Hong Kong approved its first spot Solana exchange-traded fund (ETF), marking the third spot crypto ETF approved by the city after Bitcoin and Ethereum.

On Wednesday, the Hong Kong Securities and Futures Commission (SFC) granted approval for the China Asset Management (Hong Kong) Solana ETF, which will be listed on the Hong Kong Stock Exchange, according to a report by the Hong Kong Economic Times.

The product will include both Chinese yuan counters and US dollar counters, meaning it can be traded and settled in both currencies. Each trading unit will consist of 100 shares, with a minimum investment of about $100. The fund is expected to debut on Monday.

The ETF’s virtual asset trading platform will be operated by OSL Exchange, while OSL Digital Securities will serve as sub-custodian. ChinaAMC has set a management fee of 0.99%, with custody and administrative fees capped at 1% of the sub-fund’s net asset value, resulting in an estimated annual expense ratio of 1.99%.

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Hong Kong strengthens lead in crypto ETFs

ChinaAMC (Hong Kong) is already known for launching Asia’s first Bitcoin (BTC) and Ether (ETH) spot ETFs, both of which were approved earlier this year.

Hong Kong’s approval of spot Solana (SOL) ETFs comes amid similar moves by other jurisdictions. Last year, Brazil became the first country to debut trading of its spot Solana ETF on the Brazilian stock exchange, ahead of other global jurisdictions.

Solana price remains largely flat. Source: CoinMarketCap

In April, spot Solana ETFs also launched in Canada. At the time, the Ontario Securities Commission (OSC) greenlighted asset managers Purpose, Evolve, CI and 3iQ to issue ETFs holding Solana.

More recently, Kazakhstan launched its first spot Bitcoin ETF, the Fonte Bitcoin Exchange Traded Fund (BETF), on the Astana International Exchange, with BitGo serving as the regulated crypto custodian.

The United States remains behind, with no confirmed Solana spot ETF approved or launched.

Related: How high can SOL price go if a spot Solana ETF is approved?

Bitwise: Solana will be Wall Street’s go-to network

Bitwise chief investment officer Matt Hougan said Solana is poised to become the primary blockchain for stablecoins and real-world asset tokenization, calling it “the new Wall Street.”

Speaking with the Solana Foundation’s Akshay BD earlier this month, Hougan said traditional finance players see Bitcoin as too abstract, but recognize the massive potential of stablecoins to transform payments and tokenization to revolutionize markets for stocks, bonds, commodities and real estate.

Hougan said that when institutional investors evaluate blockchain infrastructure, Solana’s speed, throughput and transaction finality make it especially appealing.

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