Fidelity Solana Fund 10-K

Item 8. Financial Statements and Supplementary Data. INDEX TO FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm (PCAOB ID: 238 ) 36 Statement of Assets and Liabilities as of December 31, 2025 37 Statement of Operations for the period September 10, 2025 (seeding date) through December 31, 2025 38 Statement of Changes in Net Assets for the period September 10, 2025 (seeding date) through December 31, 2025 39 Statement of Cash Flows for the period September 10, 2025 (seeding date) through December 31, 2025 40 Schedule of Investment as of December 31, 2025 41 Notes to the Financial Statements 42 35 Report of Independent Registered Public Accounting Firm To the Sponsor and Shareholders of Fidelity Solana Fund Opinion on the Financial Statements We have audited the accompanying statement of assets and liabilities, including the schedule of investment, of Fidelity Solana Fund (the “Trust”) as of December 31, 2025, and the related statement of operations, changes in net assets and cash flows for the period September 10, 2025 (seeding date) through December 31, 2025, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2025, and the results of its operations, changes in its net assets and its cash flows for the period September 10, 2025 (seeding date) through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America . Basis for Opinion These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ PricewaterhouseCoopers LLP Boston, Massachusetts March 25, 2026 We have served as the Trust’s auditor since 2025. 36 Fidelity Solana Fund Statement of Assets and Liabilities (Amounts in 000’s of US$, except for share and per share data) December 31, 2025 Assets Investment in solana, at fair value (cost $ 120,337 ) $ 113,949 Total Assets $ 113,949 Liabilities $ — Commitments and Contingencies (Note 7) Net Assets Shares, no par value ( unlimited shares authorized) 7,775,000 shares issued and outstanding as of December 31, 2025 — Paid-in-capital 120,038 Total distributable earnings (loss) ( 6,089 ) Total Net Assets $ 113,949 Net Asset Value per share ( 7,775,000 shares issued and outstanding as of December 31, 2025) $ 14.66 Values shown as $— in the Statement of Assets and Liabilities may reflect amounts less than $500. The accompanying notes are an integral part of these financial statements 37 Fidelity Solana Fund Statement of Operations (Amounts in 000’s of US$) For the period September 10, 2025 (seeding date) through December 31, 2025 Investment Income: Income from staking rewards $ 299 Expenses: Sponsor fee 16 Total Expenses Before Waiver 16 Sponsor fee waived ( 16 ) Net Expenses — Net Investment Income (Loss) $ 299 Net Realized and Change in Unrealized Gain (Loss) from: Net realized gain (loss) on investment in solana — Net change in unrealized appreciation (depreciation) on investment in solana ( 6,388 ) Net Realized and Change in Unrealized Gain (Loss) on Investment in Solana $ ( 6,388 ) Net Increase (Decrease) in Net Assets Resulting from Operations $ ( 6,089 ) Values shown as $— in the Statement of Operations may reflect amounts less than $500. The accompanying notes are an integral part of these financial statements 38 Fidelity Solana Fund Statement of Changes in Net Assets (Amounts in 000’s of US$, except for shares) For the period September 10, 2025 (seeding date) through December 31, 2025 Net Increase (Decrease) in Net Assets Resulting from Operations: Net investment income (loss) $ 299 Net change in unrealized appreciation (depreciation) on investment in solana ( 6,388 ) Net Increase (Decrease) in Net Assets Resulting from Operations $ ( 6,089 ) Capital Share Transactions: Shares issued 120,038 Shares redeemed — Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions $ 120,038 Total Increase (Decrease) in Net Assets $ 113,949 Net Assets, beginning of period — Net Assets, End of Period $ 113,949 Changes in Shares Outstanding: Shares outstanding, beginning of period — Shares issued 7,775,001 Shares redeemed ( 1 ) Net Increase (Decrease) in Shares 7,775,000 Shares Outstanding , End of Period 7,775,000 Values shown as $— in the Statement of Changes in Net Assets may reflect amounts less than $500. The accompanying notes are an integral part of these financial statements 39 Fidelity Solana Fund Statement of Cash Flows (Amounts in 000’s of US$) For the period September 10, 2025 (seeding date) through December 31, 2025 Cash Flows from Operating Activities: Net increase (decrease) in net assets resulting from operations $ ( 6,089 ) Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Payments for purchases of solana ( 73,946 ) Net change in unrealized (appreciation) depreciation on investment in solana 6,388 Staking rewards received ( 299 ) Net Cash Provided by (Used in) Operating Activities $ ( 73,946 ) Cash Flows from Financing Activities: Proceeds from issuance of capital shares 73,946 Net Cash Provided by (Used in) Financing Activities $ 73,946 Cash Net increase (decrease) in cash $ — Cash, beginning of the period $ — Cash, End of the Period $ — Supplemental Information and Non-Cash Financing Activities Solana received for the issuance of capital shares $ 46,092 Values shown as $— in the Statement of Cash Flows may reflect amounts less than $500. The accompanying notes are an integral part of these financial statements 40 Fidelity Solana Fund Schedule of Investment December 31, 2025 (Amounts in 000’s of US$, except for quantity of solana and percentages) Investments Quantity