Solana News Today: As U.S. Stalls, Hong Kong Approves Solana ETF to Cement Crypto Leadership

Hong Kong has cemented its position as a global leader in digital asset innovation as Fosun Wealth Holdings, a subsidiary of Fosun International, became the first Asia-based authorized participant (AP) for the Huaxia Solana ETF (3460.HK) on the Hong Kong Stock Exchange (HKEX). The ETF, approved by the Hong Kong Securities and Futures Commission (SFC), marks the third cryptocurrency-based spot ETF in the city after Bitcoin and Ethereum, signaling a pivotal step in the region's financialization of digital assets, according to a Coinotag report.

The Huaxia Solana ETF, issued by Huaxia Fund (Hong Kong) Limited, began trading on October 27, 2025, with Fosun Wealth providing in-kind and cash creation/redemption services for institutional and retail investors, according to LookonChain. This development aligns with Hong Kong's broader strategy to position itself as a Web3 financial hub, offering regulated access to blockchain-based assets. The ETF, available in Hong Kong dollars (3460.HK), U.S. dollars (9460.HK), and Chinese yuan (83460.HK), allows investors to hold physical Solana (SOL) tokens, distinguishing it from futures-based products, as reported by Blockchain Magazine.

Hong Kong's approval of the Solana ETF outpaced the U.S., where regulatory delays have stalled similar products. The SFC's decision reflects confidence in Solana's ecosystem, which boasts high transaction throughput and developer activity, as noted by SFC Director Terence Ho. The ETF's 0.99% management fee and 1% custody/administrative expenses make it one of the most competitive offerings in the region, according to FinanceFeeds.

Market reactions were swift. Solana's trading volume surged 40% to $8 billion within days of the ETF's approval, even as the token traded near $184, according to Yahoo Finance. Analysts at J.P. Morgan predict $1.5 billion in inflows for Solana ETFs in their first year, citing institutional interest and Hong Kong's regulatory clarity. The city's proactive approach has also spurred broader adoption: Standard Chartered Hong Kong announced plans to launch a virtual asset ETF trading service in November, capitalizing on growing demand among high-net-worth clients, according to Crypto.News.

The approval underscores Hong Kong's competitive edge over other financial centers. While the U.S. grapples with a government shutdown and SEC staffing shortages, Hong Kong has swiftly integrated digital assets into its financial framework. The SFC's endorsement of the Solana ETF follows earlier approvals for Bitcoin and Ethereum spot ETFs, creating a diversified crypto investment landscape.

Critics note that Hong Kong's ETF market lags behind other Asia-Pacific regions in growth, with a 5% CAGR compared to the APAC average of 22%. However, proponents argue that the city's regulatory framework and strategic location make it a natural bridge for Asian investors seeking exposure to global digital assets.

As trading volumes grow, analysts speculate that Solana's price could rise to $250 by early 2026, driven by institutional inflows and increased retail participation. The success of the Solana ETF could pave the way for additional blockchain-based products, including multi-chain or sector-specific funds, further solidifying Hong Kong's role as a pioneer in crypto finance.