Amundi and Spiko Finance rolled out a UCITS-compliant Solana fund this week. The Spiko Amundi Overnight Swap Fund avoids direct SOL holdings through fully collateralized swaps with Tier-1 banks. It's significant because UCITS passporting lets European institutional capital flow in without national re-registration.
The Swap Structure
BNP Paribas is the initial counterparty for the total return swaps. That keeps the fund within UCITS rules while giving exposure. CACEIS handles depositary duties behind the token interface. No SOL tokens touch the fund's books.
Proven Blockchain Strategy
SAFO already runs on seven other networks. The product held about $100 million in committed assets as of March 2026. Adding Solana expands options for institutional allocators. Subscriptions now open in EUR, USD, GBP and CHF. Minimum investment is one unit per currency.
Conflicting Institutional Moves
Goldman Sachs recently cut Solana exposure. That stance clashes with Amundi's new launch. The moves highlight divergence in big finance's crypto approach. Some firms pull back while others double down.
Global Adoption Signals
SBI Holdings filed for regulated crypto funds in Japan. That mirrors Europe's institutional shift. MiCA and AMF compliance standards are easing entry for conservative allocators. The trend now spans key financial hubs.
Next comes watching whether other Tier-1 banks join the swap counterparty lineup. The fund's early traction will signal if institutions trust this new compliance path.
