Hong Kong Approves First Solana ETF, Trading Starts Oct 27

The Hong Kong Securities and Futures Commission (SFC) has granted approval to ChinaAMC’s Solana ETF, formally establishing the city as the first major financial hub to offer spot Solana exposure through a regulated exchange-traded fund. The product, officially named ChinaAMC Solana ETF, will begin trading on October 27 on the Hong Kong Stock Exchange (HKEX) Main Board under tickers 3460 for Hong Kong dollar denominations, 83460 for RMB, and 9460 for USD, with trading conducted in 100-share lots. This approval represents a significant expansion of Hong Kong’s regulated cryptocurrency market beyond the established Bitcoin and Ether offerings that have dominated traditional finance’s crypto adoption.

According to HKEX filings, the fund is designed to “closely correspond to the performance of SOL” and will invest all of its assets directly in the cryptocurrency, tracking the CME CF Solana-USD Index based on the APAC reference rate. The filing specifically notes that transactions will be conducted through SFC-licensed virtual-asset trading platforms, but the fund “will not stake any portion of the SOL” held by the sub-fund, maintaining a straightforward spot exposure strategy that aligns with regulatory expectations for transparency and risk management.

The Solana ETF approval arrives during a period of increased regulatory scrutiny from Beijing over 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. This contrast between local approval and mainland caution highlights Hong Kong’s unique position as a financial gateway balancing international innovation with regional regulatory considerations.

Hong Kong’s move has also positioned it ahead of the United States in the altcoin ETF race. The U.S. Securities and Exchange Commission 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. This timing advantage allows Hong Kong to capture first-mover benefits in the growing institutional demand for diversified crypto exposure beyond the market leaders Bitcoin and Ethereum.

Market observers view the approval as reinforcing confidence in Solana from Hong Kong regulators, setting the city 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. He added that Hong Kong regulators appear to be “moving methodically” with “an openness to innovation” that could establish the city as a hub for sophisticated crypto financial products.

The new ETF is expected to initially attract retail interest in Asia, where Solana’s developer base and consumer-focused applications have developed a strong following. However, industry experts suggest this retail tilt could evolve as institutional investors begin viewing digital assets like Solana as “components of a diversified on-chain economy rather than isolated single-asset exposures,” according to Kronbichler. Joshua Sum, head of product at Solayer Labs, noted that the ETF could draw institutional interest by introducing Solana to a largely “traditional finance audience” through a “proper, regulated channel” for investment.

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 demonstrates Solana is now “large enough to be liquid and globally recognized, yet different enough in design to test how broader token exposure fits” within regulated financial frameworks. The listing represents “a vote of confidence that Solana is ready” for broader adoption, according to Sum, potentially paving the way for additional altcoin ETFs as Hong Kong continues to develop its digital asset ecosystem.