TL;DR
- Hong Kong’s SFC has accepted issuer ChinaAMC’s Spot Solana (SOL) ETF.
- The fund (ticker 3460) shall be listed on the Hong Kong Inventory Alternate on Monday 27 October.
- Solana turns into the third cryptocurrency within the area to have a spot ETF, after Bitcoin and Ethereum.
Hong Kong takes an essential step within the institutional introduction of crypto propertystrengthening its place because the area’s digital asset hub. Formally accepted by the jurisdiction’s Securities and Futures Fee (SFC) Asia’s first Spot Solana ETFmarks a milestone within the so-called “” ecosystem.Ethereum killer. ”
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This improvement positions Solana (SOL) because the third cryptocurrency on the continent to accumulate funding merchandise traded on spot exchanges.follows within the footsteps of comparable beforehand accepted Bitcoin and Ethereum funds. This determination highlights the rising regulatory and institutional confidence in diversifying digital property past the 2 main cryptocurrencies.
The writer of the product is China AMC A well known asset administration firm in (Hong Kong). Based on filed paperwork and official data, the ETF will formally begin buying and selling on the Hong Kong Inventory Alternate subsequent Monday, October twenty seventh.
New ETF operation particulars and custodian
The fund shall be Asia’s first Solana ETFwill commerce underneath the ticker 3460. Certainly one of its key options is its accessibility, as it may be traded in three completely different currencies: Hong Kong Greenback (HKD), Chinese language Yuan (CNY), and United States Greenback (USD). This multi-currency construction is meant to draw a broader base of home and worldwide buyers.
Concerning prices and safety construction, the fund has an annual administration payment of 0.99%. For the safety of property, BOCI-Prudential Trustee Restricted has been appointed as the first custodian. Performing as sub-custodian and buying and selling platform supplier is OSL Digital Securities, a widely known firm within the digital asset area from Hong Kong. Trades encompass 100 shares of every foreign money.
The Hong Kong approval comes as buyers in Western nations, notably the USA, await related choices.. The U.S. Securities and Alternate Fee (SEC) not too long ago delayed its ruling on the Solana ETF’s spot utility, with the delay attributed to the federal government shutdown earlier this month.
JPMorgan analysts predict that if the Solana ETF receives international approval, it may entice about $1.5 billion in inflows in its first yr. This estimate is about one-seventh of Ethereum’s flows, and the financial institution attributes this distinction to Solana’s DeFi (decentralized finance) ecosystem, which, whereas rising, is comparatively smaller than Ethereum.
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