Key Highlights:
- Pando Finance is concluding the initial public sale for the second Solana ETF listed on the Hong Kong Stock Exchange (ticker 02831), which is due to be officially listed on October 13.
- The new vehicle beats current ChinaAMC with a lower APR of 0.6% and a lower recurring expense ratio of 1.6%.
- Solana price faces an 18% downside risk amid a bearish RSI divergence.
Pando Finance is set to launch Hong Kong’s latest virtual asset spot ETF on October 13. Following a week-long primary subscription period ending today, the newly reorganized Solana ETF (02831)—Pando’s third crypto spot vehicle—is primed for its official trading debut on the Hong Kong Stock Exchange.
Pando Launch Expands Spot Solana ETF Access for Local Investors
Currently, there are three currency channels in the ChinaAMC lineup (sole issuer of a regulated Solana fund in HK): 3460 (local currency), 83460 (mainland Chinese currency), and 9460 (American dollars).
The product is supported by more than 37,000 physical tokens and an asset base of approximately 4.12 million US dollars. Pando’s arrival is the end of this monopoly and provides alternative structural terms that alter the existing cost base of market participants.
Pricing Structure and Entry Fees
One major difference between the two Solana ETF options is the cost difference. The incoming fund offers a 0.6% management fee and an estimated overall recurring expense ratio of 1.6% compared to the incumbent fund’s 1.99% recurring expense ratio and 0.99% management fee.
New entry parameters for this fund include a base payment of USD 800 per trading block, which scales up by 100 shares per individual market lot. Shares are sold at different prices in the initial offering, ranging from 7.8 to 8.0 local dollars. The units are denominated in US dollars, but the vehicle will be executed in local currency, and no income distribution mechanisms will be involved.
As a purely non-discretionary tracker, the fund aims to track the CME Group CF Solana Dollar Index using regional closing valuations. The underlying structural framework dictates that capital allocation can scale up to the entirety of the fund’s overall equity, excluding a small liquidity buffer.
A small liquidity buffer not exceeding 3% will be kept exclusively in cash to cover current operating expenses and redemption requests.
Risk Controls and Institutional Custody
The operational strategy clearly prohibits any speculative mechanisms such as vehicle lending, leverage, and any type of derivatives exposure. The manager has developed relationships with licensed local organisations to support the underlying infrastructure.
The pipelines for securing assets and liquidation are handled by HashKey Exchange, and the custody of the actual assets (digital tokens) is managed by its custody side. This launch completes the company’s existing cryptocurrency offering, which includes its previous vehicles trading the price of Bitcoin and Ethereum.
Solana Price Risks Correction Within Expanding Channel
From June 2026, the Solana price showed an emerging recovery trend within two rising trendlines on the daily timeframe chart. The diverging nature of these lines indicates the formation of an expanding channel pattern known as the ‘Megaphone’ pattern.
Within this pattern, the increasing swings in the price cycle suggest the highlighted volatility in Solana trading. Over the past week, the Solana price has dropped from the $123 region to a current value of $112.39, registering a loss of 9%.
Interestingly, this pullback showcased a negative divergence with the RSI indicator when compared to its previous swing. This indicates a weakening bullish momentum in price and a higher potential for a deeper pullback.
Despite the upcoming launch of the Pando Solana ETF, technical analysis warns of a potential 19% drop in SOL price to reach a $90.66 floor.
However, the Solana price will prolong its current recovery momentum until the two ascending trendlines of the channel pattern remain intact.
