Hong Kong Approves First Solana ETF, SOL Volume Jumps 40%
Hong Kong has approved its first Solana spot ETF, marking a significant step in its aim to be Asia's leading crypto hub. The Hong Kong Securities and Futures Commission (SFC) granted approval for the ChinaAMC Solana ETF, which will start trading on October 27 on the Hong Kong Stock Exchange.
- The ETF allows trading in RMB and USD, with a minimum investment of $100 per unit.
- OSL Exchange will support the product as the virtual asset trading platform, with OSL Digital Securities as sub-custodian.
- Management fees are set at 0.99%, with custody and administrative fees capped at 1%, resulting in an estimated annual expense ratio of 1.99%.
Globally, Brazil was the first to introduce a spot Solana ETF. In contrast, U.S. regulators have been slower, with several applications still under review due to SEC staffing issues. Analysts predict high approval odds for a U.S.-based spot Solana ETF by 2025.
Solana saw a 40% increase in 24-hour trading volume, reaching $8 billion, despite a recent price correction. The token is maintaining strong support around $180, with potential for a rebound if it surpasses $195, potentially moving to the $210-$220 range.