Hong Kong has officially approved its first Solana spot exchange-traded fund (ETF), making it the third cryptocurrency spot ETF approved in Hong Kong after Bitcoin (BTC) and Ethereum (ETH).
According to the Hong Kong Economic Journal, the Securities and Futures Commission (SFC) of Hong Kong approved the Huaxia Fund (Hong Kong) Solana ETF on Wednesday, and the product will be listed on the Hong Kong Stock Exchange.
The product features both RMB and USD counters, supporting dual currency trading and settlement. Each trading unit consists of 100 shares, with a minimum investment amount of approximately $100, and it is expected to be listed on October 27.
The ETF is operated by the OSL exchange's virtual asset trading platform, with OSL Digital Securities serving as the auxiliary custodian. Huaxia Fund has set a management fee of 0.99%, with a cap on custody and administrative fees at 1% of the fund's net asset value, and the expected annual total expense ratio is 1.99%.
Huaxia Fund (Hong Kong) has previously successfully launched Asia's first Bitcoin (BTC) and Ethereum (ETH) spot ETFs, both of which were approved this year.
The approval of the Solana (SOL) spot ETF in Hong Kong coincides with active developments in other regions around the world. Last year, Brazil was the first to launch a Solana spot ETF on its national stock exchange, leading the global market.
In April of this year, Canada also launched a Solana spot ETF. At that time, the Ontario Securities Commission (OSC) approved asset management companies such as Purpose, Evolve, CI, and 3iQ to issue ETFs holding Solana.
Additionally, Kazakhstan launched its first spot Bitcoin ETF—the Fonte Bitcoin ETF (BETF)—on the Astana International Exchange, with BitGo serving as the regulated crypto asset custodian.
Meanwhile, the United States is significantly lagging behind, with no approved or launched Solana spot ETFs to date.
Bitwise Chief Investment Officer Matt Hougan stated that Solana is expected to become a major blockchain platform for stablecoins and the tokenization of real assets, referring to it as "New Wall Street."
Earlier this month, Hougan discussed with Akshay BD from the Solana Foundation that traditional financial participants find Bitcoin too abstract but recognize the enormous potential of stablecoins in the payment sector, as well as the revolutionary impact of tokenization on the stock, bond, commodity, and real estate markets.
Hougan pointed out that when institutional investors assess blockchain infrastructure, Solana's speed, throughput, and transaction finality make it highly attractive.
Related: Bitcoin (BTC) whales quietly embrace BlackRock ETF after SEC rule changes
Original article: “Hong Kong First to Approve First Solana Spot ETF, Leading the U.S.”
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