Hong Kong has granted approval for its inaugural Solana spot exchange-traded fund (ETF), adding to the city’s existing Bitcoin and Ethereum spot ETFs.
On Wednesday, the Hong Kong Securities and Futures Commission (SFC) authorized the China Asset Management (Hong Kong) Solana ETF, which is set to be listed on the Hong Kong Stock Exchange, as reported by the Hong Kong Economic Times.
The product will feature both RMB counters and USD counters, enabling trading and settlement in either currency. Each trading unit will consist of 100 shares, with a minimum investment of approximately $100. The fund is anticipated to launch on Monday.
OSL Exchange will operate the ETF’s virtual asset trading platform, while OSL Digital Securities will act as the sub-custodian. ChinaAMC has established a management fee of 0.99%, with custody and administrative fees capped at 1% of the sub-fund’s net asset value, leading to an estimated annual expense ratio of 1.99%.
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Hong Kong strengthens lead in crypto ETFs
ChinaAMC (Hong Kong) is already recognized for launching Asia’s first Bitcoin (BTC) and Ether (ETH) spot ETFs, both approved earlier this year.
The approval of spot Solana (SOL) ETFs in Hong Kong coincides with similar actions in other regions. Last year, Brazil made history by debuting trading of its spot Solana ETF on the Brazilian stock exchange before any other global regions.
In April, Canada also launched spot Solana ETFs, as the Ontario Securities Commission (OSC) approved asset managers Purpose, Evolve, CI, and 3iQ to issue ETFs containing Solana.
More recently, Kazakhstan introduced its first spot Bitcoin ETF, the Fonte Bitcoin Exchange Traded Fund (BETF), on the Astana International Exchange, with BitGo appointed as the regulated crypto custodian.
The United States currently lags, with no confirmed Solana spot ETF approved or launched.
Related: How high can SOL price go if a spot Solana ETF is approved?
Bitwise: Solana will be Wall Street’s go-to network
Bitwise chief investment officer Matt Hougan stated that Solana is set to become the leading blockchain for stablecoins and real-world asset tokenization, dubbing it “the new Wall Street.”
In discussions with the Solana Foundation’s Akshay BD earlier this month, Hougan pointed out that traditional finance players view Bitcoin as too abstract but see immense potential in stablecoins for transforming payments and in tokenization for revolutionizing markets within stocks, bonds, commodities, and real estate.
Hougan emphasized that when institutional investors assess blockchain infrastructure, Solana’s speed, throughput, and transaction finality make it particularly attractive.
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