Key takeaways
- Hong Kong's new Solana ETF launches October 13.
- U.S. Solana funds lose a record $24.8 million weekly.
- Bitwise drives 84% of withdrawals after prolonged inflows.
Hong Kong is preparing to launch another spot Solana ETF on October 13, even as U.S. funds tracking SOL recorded their largest weekly withdrawals since entering the market nearly a year ago.
Pando Finance's new product will trade on the Hong Kong Stock Exchange under ticker 2831.HK, with a 0.60% annual management fee and estimated ongoing charges of 1.60%, according to the issuer's official fund documentation.
The listing comes as American spot Solana ETFs lost $24.8 million during the week ending October 9, ending 14 consecutive weeks of inflows. The reversal raises questions about institutional demand just as another Asian investment product becomes available.
Hong Kong Solana ETF Launches With 1.60% Ongoing Charges
Pando's ETF will hold SOL directly, tracking the CME CF Solana-Dollar Reference Rate's Asia-Pacific variant. Shares will trade in Hong Kong dollars, with a minimum board lot of 100 units.
Importantly, the fund will not stake its SOL holdings, meaning investors will receive price exposure without additional staking rewards.
That distinguishes Pando's structure from several American products, including Bitwise's BSOL, which stakes approximately 99% of its assets.
Hong Kong already introduced its first Solana ETF in October 2025 through ChinaAMC. Pando's offering therefore represents another expansion of regulated investment access rather than Solana's first entry into the Asian ETF market.
U.S. Solana ETF Outflows Hit $24.8 Million
The timing contrasts sharply with institutional flows in the United States.
Solana ETFs suffered their largest weekly net withdrawals since launching in October 2025, nearly tripling their previous $8.9 million outflow record.
Bitwise BSOL accounted for approximately $20.9 million, or 84% of the withdrawals. Grayscale's GSOL and Fidelity's FSOL also registered outflows, while Morgan Stanley's MSOL attracted modest inflows.
The reversal is particularly striking because Solana funds attracted $188.2 million just two weeks earlier, following months of expanding institutional participation.
Bitwise had previously crossed the $1 billion milestone, demonstrating how quickly regulated SOL investment products had grown.
Can Hong Kong Demand Offset U.S. Withdrawals?
The selling was not isolated to Solana. Bitcoin ETFs lost approximately $681.1 million last week, while Ethereum products shed $542.1 million, suggesting broader caution across cryptocurrency investment funds.
The divergence follows earlier ETF flow shifts, when XRP products attracted capital despite withdrawals from other major cryptocurrencies.
