Solana News Today: Hong Kong's Solana ETF Pioneers as U.S. Regulatory Delays Fuel Crypto Competition

The Solana ETF craze has ignited a frenzy in the crypto and traditional finance sectors, with the Bitwise Solana ETF (BSOL) surging to $69.5 million in inflows on its first trading day, October 28, 2025. This figure, reported by Farside Investors, marks the highest day-one trading volume for any of the 850 ETFs launched this year, according to Nate Geraci of the ETF Institute in a TradingView report. The success underscores growing institutional confidence in Solana (SOL), which has emerged as a top-performing altcoin in the current bull market.

Regulatory clarity from the U.S. Securities and Exchange Commission (SEC) has been pivotal. A pre-shutdown order allowing streamlined ETF approvals—provided they meet S-1 form requirements—facilitated the launch of BSOL and other Solana-linked products despite the ongoing government shutdown, as noted in the TradingView report. This development has accelerated the race to list Solana-based ETFs, with Grayscale's GSOL and Rex-Osprey's SSK joining the fray. The latter, holding 54% direct Solana exposure and 43.5% in a Swiss-listed CoinShares ETP, offers a diversified staking yield structure, according to a Yahoo Finance article.

Meanwhile, Hong Kong has outpaced the U.S. in crypto innovation. On October 27, the city launched the world's first spot Solana ETF, managed by China Asset Management (Hong Kong), as the SEC's furloughed staff delayed U.S. approvals, according to a Blockchain Magazine report. The product, trading on the Hong Kong Stock Exchange with a minimum investment of $100, reflects Asia's aggressive adoption of digital assets. J.P. Morgan analysts predict modest but steady inflows, positioning Hong Kong as a testbed for future altcoin ETFs, the report adds.

Staking features are amplifying Solana ETFs' appeal. The Bitwise Solana Staking ETF, for instance, offers an estimated 7% annual yield through network participation, while Grayscale's GSOL intends to distribute 77% of staking rewards to investors, according to a MarketScreener report. These yields, combined with Solana's high throughput and low fees, have attracted over $222.8 million in assets on the first day of trading for BSOL, according to Bloomberg Intelligence.

Market analysts project transformative impacts. Bitget's Ryan Lee estimates that Solana ETFs could attract $3–$6 billion in their first year, mirroring Bitcoin and Ethereum ETFs' success, according to a Cointelegraph report. JPMorgan echoes this, forecasting $3–$6 billion for Solana and $4–$8 billion for XRP ETFs. Maria Carola of StealthEX notes that Solana's institutional adoption could redefine Layer 1 blockchain competition, with Ethereum retaining its dominance in DeFi stability but ceding ground to Solana's scalability, as covered by Yahoo Finance.

However, challenges persist. Polymarket traders assign Solana only a 28% chance of hitting a new all-time high before 2026, with the token trading at $200 as of October 28, a point also highlighted in the Yahoo Finance piece. Additionally, Solana Company recently corrected its reported SOL holdings, revealing an increase of 0.1 million tokens rather than the initially stated 1 million, according to a GlobeNewswire correction.

As the ETF landscape evolves, the interplay between U.S. regulatory delays and Asia's crypto-friendly policies will shape Solana's trajectory. With over 150 crypto ETFs pending in the U.S. and Hong Kong's precedent set, the coming months could determine whether Solana solidifies its place in the institutional "big league" alongside Bitcoin and Ethereum, as noted in a TradingView roundup. The Blockchain Magazine coverage of Hong Kong's launch will remain a touchstone for how regional policy differences influence adoption.