Hong Kong Approves First Solana (SOL) Spot ETF, ChinaAMC: Details

Hong Kong’s Securities and Futures Commission (SFC) has approved the territory’s first Solana (SOL) spot exchange-traded fund (ETF), expanding its crypto ETF offerings beyond Bitcoin (BTC) and Ethereum (ETH). 

The ChinaAMC Solana ETF (03460) is set to begin trading on the Hong Kong Stock Exchange (HKEX) on October 27, available in three currency counters: Hong Kong dollars (HKD 3460), Chinese yuan (RMB 83460), and U.S. dollars (USD 9460). Each board lot represents 100 SOL.

The approval allows ChinaAMC, which already operates spot bitcoin and ether ETFs in Hong Kong, to extend its crypto product range in Asia.

The SFC’s approval establishes Hong Kong as one of the first major Asian markets to offer a regulated Solana spot ETF, while U.S. investors continue to wait for a similar product amid regulatory delays.

Key Details of the ChinaAMC Solana Spot ETF

• Trading Launch: October 27, 2025
• Currency Counters: HKD, RMB, USD
• Board Lot Size: 100 SOL per lot
• Management Fee: 0.99% per year
• Custodian: BOCI-Prudential Trustee Limited
• Sub-Custodian & Trading Platform: OSL Digital Securities
• Accumulation Model: No dividends issued

The ETF will be traded on the HKEX in three currencies, enabling investors to choose between Hong Kong dollars, Chinese yuan, or U.S. dollars. A minimum investment is approximately US$100 or HK$780.

Total annual expenses, combining management, custody, and administrative fees, are expected to be around 1.99% of the sub-fund’s net asset value.

The fund employs an accumulation structure, similar to other spot crypto ETFs, meaning it does not distribute dividends but reinvests gains directly into the fund.

Technical Structure and Custody

The ChinaAMC Solana ETF incorporates technical measures to ensure continuity and security:

• Custody Model: BOCI-Prudential Trustee Limited holds the primary assets, while OSL Digital Securities handles sub-custody of SOL tokens.
• Trading Infrastructure: The fund will leverage the OSL trading platform for all virtual asset transactions.
• Security Measures: On-chain assets are segregated, ensuring the fund’s holdings remain separate from operational accounts.
• Accumulation Strategy: Gains are reinvested into the fund, increasing the underlying SOL holdings rather than paying dividends.

These technical measures ensure that investors can access Solana exposure without taking custody risks themselves, following regulatory requirements in Hong Kong.

Regulatory Context in Hong Kong

The SFC’s approval of a Solana spot ETF arrives amid a wider regulatory tightening in the region. The HKEX has recently scrutinized companies attempting to pivot into “Digital Asset Treasury” (DAT) businesses, which aim to hold large quantities of digital assets without proper authorization. 

HKEX rules stipulate that listed entities must have “viable, sustainable, and substantial” business operations to qualify for changes, effectively preventing non-operational crypto storage models.

Similar restrictions exist in India and Australia, where regulators have barred companies from operating as publicly traded crypto reserves without meeting operational criteria.

Solana ETF Regulatory Progress in the United States

Across the Pacific, the U.S. Securities and Exchange Commission (SEC) has yet to approve a spot Solana ETF. Form 8-A (12B) filings by issuers such as 21Shares have been approved, registering the product on the Cboe BZX exchange. However, the ongoing U.S. government shutdown has delayed required S-1 reviews, temporarily suspending new fund launches.

Without SEC approval of the S-1 filings, no new spot crypto ETFs can officially begin trading, even if they have Form 8-A or 19b-4 approvals. Some issuers, including Bitwise and Grayscale, have withdrawn or amended applications in response to the delays.

Analysts at JPMorgan estimate that Solana ETFs may attract around $1.5 billion in net inflows during their first year, roughly one-seventh the inflows seen by Ethereum ETFs during their first year. They note this ratio aligns with Solana’s relative DeFi total value locked (TVL) compared to Ethereum.

Solana Developments and Crypto Market Context

The ChinaAMC Solana ETF debut coincides with broader interest in altcoin ETFs in Asia and worldwide. Solana recently announced its Chinese name as “Solara” on its official social media platform X.

Meanwhile, Gemini launched a Solana-branded credit card with an auto-staking feature that allows rewards to earn up to 6.77% APY when staked on Gemini’s platform. These developments indicate growing adoption and ecosystem expansion for Solana, despite regulatory delays in the U.S.

Globally, the number of crypto ETP applications is increasing rapidly. Bloomberg reports that 155 applications currently track 35 digital assets, with the total expected to rise to 200 within the next 12 months. Solana, Bitcoin, and XRP each have more than 20 applications, while Ethereum and Basket ETPs exceed 10.

Conclusion

The approval of the ChinaAMC Solana spot ETF in Hong Kong reflects the city’s continued support for regulated crypto investment products. While U.S. approval for similar products remains delayed, Hong Kong investors can soon access a fully regulated, multi-currency Solana ETF with professional custody, trading infrastructure, and accumulation mechanisms. This development reinforces Hong Kong’s position as a hub for crypto ETFs in Asia while providing a secure and structured way for investors to gain exposure to Solana.

Resources:

1. About ChinaAMC Solana ETF: https://www.chinaamc.com.hk/product/chinaamc-solana-etf/

2. Hong Kong's Securities Regulator Approves First Solana ETF - report by CoinDesk: https://www.coindesk.com/markets/2025/10/22/hong-kong-regulator-approves-solana-etf

3. Gemini’s announcement about Solana Credit card: https://www.gemini.com/blog/gemini-releases-solana-edition-of-the-gemini-credit-card-and-automatic