Bitwise Solana Staking ETF 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Trust Commencement of Trading Ticker Symbol Name of each exchange on which registered Bitwise Solana Staking ETF October 28, 2025 BSOL NYSE Arca Holders As of December 31, 2025, there was one (1) holder of record of the Trust. This includes Cede & Co. as nominee for DTC for the Shares traded on the Exchange, but not its direct participants. Therefore, this number does not include the individual holders who have bought Shares on the Exchange or transferred their eligible Shares to their brokerage accounts. Because all of the Trust’s Shares are currently held by brokers and other institutions on behalf of Shareholders, the Trust is unable to estimate the total number of Shareholders represented by the record holder. Dividends The Trust made no distributions to Shareholders during the period ended December 31, 2025. The Trust has no obligation to make periodic distributions to Shareholders. Use of Proceeds from Registered Securities On October 27, 2025, the Trust’s Registration Statement on Form S-1 (File No. 333-283391) was declared effective pursuant to which the Trust registered an unlimited number of Shares. The Trust’s Shares began trading on the Exchange on October 28, 2025 and since that date, through March 12, 2026 (excluding any redemptions), the Trust sold 53,250,000 Shares for aggregate proceeds of $1,036,727,065. The Trust seeks to use substantially all of the proceeds of the offering of Shares to make investments in solana in a manner consistent with the Trust’s investment objective. Recent Sales of Unregistered Shares Prior to the commencement of operations on October 23, 2025, on September 17, 2025, BAM purchased 8 Shares at a per-Share price of $25.00 for $200.00 in a transaction exempt from registration under Section 4(a)(2) of the 1933 Act (the “Seed Shares”). On October 23, 2025, BAM redeemed the entirety of its 8 Seed Shares for $200 and Bitwise Investment Manager, LLC (“BIM”), an affiliate of the Sponsor, purchased the initial 100,000 Shares of the Trust (the “Seed Baskets”) for $2,500,000, at a per-Share price of $25.00. BIM acted as a statutory underwriter in connection with the initial purchase of the Seed Baskets. On October 23, 2025, BIM sold all of its 100,000 Shares of the Trust for cash. Purchases of Equity Securities by the Issuers and Affiliated Purchaser The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption of Baskets held by Authorized Participants, the Trust redeemed 28 Baskets (comprising 280,000 Shares) during the fourth quarter of the year ended December 31, 2025. The following table summarizes the redemptions by Authorized Participants during the period: Period Total Shares Redeemed Average Price Per Share October 1, 2025 – October 31, 2025 8 $ 25 November 1, 2025 – November 30, 2025 — $ — December 1, 2025 – December 31, 2025 280,000 $ 16.41 Item 6. [ Reserved]. 91