Hong Kong Solana ETF Launch Meets US Fund Outflows

Pando Finance plans to list a spot Solana ETF on the Hong Kong Stock Exchange on October 13, adding a regulated route for investors to gain SOL exposure. The ETF will hold SOL directly and track a regional version of the CME CF Solana-Dollar Reference Rate. It will charge a 0.60% annual management fee, with estimated ongoing expenses of 1.60%. Shares will trade in Hong Kong dollars, with a minimum lot of 100. The fund will not stake SOL, use derivatives or leverage, or pay dividends; it may hold up to 3% of net assets in cash. HashKey Exchange will handle transactions and HashKey Custody Services will safeguard the assets. Its documents warn of significant volatility and the possibility of losing the entire investment. The launch comes as US Solana ETFs recorded $24.8 million in net outflows in the week ending October 9, their largest weekly withdrawals since launch and the end of 14 consecutive weeks of inflows. Bitwise’s BSOL accounted for about $20.9 million of the outflows, while Grayscale and Fidelity products also saw withdrawals; Morgan Stanley’s product had modest inflows. Bitcoin and Ethereum ETFs also recorded substantial weekly outflows. The Hong Kong Solana ETF expands regulated access, but the recent US data suggests softer near-term institutional demand for SOL and does not guarantee fresh buying pressure.