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   On October 22, 2025, the Hong Kong Securities Regulatory Commission officially approved the first Solana spot ETF applied for and issued by China Asset Management (Hong Kong). The product code is 03460. It is expected to be listed and traded on the Stock Exchange of Hong Kong on October 27. This move makes Solana the third crypto asset recognized by Hong Kong regulators after Bitcoin and Ethereum. It also marks a key step in the Asian market in the field of digital asset innovation. 1. Why choose Solana? Hong Kong regulatory breakthroughs and strategic considerations The approval of Solana ETF this time is not an accidental move, but an important part of Hong Kong’s systematic digital financial strategy. In terms of product design, the ETF fully reflects openness and compliance: it supports subscriptions in three currencies: Hong Kong dollar, RMB, and US dollar. The management fee is set at 0.99%. The custody business is undertaken by the licensed institution OSL, ensuring the compliance and convenience of product operation. At the level of regulatory framework, Hong Kong has gradually established a four-in-one digital asset regulatory system of "licensing - trading - access - products" since 2018, providing a solid institutional guarantee for the rapid implementation of innovative products. In addition, in the competition to formulate global digital asset rules, Hong Kong took the lead in approving the Solana ETF, demonstrating its proactive stance in seizing the commanding heights of competition in the global digital asset field. Some analysts pointed out that the ETF is expected to attract more than US$1.5 billion in capital inflows in its first year, further consolidating Hong Kong's important position as an international digital asset hub. 2. Solana’s RWA ecosystem: Physical assets on the chain are booming It is worth noting that on the same day that the Solana spot ETF was approved, the scale of real world assets (RWA) on the Solana chain exceeded US$700 million, and the number of holders increased by 18% month-on-month. This reflects Solana’s unique advantages in asset digitization as a “high-performance chain”. On the one hand, Solana has the characteristics of low cost and high speed. Compared with Ethereum, its transaction cost is extremely low and the processing speed is extremely fast. It is especially suitable for RWA scenarios that require high-frequency interaction, such as tokenized treasury bonds, credit assets, etc. On the other hand, Solana has implemented diversified assets on the chain. Currently, there are 94 RWA assets, covering treasury bonds, luxury goods, private credit and other fields. Among them, the scale of tokenized treasury bonds issued by Ondo Finance has exceeded 350 million US dollars. In addition, some projects have realized functions such as automatic daily distribution of income and real-time transfer on the chain, injecting new liquidity into traditional financial products. 3. Why do Eastern and Western capitals gather here? The rapid development of Solana's ecosystem benefits from the complementarity and integration of Eastern and Western capital logics. Western capital mainly bets on the technical level. Silicon Valley venture capital represented by a16z continues to invest in Solana’s underlying facilities and core protocols, promoting the continuous iteration of its technology and the continuous expansion of its ecosystem. Oriental Capital focuses on empowering the market. Institutions such as China Asset Management have paved the way for traditional funds to enter the digital asset market by launching ETFs and other compliance products. ； Temasek and other Asian capitals are also quietly laying out Solana ecological projects. The synergistic effect of Eastern and Western capital has initially emerged, and the combination of Western technology and Eastern markets is promoting Solana to become a key bridge connecting traditional finance and digital assets. 4. Opportunities and challenges coexist Although Solana has a promising ecological future, it still faces three major challenges. The first is the issue of technical stability. Solana has experienced many network outages in history, and it still needs to prove its financial-level reliability. The second is regulatory uncertainty. The U.S. Securities and Exchange Commission (SEC)’s doubts about whether Solana is a security have not yet been completely eliminated. Third, competition is intensifying. The performance of Ethereum Layer 2 continues to improve, and new public chains such as Aptos have emerged one after another. Solana needs to continue to innovate to maintain its competitive advantage. Conclusion: The silent transformation of financial infrastructure Hong Kong’s approval of Solana ETF is not only a product innovation, but also a system demonstration. It sends a clear signal to the market: digital assets are moving from the fringe to the mainstream, from speculation to practicality. For investors, this change means: Asset classes that were previously inaccessible can be allocated through compliance channels ； On-chain finance (such as RWA) may become the next growth point ； It is more important to pay attention to policy-friendly areas and public chain ecology with solid technology than to chase short-term hot spots. THE END Copyright statement The article is for reprinting and will not be used for any commercial purposes. We have tried our best to notify the author and source. However, due to limited ability or negligence, please contact us in time. We will immediately correct or delete the relevant content according to the copyright owner's request. Disclaimer: This article is reprinted. The purpose of publishing this article is to convey market information more broadly. It does not mean that the company agrees with its views. The content of this article is for reference only.    ★Who are we? Wall Street Nasdaq, Inc. The company is headquartered in Manhattan, New York, USA. It is a multinational boutique investment bank. Its business covers New York, Los Angeles, Hong Kong, Taiwan, Beijing, Shanghai, Shenzhen, Chongqing, Singapore, London and other regions. 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