Hong Kong has officially approved its first Solana spot exchange-traded fund (ETF), marking the third crypto-spot ETF approved by the city after Bitcoin and Ethereum.
On Wednesday, the Hong Kong Securities and Futures Commission (SFC) approved the China Asset Management (Hong Kong) Solana ETF, which will be listed on the Hong Kong Stock Exchange, according to a report in the Hong Kong Economic Times.
The product will include both RMB counters and USD counters, meaning it can be traded and settled in both currencies. Each trading unit will consist of 100 shares, with a minimum investment of $100. The fund is expected to launch on October 27.
The ETF’s virtual asset trading platform will be operated by OSL Exchange, while OSL Digital Securities will act as sub-custodian. Chinamic has set a management fee of 0.99% with custodial and management fees at 1% of the subfund’s net asset value, resulting in an estimated annual expense ratio of 1.99%.
Related: Solana founders develop new PerpDex ‘Percolator’
Hong Kong Consolidates Lead in Crypto ETFS
Chinamic (Hong Kong) is already known for launching Asia’s first Bitcoin (BTC) and Ether (ETH) spot ETFs, both of which were approved earlier this year.
Hong Kong’s approval of Spot Solana (SOL) ETFs comes amid similar moves by other jurisdictions. Last year, Brazil became the first country to officially start trading its spot Solana ETF on the Brazilian stock exchange, ahead of all other global jurisdictions.
In April, the Spot Solana ETF also launched in Canada. At the time, the Ontario Securities Commission (OSC) greenlighted asset managers Objective, Evolution, CI and 3iq to issue ETFs to hold Solana.
Most recently, Kazakhstan launched its first spot bitcoin ETF, FontBitcoin Exchange Traded Fund (BATF), on the Astana International Exchange, with Bitgo serving as the regulated crypto custodian.
Meanwhile, the United States is notably behind, with no certified Solana spot ETF approved or launched to date.
Related: If the Spot Solana ETF is approved, how much higher can the Solana price go?
Bitwise: Solana will be Wall Street’s go-to network
Bitwise Chief Investment Officer Matt Heughan believes Solana is poised to become the primary blockchain for tokenization of stablecoins and real-world assets, calling it “the new Wall Street.”
Speaking with Solana Foundation’s Akshay BD earlier this month, Hogan said traditional finance players view bitcoin as too abstract, but recognize stablecoins’ massive potential to replace payments and tokenization to revolutionize markets for stocks, bonds, commodities and real estate.
Hogan explained that when institutional investors evaluate blockchain infrastructure, Solana’s speed, throughput and transaction finality make it particularly attractive.
Magazine: Back to Ethereum – How Synthex, Ronin and Cello saw the light
