Pando Finance will list the Pando Solana ETF (ticker 2831.HK) on the Hong Kong Stock Exchange (HKEX) on 13 October, making it the second spot Solana ETF available in the city. The listing follows the debut of Hong Kong's first Solana ETF by China Asset Management (Hong Kong), or ChinaAMC. It also marks Hong Kong's entry into a second, highly competitive phase of regulated digital assets in Asia.
With a second issuer entering the market, SOL — Solana's native token — becomes the third cryptocurrency, alongside Bitcoin and Ethereum, to support a multi-issuer ETF market in Hong Kong. Competition among issuers should translate into more choice, deeper liquidity, and narrower spreads for investors seeking compliant SOL exposure without having to custody their own coins. For investors who want exposure to SOL through a regulated wrapper, a second issuer also removes the single-provider constraint, reinforcing Hong Kong's status as Asia's largest hub for regulated virtual asset products.

Pando Finance Joins ChinaAMC in Hong Kong

Pando Finance, a licensed virtual asset manager, issues the new fund. Per its official product page, the Pando Solana ETF tracks Solana's spot price and is fully backed by physical SOL under a Hong Kong-regulated custody model. The structure complies with HKEX circulars and supports both cash and in-kind creation and redemption — the processes by which new fund units are issued or retired — through authorized platforms.

ChinaAMC set the template, launching its Solana ETF (03460) on 27 October 2025 after approval from the Securities and Futures Commission (SFC). It was the first product of its kind in the city, establishing fair valuation, custody, and index standards, with OSL Digital Securities serving as sub-custodian and OSL Exchange handling execution.

Pando's debut ends the single-issuer phase for Solana products in Hong Kong. Hong Kong's spot Bitcoin and Ethereum ETFs — launched in April 2024 by ChinaAMC, Harvest, and Bosera — followed a similar multi-issuer path, attracting significant assets and turnover.

According toando and HKEX notices, 2831.HK will enable multi-counter trading and institutional custody, removing complications for private banks and market makers operating in Asian hours.

Global Flows Provide the Backdrop

Global adoption of Solana ETFs is gathering pace. Data cited by TokenPost and Pluang shows roughly $1.9 billion in net assets and $1.61 billion in cumulative net inflows across all spot Solana ETFs worldwide. SoSoValue data indicates there are nine US spot Solana ETFs, holding approximately $1.93 billion in assets with $1.59 billion in net inflows.

BREAKING: A second spot Solana ETF is coming to Hong Kong. Pando Solana ETF ( ) is set to list on HKEX on 13 October. Globally, spot SOL ETFs hold $1.9B in net assets, with $1.61B in cumulative net inflows. pic.twitter.com/U6gqLqK8qV — Solana (@solana) October 12, 2026

Bitcoin ETFs continue to dwarf the segment, with US-listed products holding more than $110 billion in assets. Solana nonetheless remains the largest altcoin ETF category besides Ethereum, and Bitwise's BSOL — the biggest US Solana fund — holds over $1.2 billion in assets. The fund stopped posting inflows for 14 weeks, and in late September it recorded $20.9 million in outflows — a reflection of how sensitive these products are to SOL's price and broader risk appetite.

For Hong Kong, this global growth means local products can maintain the custody and index models regulators require while supporting narrower spreads, even though Hong Kong-listed products command lower trading volumes than their US peers.

What Competition Means for Investors and the Ecosystem

A second Solana ETF represents a second vote of institutional confidence in the asset. Regulated ETFs act as a compliance route for MDs, families, and insurers that cannot hold tokens directly. The product also bolsters Solana's lead among high-performance Layer 1 networks positioned to settle stablecoins and launch tokens.

For investors, competition could yield tiered fees and deeper liquidity across HKD, USD, and RMB counters. For developers, an established ETF presence enables more conversations with neobanks and asset managers serving Hong Kong's SFC-regulated cluster.

Challenges remain: Solana's wild price swings and Hong Kong's low trading volumes mean active market making will be essential. JPMorgan has forecast that Solana ETF inflows could reach US$1.5 billion in the first year — a figure that would serve as a marker for sentiment and adoption.

Hong Kong's second Solana ETF moves the segment from a single-product pilot into a competitive market. Key watch items include first-trading-day volume for 2831.HK, fee transparency, and whether global flows turn positive. If Pando's listing gains traction, more issuers are likely to enter, potentially pushing crypto ETF adoption in Asia past the tipping point.