Hong Kong Approves New Crypto ETFs – Investment Opportunities Unlocked

Introduction

Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), has approved a new wave of spot cryptocurrency exchange-traded funds (ETFs), expanding beyond Bitcoin and Ethereum to include Solana. This marks a significant milestone in the city’s ambition to become a leading digital asset hub. The move opens fresh investment avenues for both institutional and retail investors, offering regulated access to emerging crypto assets.

What Just Happened

Hong Kong has granted approval for a spot Solana (SOL) ETF, making it the third crypto-based spot ETF in the city, following Bitcoin and Ethereum. The fund, managed by China Asset Management (Hong Kong) — ChinaAMC — will begin trading on the Hong Kong Stock Exchange (HKEX) on October 27, 2025. It will be available in Hong Kong dollars, Chinese yuan, and U.S. dollars, with a minimum investment threshold of roughly $100 and an estimated annual expense ratio of around 1.99%.

Why It Matters Now

This approval underscores Hong Kong’s proactive stance in regulated crypto innovation. By offering a spot Solana ETF, the city is broadening investor access to high-performance layer-1 blockchain exposure. It also positions Hong Kong ahead of the U.S., where regulators have yet to approve a similar product.

The launch builds on earlier momentum: in April 2024, Hong Kong approved its first spot Bitcoin and Ether ETFs, adopting an in-kind creation model that allows ETF shares to be issued directly in exchange for the underlying assets. This contrasts with the cash-based model used in the U.S.

Details of the Solana ETF

• Issuer: ChinaAMC (Hong Kong)
• Assets: Fully backed by physical Solana holdings, tracking the CME CF Solana‑USD Index based on the APAC reference rate
• Trading Start: October 27, 2025
• Currency Options: HKD, RMB, USD
• Lot Size: 100 shares per trading unit
• Fees: Management fee of 0.99%, with custody and administrative fees bringing total annual costs to approximately 1.99%
• Custody & Platform: OSL Exchange as trading platform; OSL Digital Securities as sub-custodian

Context: Hong Kong’s Crypto ETF Evolution

Hong Kong’s crypto ETF journey began in April 2024, when the SFC approved spot Bitcoin and Ether ETFs from ChinaAMC, Harvest Global, and Bosera International. These ETFs were structured using an in-kind model, which enhances liquidity and aligns with traditional ETF mechanics.

In February 2025, the SFC released a roadmap outlining 12 initiatives to deepen the virtual-asset ecosystem. These include exploring ETF staking, tokenized money market funds, derivatives, margin trading, and lending. Licensed platforms like HashKey and OSL are actively engaged in discussions to bring these products to market.

HashKey, in particular, received approval to offer staking services in April 2025, enabling investors to earn yield on spot Ether ETFs — a feature not yet available in U.S. offerings.

Market and Investor Implications

The Solana ETF adds diversity to Hong Kong’s crypto offerings, appealing to investors seeking exposure beyond Bitcoin and Ethereum. Solana’s technical strengths—high throughput, fast finality—make it attractive for applications like stablecoins and tokenization.

Observers note that the ETF provides a regulated channel for traditional finance participants to access Solana. As one industry voice put it:

“A Solana ETF adds depth and diversity to the market, showing that regulators are willing to broaden exposure beyond the top two assets.”

However, actual investor uptake and trading volumes will determine the fund’s success. The regulatory clarity and relatively low entry point may encourage adoption, but market dynamics remain uncertain.

What’s Next for the Market

Hong Kong’s roadmap suggests further innovation is on the horizon. ETF staking, derivatives, and tokenized products could soon follow, offering more sophisticated tools for investors.

Globally, the U.S. is making progress too. The SEC recently approved generic listing standards for commodity-based ETPs, potentially paving the way for a broader range of crypto ETFs, including altcoins like Solana.

Conclusion

Hong Kong’s approval of a spot Solana ETF marks a pivotal moment in the city’s crypto asset strategy. It expands regulated access to emerging tokens and reinforces Hong Kong’s leadership in Asia’s digital finance landscape. Investors now have a new, regulated path to Solana exposure. Looking ahead, the market will be watching for ETF staking, derivatives, and tokenization products. These developments could further transform how traditional and digital finance intersect.

The next key milestones include the ETF’s trading debut on October 27, 2025, and the rollout of staking-enabled products. These will be critical in assessing investor appetite and the broader impact on Hong Kong’s crypto ecosystem.