Pandu Asset Management has announced plans to list its spot Solana exchange traded fund on the Hong Kong Stock Exchange on October 13, becoming the city’s second investment product offering direct exposure to SOL.
Summary
- Pandu’s spot Solana ETF is expected to list in Hong Kong on October 13, becoming the city’s second fund offering direct exposure to SOL.
- Subscriptions run from October 6 to 12, with shares priced between HK$7.80 and HK$8 and a minimum trading lot of 100 shares.
- The fund will charge a 0.6% annual management fee, compared with 0.99% for ChinaAMC’s existing Solana ETF.
- HashKey Exchange will handle SOL transactions, while HashKey Custody Services will safeguard the assets. The fund will not use staking, derivatives or leverage.
According to the fund’s subscription details, the Pandu Solana ETF (02831) is accepting applications from October 6 through October 12, with an indicative issue price of HK7.80toHK8 per share.
Investors can subscribe in lots of 100 shares, bringing the minimum entry cost to approximately HK$800 before brokerage charges and other applicable fees.
Although the fund uses the US dollar as its base currency, its shares will trade in Hong Kong dollars on the local exchange.
Pandu has set an annual management fee of 0.6%, while its estimated annual recurring expense ratio stands at 1.6%. The fund does not intend to distribute dividends.
The planned listing follows the introduction of spot Bitcoin and Ethereum ETFs by the asset manager, making Solana its third cryptocurrency spot ETF offering in Hong Kong.
Pandu Solana ETF offers direct SOL exposure without staking
Pandu has structured the new fund as a passive investment product that will purchase and hold Solana through virtual asset trading platforms licensed by Hong Kong’s Securities and Futures Commission.
According to the product documents, the ETF can allocate up to 100% of its net asset value to SOL, with its performance measured against the CME CF Solana Dollar Reference Rate’s Asia Pacific closing price.
The benchmark provides a reference for the fund’s performance, although actual returns may differ because of management fees, operating expenses and other costs.
Unlike cryptocurrency investment products that generate returns through staking, Pandu’s ETF will not commit its SOL holdings to network validators.
Investors will therefore receive exposure to changes in the token’s market value without receiving staking rewards from the underlying assets.
The fund’s investment rules prohibit financial derivatives and leverage. Cash holdings may account for up to 3% of net asset value to cover operating expenses and meet redemption requirements.
For its trading and custody arrangements, Pandu has selected HashKey Exchange to execute Solana transactions, while HashKey Custody Services will safeguard the underlying cryptocurrency.
HashKey has continued to develop its institutional digital asset services in Hong Kong.
On October 8, crypto.news reported an expanded partnership between HashKey Cloud and BitGo covering institutional trading, custody, staking and tokenization.
The arrangement identified Ethereum and Solana as the first assets supported under its staking services, with BitGo providing custody services to eligible HashKey Capital funds following the required onboarding procedures.
Pandu’s ETF will use HashKey’s trading and custody infrastructure but will not participate in staking, according to its stated investment restrictions.
Hong Kong’s second Solana ETF carries lower annual fees
Pandu’s planned debut follows the launch of the ChinaAMC Solana ETF (03460), which became Hong Kong’s first spot investment fund tracking the cryptocurrency.
Hong Kong’s Securities and Futures Commission approved the first Solana ETF in October 2025, with ChinaAMC scheduled to introduce the product on October 27 that year.
The approval followed the introduction of Hong Kong’s first spot Bitcoin and Ethereum ETFs in April 2024, which allowed investors to access the two cryptocurrencies through locally listed securities.
ChinaAMC’s Solana product charges an annual management fee of 0.99%, compared with Pandu’s proposed 0.6%.
Its estimated annual recurring expense ratio stands at 1.99%, against 1.6% for the new Pandu fund.
The difference amounts to 0.39 percentage points in annual management fees and recurring expense ratios, based on the published figures.
Both funds provide investment exposure to Solana through exchange traded shares, although their respective product documents determine how the assets are held, valued and managed.
Pandu’s offering will be denominated in US dollars for accounting purposes, with investors buying and selling its Hong Kong dollar trading line through the stock exchange.
The subscription price range places the initial cost of a standard 100-share trading lot between HK780andHK800, excluding applicable charges.
Hong Kong continues to develop regulated digital asset products
The upcoming Solana ETF listing follows several developments involving Hong Kong’s licensed digital asset platforms and institutional investment products.
In August, Franklin Templeton expanded its tokenized fund distribution through HashKey Exchange, giving eligible professional investors access to its tokenized US government money market fund.
The product primarily invests in US government money market instruments and US dollar cash assets, with distribution handled through HashKey’s platform.
Hong Kong authorities have continued work on the regulatory framework governing cryptocurrency trading, custody and tokenized financial products.
Under proposals outlined in the city’s September 2026 Policy Address, Hong Kong plans to expand regulated stablecoin trading and support additional tokenized assets on licensed platforms.
The plans cover stablecoin settlement for tokenized money market funds, tokenized gold and other eligible real world assets.
The Hong Kong Monetary Authority is preparing to introduce central bank digital currency settlement and round the clock operations under EnsembleTX around the end of 2026.
Meanwhile, the Securities and Futures Commission has scheduled digital asset custody surveillance measures for the second half of 2026, with further market monitoring and anti money laundering surveillance planned for 2027.
Solana ETF documents warn of potential losses
Despite the regulated fund structure, Pandu’s offering remains exposed to movements in Solana’s market price.
The product documents warn that SOL has experienced considerable volatility, including a maximum single day decline exceeding 42% during 2022.
A comparable price movement could cause substantial losses for ETF shareholders, while the documents caution that investors could lose their entire investment.
Solana is among the cryptocurrencies that eligible retail investors can trade through licensed virtual asset trading platforms in Hong Kong.
HashKey Exchange, for example, has received authorization to offer retail trading in Bitcoin, Ethereum, Avalanche, Chainlink and Solana.
The blockchain itself launched in 2020 and supports decentralized finance applications, blockchain gaming and NFTs. SOL serves as its native token for transaction fees, staking and other network activities.
For the Pandu fund, investors will hold ETF shares instead of SOL tokens directly, with the underlying assets remaining under the appointed custodian’s control.
The product documents specify that the fund will not use leverage or derivatives, and any cash retained for expenses and redemptions will be limited to 3% of its net asset value.
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