Amundi breaks into Solana: Europe’s largest asset manager fund

Amundi’s entry comes as that momentum accelerates, not as a contrarian bet. This is a confirmation signal from the most conservative side of the European asset management industry.

However, the backdrop is not uniformly bullish. Goldman Sachs recently reduced its SOL exposure, a move that has caused considerable desk chatter about diverse institutional strategies.

Amundi going long while Goldman is trimming creates exactly the kind of two-sided institutional narrative that tends to compress short-term volatility and build structural demand over a longer horizon. Both positions reflect legitimate strategic logic, they simply operate on different time frames and risk mandates.

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Solana News: How the Amundi-Spiko UCITS structure really works – and why it opens a new capital channel for SOL

The mechanism here is worth understanding exactly. UCITS, Undertakings for Collective Investment in Transferable Securities, is the European Union’s harmonized regulatory framework for investment funds.

What UCITS is to European institutional capital, spot ETFs are to the US market: the gold standard for regulated, portable fund structures.

A UCITS fund approved in one EU Member State can be distributed throughout the EEA without requiring separate fund registration in each jurisdiction. That passport capability is what makes this launch structurally significant rather than just symbolically noteworthy.

The specific product is the Spiko Amundi Overnight Swap Fund (SAFO), a UCITS sub-fund of the French-regulated SPIKO SICAV, supervised by the Financial Markets Authority.

SAFO generates returns through fully guaranteed total return swaps with Tier-1 banks, BNP Paribas is the initial counterparty, making it a cash-equivalent, swap-based treasury instrument rather than a direct SOL interest.

Spiko Finance acts as transfer agent, tokenization platform and broker; CACEIS, Amundi’s custodial affiliate, handles deposit and fund administration duties and keeps the full traditional fund stack intact behind the drawing layer.

Solana becomes at least the eighth chain in what is effectively a multi-chain UCITS strategy. Amundi and Spiko previously deployed SAFO on Ethereum, Polygon, Arbitrum, Base, Starknet, Stellar and Etherlink, with approximately $100 million committed AUM at the March 2026 expansion.

The European crypto-regulatory environment under MiCA is gradually lowering barriers to this kind of deployment, and the AMF framework provides the compliance perimeter that conservative institutional allocators, pension funds, corporate treasuries, collateral managers need before they can touch a product in the chain.

Subscriptions and redemptions are denominated in EUR, USD, GBP and CHF, with a minimum investment of one unit per currency class.

This effectively makes the product accessible to a very wide range of European institutional adoption use cases, from large sovereign wealth allocators to mid-market corporate treasury desks.

Parallel moves in Asia, including SBI Holdings filing for regulated crypto fund structures in Japan, confirm that regulated-shell demand for non-BTC, non-ETH assets is now a global institutional theme, not a regional experiment.

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