Amundi brings €2.4 trillion to Solana with UCITS tokenized fund
Europe’s largest asset manager, Amundi, has launched a UCITS-compliant tokenized fund on Solana, marking a significant step in institutional crypto adoption. The fund—SAFO—was developed in partnership with tokenization specialist Spiko Finance and is being deployed as a tokenized sub-fund under SPIKO SICAV, subject to French AMF supervision.
How the fund is structured
- Amundi provides the asset-management expertise; Spiko Finance serves as transfer agent, tokenization platform and broker.
- CACEIS, Amundi’s custody affiliate, is responsible for depositary duties and fund administration.
- Legally, SAFO is a tokenized sub-fund of SPIKO SICAV and operates under French regulatory oversight by the Autorité des marchés financiers (AMF).
- The fund uses total return swap contracts backed in full by Tier 1 banks, including BNP Paribas.
- Subscriptions and redemptions are available in EUR, USD, GBP and CHF, with a minimum investment of one unit per currency class.
Why this matters
- The UCITS wrapper lets SAFO be marketed across all EU member states under a single regulatory framework—removing longstanding cross-border compliance hurdles that discouraged European institutional allocations to on-chain products.
- Amundi’s entry onto Solana adds a major European institutional footprint to the Solana ecosystem at a time when U.S. institutional interest is also growing: U.S. Solana spot ETFs have surpassed $1 billion in AUM, and roughly 30 institutions held about $540 million in Solana ETF exposure as of March 2026. Amundi’s launch supplements that U.S. momentum from the European side.
Market context and implications
- At the fund’s March 2026 expansion, SAFO already had roughly $100 million in committed AUM across seven blockchain deployments; this launch on Solana is its eighth chain.
- The move creates a notable divergence among large players: while Goldman Sachs recently trimmed its SOL exposure, Amundi’s native Solana deployment represents a firm institutional bet—creating a two-sided narrative that can help build structural demand over time.
- Crypto.news and other outlets have reported growing institutional appetite—endowments and conservative allocators are increasingly using regulated wrappers such as UCITS and ETFs to access crypto exposure.
- Solana was chosen for this deployment because of its transaction throughput and an expanding institutional infrastructure; the Amundi move arrives alongside renewed activity in the U.S., including Morgan Stanley’s refiling of a staked Solana ETF application.
Bottom line
Amundi’s SAFO brings a major European asset manager’s regulatory and operational muscle to Solana, combining UCITS distribution advantages with on-chain tokenization. That dual push—regulated European product design plus rising U.S. ETF flows—strengthens Solana’s institutional narrative and could lower barriers for conservative European allocators to participate in crypto.
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