FINANCE

Hong Kong Races Ahead of U.S. With First Spot Solana ETF

Published: Oct. 23, 2025 4:19 a.m. GMT+8

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A Solana logo in the Backpack cryptocurrency wallet displayed on a mobile phone arranged in London on March 1, 2024. Photo: Bloomberg

Hong Kong’s securities regulator has approved the listing of Asia’s first Solana spot exchange-traded fund (ETF), outpacing the United States where similar proposals remain under regulatory review.

China Asset Management (Hong Kong) Ltd. received the approval from the Securities and Futures Commission to launch the “ChinaAMC Solana ETF” on Oct. 27 via the Hong Kong Stock Exchange. It is the third spot cryptocurrency ETF approved in the city, following previous rollouts of Bitcoin and Ether products. The launch highlights Hong Kong’s ambitions to position itself at the forefront of global efforts to offer regulated crypto investment products.

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Hong Kong approved Asia’s first Solana spot ETF, launched by ChinaAMC, making it the third spot crypto ETF in the city after Bitcoin and Ether.
The ETF, listed in HKD, yuan, and USD with a 0.99% management fee, does not initially support staking, pending regulatory reassessment.
Hong Kong’s approval precedes the U.S. and other major markets, despite previous approvals in Brazil, Kazakhstan, and Canada.

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Who’s Who

China Asset Management (Hong Kong) Ltd: China Asset Management (Hong Kong) Ltd. launched the "ChinaAMC Solana ETF" on Oct. 27 via the Hong Kong Stock Exchange. This is the third spot cryptocurrency ETF approved in Hong Kong. ChinaAMC previously launched Bitcoin and Ether ETFs in Hong Kong in April 2024. Its Ethereum ETF added staking functionality in May 2025.

Fidelity: Fidelity is an asset manager that has filed applications for Solana spot ETFs in the U.S. However, progress on these applications at the U.S. Securities and Exchange Commission has stalled due to the ongoing government shutdown. This indicates that while Fidelity has shown interest in offering such products, regulatory hurdles in the U.S. have prevented their launch.

Grayscale Investments: Grayscale Investments is one of several asset managers that have filed applications for Solana spot ETFs in the U.S. However, progress on these applications at the U.S. Securities and Exchange Commission has been delayed due to an ongoing government shutdown.

21Shares: 21Shares is an asset manager that has submitted final documentation for a Solana spot ETF application in the U.S. This filing, along with others from Fidelity and Grayscale Investments, awaits review by the U.S. Securities and Exchange Commission, with progress currently stalled due to an ongoing government shutdown.

OSL Exchange: OSL Exchange will serve as the virtual asset trading platform for the ChinaAMC Solana ETF. OSL Digital Securities Co. Ltd. will also act as a sub-custodian for the fund. This highlights OSL's role in facilitating regulated crypto investment products in Hong Kong.

BOCI-Prudential Trustee Ltd: BOCI-Prudential Trustee Ltd. is the primary custodian for the ChinaAMC Solana ETF, which is Asia's first Solana spot ETF listed in Hong Kong. This role positions them as a key player in the regulated crypto investment product landscape in Hong Kong.

OSL Digital Securities Co. Ltd: OSL Digital Securities Co. Ltd. is mentioned as the sub-custodian for the "ChinaAMC Solana ETF" in Hong Kong. This role involves holding the assets of the ETF. The fund, approved by Hong Kong's securities regulator, is Asia's first Solana spot ETF, highlighting Hong Kong's initiative in regulated crypto investment products.

CMB International Capital Corp. Ltd: CMB International Capital Corp. Ltd. expanded its tokenized money market fund's on-chain distribution to Binance's BNB Chain on October 15. This move aims to better reach Asia-Pacific investors. The $3.8 billion fund already supports Ethereum, Solana, Arbitrum, and Plume blockchains.

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What Happened When

April 2024：: ChinaAMC launched Bitcoin and Ether ETFs in Hong Kong.

Earlier in 2025：: Hong Kong authorized spot Ether ETFs, ahead of U.S. regulators.

May 2025：: ChinaAMC Ethereum ETF added staking functionality.

October 15, 2025：: CMB International Capital Corp. Ltd. expanded the on-chain distribution of its $3.8 billion tokenized money market fund to Binance’s BNB Chain.

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