Bitwise’s Solana ETF Gains NYSE Nod as Hong Kong Launches First Spot Solana Fund: A New Era for Institutional Crypto Access
In a landmark week for digital assets, the race to launch the first regulated Solana investment products has reached a critical juncture, with developments in the United States and Hong Kong highlighting two vastly different regulatory speeds. On October 27, 2025, Bitwise’s Solana Staking ETF received listing certification from NYSE Arca, a major step toward U.S. availability. However, trading remains in a holding pattern due to an ongoing U.S. government shutdown. Simultaneously and decisively, Hong Kong seized the first-mover advantage as ChinaAMC began trading the world’s first spot Solana ETF on the morning of October 28. This dual-track progress underscores a pivotal moment for Solana, transforming it from a prominent layer-1 blockchain into an asset poised for widespread institutional adoption through familiar financial vehicles.
Breaking Down the NYSE Arca Certification for Bitwise
The New York Stock Exchange’s Arca platform officially certified the approval for Bitwise’s Solana Staking ETF on October 27. This certification, visible on the U.S. Securities and Exchange Commission (SEC) website, confirms that Bitwise secured listing approval under the Securities Exchange Act of 1934. This procedural milestone is significant; it indicates that the exchange-listed product has met the necessary regulatory requirements from the exchange's perspective.
However, this is not the final green light for U.S. investors. The certification explicitly states that trading cannot begin until two conditions are met: the current U.S. government shutdown ends and final SEC reviews are completed. The government closure has entered its third week, halting many non-essential federal operations, including those at the SEC. This administrative paralysis has created an unexpected delay, leaving a fully-approved product in a state of limbo. Bitwise's strategic decision to switch its listing venue from Cboe BZX to NYSE Arca is also noteworthy, as NYSE Arca is the exchange hosting major spot Bitcoin and Ethereum ETFs, positioning the Solana product alongside the industry's most liquid offerings.
Hong Kong Cements Its Crypto Hub Status with World-First Launch
While the U.S. process remains stalled, Hong Kong has demonstrated a swifter, more decisive regulatory approach. ChinaAMC (China Asset Management Co.) listed the world’s first spot Solana ETF on the Hong Kong Stock Exchange at 9:30 a.m. local time on October 28, 2025. The fund offers investors three currency options: Hong Kong Dollar (HKD), Renminbi (RMB), and U.S. Dollar (USD), and charges an annual management fee of 0.99%.
This launch is not an isolated event but part of a broader pattern establishing Hong Kong as a leading hub for digital assets. The region had previously approved spot Bitcoin and Ethereum ETFs, creating a regulatory framework that allows for faster iteration and product launches compared to the United States. The approval and immediate launch of the ChinaAMC Solana ETF highlight Asia's rapidly evolving and pragmatic crypto regulatory landscape, allowing it to capitalize on market opportunities while U.S. regulators are sidelined by political gridlock.
Institutional Accumulation Precedes Regulatory Approval
The momentum behind these ETF launches was preceded by significant accumulation from institutional players. Data indicates that digital asset treasuries were positioning themselves ahead of the anticipated approvals. Specifically, corporate entities identified as Forward Industries and Solana Company accumulated over $2 billion worth of SOL during September alone.
According to Coingecko data, this buying spree caused treasury balances of SOL to jump by over 260% in a single month. This aggressive accumulation by "smart money" entities signals strong institutional confidence in Solana's long-term value proposition and anticipated demand surge following ETF launches. At the time of writing, Solana trades at $202.26, reflecting a 1.09% increase on the day.
October 2025: The Month of the ETF Wave
The developments for Solana are occurring within a much larger context of crypto ETF proliferation. Currently, over ninety spot ETFs covering 24 different digital assets are queued for review at the SEC, with most decision deadlines falling in October 2025. This wave was facilitated by new rules approved by the SEC in September that allow for faster ETF listings.
Bitwise is not alone in its pursuit of a Solana ETF. The field is crowded with major asset managers, including VanEck, Grayscale, Franklin Templeton, and Fidelity. Furthermore, 21Shares secured provisional approval for its own Solana product on the Cboe BZX Exchange. Prediction markets currently reflect market sentiment, showing 100% odds for a U.S. Solana ETF approval before year-end. Other assets like XRP and Litecoin show odds over 90%, while Dogecoin is above 80%.
The Competitive Edge: Solana Staking Yields
A key differentiator for the Bitwise product lies in its name and structure: the Bitwise Solana Staking ETF. The fund has set its management fee at a competitive 0.20%, with a three-month fee waiver for early investors. Crucially, the fund plans to stake its underlying SOL holdings.
This staking mechanism is designed to generate rewards for the fund, with Bitwise projecting a potential annual yield of 7.3%. This feature represents a significant advantage over most existing spot Bitcoin and Ethereum ETFs in the U.S., which typically do not offer staking rewards to investors. This creates a product that not only tracks the price of SOL but also provides a passive income stream, mirroring the utility available to direct holders of the cryptocurrency.
Strategic Conclusion: A Diverging Regulatory Landscape and What Comes Next
The simultaneous advancement of Solana ETFs in New York and Hong Kong marks a watershed moment for institutional crypto adoption. However, it also casts a stark light on the diverging regulatory philosophies between East and West. Hong Kong has successfully leveraged its agile framework to capture a "world-first" title, enhancing its reputation as an innovative financial center. The United States, despite having a mature and massive capital market, finds itself hampered by political processes unrelated to the merits of the product itself.
For investors and market watchers, the immediate future hinges on two key events:
- The End of the U.S. Government Shutdown: All eyes will be on Washington D.C., as the resumption of SEC operations is the absolute prerequisite for the Bitwise ETF and dozens of others to begin trading.
- Performance of the Hong Kong ETF: The trading volume and inflows into ChinaAMC's Solana ETF will be closely monitored as the first real-world test of institutional demand for a regulated Solana product.
The successful launch of these products fundamentally legitimizes Solana as a tier-1 asset class alongside Bitcoin and Ethereum in the eyes of regulators and traditional finance. While Hong Kong has won the sprint with its first spot Solana fund, the immense scale of the U.S. market means that when the Bitwise and other U.S. ETFs finally go live, they have the potential to unlock unprecedented levels of liquidity and investor access. The race is not over; it has simply entered a new, more globally competitive phase.