Hong Kong approves its first spot Solana ETF ahead of US
Hong Kong's SFC approved its first spot Solana ETF from China Asset Management, set to list on October 27.Summary
Hong Kong has officially approved its first spot Solana exchange-traded fund (ETF), making it the third crypto spot ETF approved by the city after Bitcoin and Ethereum. The Hong Kong Securities and Futures Commission (SFC) granted approval for the China Asset Management (Hong Kong) Solana ETF, which is expected to debut on the Hong Kong Stock Exchange on October 27. The product will support trading and settlement in both RMB and USD counters, with a management fee structure leading to an estimated annual expense ratio of 1.99%. This move positions Hong Kong ahead of the United States, which has not yet approved any spot Solana ETFs. ChinaAMC (Hong Kong) is already responsible for launching Asia's first spot Bitcoin and Ether ETFs. Separately, Bitwise CIO Matt Hougan expressed confidence in Solana's future, viewing it as the primary blockchain for stablecoins and real-world asset tokenization due to its speed and throughput, calling it "the new Wall Street."
(Source：Cointelegraph)