum investment of approximately US$100 (HK$780).
The Solana ETF is managed by China Capital Fund (Hong Kong) and will execute its virtual asset trades through OSL Exchange, while OSL Digital Securities Co., Ltd. acts as the sub-custodian. The ETF carries a management fee of 0.99%, with total costs capped at around 1.99% annually, including custody and administrative expenses. Like other spot crypto ETFs, it will not issue dividends, adopting an accumulation model for long-term capital appreciation.
Hong Kong Strengthens Lead in Regulated Crypto Innovation
Hong Kong’s approval of the Solana ETF underlines the city’s strategy to position itself as a regulated global hub for digital assets, distinguishing itself from mainland China’s crypto restrictions. The move builds upon the success of the region’s Bitcoin and Ethereum spot ETFs, both of which attracted significant inflows since their launch.
According to the Hong Kong Economic Times, Solana’s official Chinese name will be “Solara,” a branding move that reflects the network’s growing popularity across Asia. The ETF’s listing also represents a significant milestone for Solana’s ecosystem, which has seen rapid adoption across decentralised finance (DeFi), NFTs and payment applications.
However, the SFC’s progressive stance has been met with tightened regulatory oversight from the Hong Kong Stock Exchange (HKEX). Bloomberg reported that HKEX has queried at least five listed companies attempting to rebrand themselves as “Digital Asset Treasury” (DAT) firms, a move the exchange has resisted. HKEX clarified that listed companies must maintain “viable, sustainable and substantial” business operations, warning that pure crypto-holding models will not qualify under current listing rules.
This mirrors similar regulatory positions in India and Australia, where financial watchdogs have restricted public companies from functioning solely as crypto reserve entities.
U.S. Solana ETF Faces Delays Amid SEC Review Freeze
Across the Pacific, progress on a U.S.-based Solana ETF remains stalled despite partial regulatory advances. The U.S. Securities and Exchange Commission (SEC) recently approved Form 8-A (12B) filed by 21Shares, formally registering the Solana ETF for listing on the Cboe BZX Exchange.
However, the ongoing U.S. government shutdown has frozen progress on the S-1 registration statements required before the ETF can begin trading. Without S-1 approval, the SEC cannot greenlight new spot crypto products, delaying the anticipated launch of both Solana and other pending spot ETFs.
Several issuers, including Bitwise and Grayscale, have withdrawn or amended filings in response to the delay. While U.S. securities law allows automatic effectiveness of filings after 20 days, SEC review is mandatory before any ETF can officially list.
This regulatory deadlock highlights the contrast between Hong Kong’s proactive approach and the U.S. market’s procedural inertia, even as global investors seek diversified exposure to next-generation blockchains like Solana.
Solana Ecosystem Expands Through Partnerships and Products
The momentum surrounding Solana extends beyond ETFs. Earlier this week, Gemini launched a Solana-branded credit card featuring auto-staking rewards, joining its existing Bitcoin and XRP card lineup. The card offers up to 4% crypto cashback, with rewards instantly paid in Solana and automatically staked at up to 6.77% APY on Gemini’s platform.
At the time of publication, Solana (SOL) was trading at $184, consolidating below resistance levels at $191. Technical indicators from TradingView show a bearish-biased RSI of 40.9, although some analysts suggest that downward momentum has weakened, hinting at potential upside in the near term.
A Defining Moment for Regulated Crypto Markets
Hong Kong’s approval of the Solana ETF cements its leadership as a trailblazer in regulated digital asset markets. By integrating compliance with innovation, the city continues to offer institutional investors a credible gateway into emerging blockchain assets.
While the U.S. ETF market remains gridlocked, Hong Kong’s swift regulatory clarity sends a clear message: the future of crypto investment products may be shaped not in Washington, but in Asia’s financial capital.
