Hong Kong’s securities regulator has approved the city’s first Solana spot ETF, giving investors regulated exposure to the SOL token ahead of any similar product in the U.S.

Crypto exchange Kraken more than doubled its revenue in the third quarter, reporting $648 million, up 114% from a year ago, as it gears up for a potential U.S. IPO.

Crypto prime broker FalconX has agreed to acquire exchange-traded product (ETP) issuer 21Shares, the Wall Street Journal reported Wednesday, marking a push into fund management for the trading platform.

Top stories in the Crypto Roundup today:

• Hong Kong Approves First Solana ETF, Beating U.S. to Market Amid SEC Delays
• Kraken Revenue Doubles in Q3 as Exchange Moves Closer to U.S. IPO
• FalconX to Acquire Crypto ETF Issuer 21Shares, Expanding Into Fund Products

Hong Kong Approves First Solana ETF, Beating U.S. to Market Amid SEC Delays

Hong Kong’s securities regulator has approved the city’s first Solana spot ETF, giving investors regulated exposure to the SOL token ahead of any similar product in the U.S.

The ChinaAMC Solana ETF will begin trading on the Hong Kong Stock Exchange on October 27 in Hong Kong dollars, Chinese yuan and U.S. dollars. Each lot will represent 100 SOL.

The launch makes Solana the third crypto asset to get an ETF in Hong Kong, following Bitcoin and Ether. ChinaAMC already runs spot funds for both.

In the U.S., the Securities and Exchange Commission remains delayed in reviewing Solana ETF proposals due to limited operations during a government shutdown.

Kraken Revenue Doubles in Q3 as Exchange Moves Closer to U.S. IPO

Crypto exchange Kraken more than doubled its revenue in the third quarter, reporting $648 million, up 114% from a year ago, as it gears up for a potential U.S. IPO.

The company’s adjusted earnings hit $178.6 million, a 124% jump from Q2. Trading volume climbed 23% to $561.9 billion.

The strong results follow a $500 million funding round that valued Kraken at $15 billion. A public listing would put it alongside rivals like Coinbase, which reports earnings next week.

FalconX to Acquire Crypto ETF Issuer 21Shares, Expanding Into Fund Products

Crypto prime broker FalconX has agreed to acquire exchange-traded product (ETP) issuer 21Shares, the Wall Street Journal reported Wednesday, marking a push into fund management for the trading platform.

Terms of the deal were not disclosed. But the move signals FalconX's shift beyond market making and liquidity services toward launching its own crypto ETFs. The combined firm will focus on funds tied to derivatives and structured products, according to interviews with executives.

FalconX co-founder Raghu Yarlagadda said the merger would allow the company to bring investment products to market more quickly. The timing comes as ETF demand grows following the launch of U.S.-listed spot Bitcoin and Ether funds earlier this year.

Switzerland-based 21Shares is among the earliest and largest issuers of crypto ETPs in Europe, recently surpassing 50 listed products.

State of the Crypto by Top Tier Exchange Volume

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