Hong Kong’s financial watchdog has officially authorized the launch of ChinaAMC’s first spot Solana (SOL) exchange-traded fund (ETF) set to debut this coming Monday, October 27. The authorization was confirmed by the Securities and Futures Commission (SFC) on their website.

The Landmark Solana ETF

This marks the first instance of a Solana spot ETF receiving regulatory endorsement in Hong Kong. ChinaAMC announced that the ETF, trading under ticker 3460, will have an annual management fee of 0.99%. For custodial services, BOCI-Prudential Trustee Limited will act as the primary custodian while OSL Digital Securities will function as the sub-custodian and facilitate virtual asset trading for this much-anticipated ETF.

Investors can trade the ETF in Hong Kong dollars, Chinese yuan, and US dollars on the Hong Kong Stock Exchange, with a board lot size established at 100 shares per currency. This ETF joins the ranks of ChinaAMC’s already successful spot Bitcoin and Ethereum ETFs.

This approval arrives amid expectations that the U.S. Securities and Exchange Commission (SEC) might soon allow the first wave of spot Solana and other altcoin ETFs. Although initial approvals were anticipated earlier in October, they were delayed due to the prolonged government shutdown in the U.S.

MemeStrategy’s $377K Investment in Solana

The approval process for the spot Solana ETF reflects the growing momentum established in the earlier part of the year when MemeStrategy, Asia’s first publicly traded company, invested in Solana, purchasing 2,440 SOL tokens for roughly $377,000 at an average token price of $155. They cited the crypto asset’s promising potential in blockchain, decentralized applications, and AI-focused Web3 technologies.

As a part of this regulatory shift, the SFC streamlined listing protocols by implementing general standards and removing the necessity for specific token filings, spurring a new wave of crypto ETF applications fueled by a surge in institutional interest for diverse digital asset products.