Hong Kong Approves First Solana Spot ETF — Here’s When Trading Begins
Hong Kong’s securities regulator has permitted the primary Solana (SOL) spot exchange-traded fund, marking one other milestone within the metropolis’s effort to place itself as Asia’s main hub for regulated digital belongings.
The product, managed by China Asset Management (Hong Kong), will start buying and selling on October 27, native outlet Hong Kong Economic Times reported Wednesday.
The approval by the Securities and Futures Commission makes Solana the third cryptocurrency to obtain clearance for a spot ETF in Hong Kong, following Bitcoin and Ethereum.
Investors Can Enter Solana ETF For Around $100 As Hong Kong Pushes Retail Inclusion
Brokerage filings present that every buying and selling unit will include 100 shares, with the minimal funding set at about $100, or roughly HK$780. The ETF will commerce on the OSL Exchange, whereas custody and settlement companies will probably be dealt with by OSL Digital Securities.
The fund carries a administration price of 0.99%, whereas custody and administrative prices are capped at 1% of the fund’s internet asset worth. The estimated annual recurring expense ratio stands at 1.99%, and the ETF is just not anticipated to distribute dividends to buyers.
China Asset Management (Hong Kong), one of many metropolis’s largest fund managers, already operates Bitcoin and Ethereum spot ETFs. Its newest Solana product marks the primary time a SOL-based fund has been provided in each Asia and the US.
According to CoinGecko knowledge, Solana has a market capitalization of about $100.8b, rating beneath Bitcoin, Ethereum, Tether, Binance Coin and Ripple, however above USDC.
Meanwhile, Solana’s world ETF momentum has gained tempo. The 21Shares Solana Spot ETF in the US received approval earlier this month following clearance of its Form 8-A submitting with the SEC, permitting it to custody SOL and commerce on a significant American trade.
The product supplies direct publicity to Solana’s spot worth and would probably embrace staking options, which might drive institutional demand. Forecasts counsel the token might rally towards $300 if investor curiosity continues to rise.
Several different issuers, together with VanEck, Bitwise, Grayscale, Canary Capital, Franklin Templeton, Fidelity, and CoinShares, have additionally acquired approval for Solana spot ETF proposals, with listings anticipated to observe quickly after.
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