of Solana Cost Fair Value Percentage of Net Assets Investment in solana Global Solana 913,562 $ 120,337 $ 113,949 Total Investment in solana $ 120,337 $ 113,949 100.00 % Other Assets Less Liabilities $ — 0.00 % Total Net Assets $ 113,949 100.00 % The accompanying notes are an integral part of these financial statements 41 Fidelity Solana Fund Notes to the Financial Statements Note 1: Organization Fidelity Solana Fund (the “Trust”) is a Delaware Statutory Trust that was formed on March 20, 2025, pursuant to the Delaware Statutory Trust Act. The Trust’s investment objective is to seek to track the performance of solana (“SOL”), as measured by the performance of the Fidelity Solana Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities, plus an amount based on the staking rewards associated with SOL. The Trust is sponsored by FD Funds Management LLC (the “Sponsor”), a wholly-owned subsidiary of FMR LLC. CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”).  Pursuant to its investment objective, the Sponsor utilizes the services of the custodians to stake, or cause to be staked, all of the Trust’s SOL with one or more node operators, except for SOL reserved by the Sponsor in its sole discretion to facilitate foreseeable redemption transactions, pay Trust expenses, protect the Trust and its assets, and comply with its Liquidity Program. The Trust will operate pursuant to a Trust Agreement, as amended or restated from time to time (the “Trust Agreement”). The Trust is passively managed. The Shareholders of the Trust do not have control or involvement in the management of the Trust. Prior to September 24, 2025 , the Trust had no operations other than matters relating to the sale and issuance of one share of the Trust to FMR Capital, Inc. (the “Seed Capital Investor”), an affiliate of the Sponsor, for an aggregate purchase price of $ 25 on September 10, 2025. On September 24, 2025, the seed share was redeemed for cash and the Seed Capital Investor purchased 200,000 Shares at a per-Share price of $ 25 (the “Seed Baskets”). On September 24, 2025, the Trust purchased 23,402 SOL with the proceeds of the Seed Baskets. On November 17, 2025 , the Trust’s registration statement became effective and the Trust commenced operations. On November 18, 2025, Shares of the Trust commenced trading on NYSE Arca, Inc . (the “Exchange”). Note 2: Significant Accounting Policies The following is a summary of the significant accounting and reporting policies used in preparing the financial statements. Basis of Presentation The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and are stated in US dollars. The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”). Staking is considered an investing activity that does not preclude the Trust from qualifying as an investment company for accounting purposes. The Trust uses fair value as its method of accounting for its investment in SOL in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. The Trust operates as a single operating segment. The Trust’s profit or loss, assets, and performance are regularly monitored and assessed as a whole by the Sponsor of the Trust, using the information presented in the financial statements and financial highlights. Use of Estimates The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts may ultimately differ from those estimates and the differences could be material. SOL Assets SOL is a Solana-based token, which is a type of digital asset based on an open-source cryptographic protocol existing on a Solana network. The Solana network supports SOL and other Solana-based tokens. Digital assets are defined broadly as digital records that are made using cryptography for verification and security purposes, on a distributed ledger and may be characterized by their ability to be used as a medium of exchange, a representation to provide or access goods or services, or as a financing vehicle, such as a security. The Trust identifies SOL as an “other investment” in accordance with ASC 946 . 42 Investment Valuation Due to the Trust’s classification as an investment company, investments in SOL are recorded on the financial statements at their estimated fair value in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires the determination of the Trust’s principal market or, in the absence of a principal market, the most advantageous market (principal market) and the assumption that SOL is sold in their principal market. The Trust determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants using the principal market on the measurement date and, therefore, the principal market used must be accessible to the Trust on that date. The Trust determines its principal market price for GAAP reporting and utilizes an exchange-traded price from that principal market as of 11:59:59 p.m., EST, on the financial statement measurement date. The unadjusted exchange-traded price from the principal market utilized for SOL is utilized for staked SOL as restrictions on staked SOL are a characteristic of the Trust’s SOL holdings rather than a characteristic of SOL itself. GAAP establishes the following fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The inputs are categorized in one of the following levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust is able to access at the measurement date. Level 2 – Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly. These inputs may include (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability, or (d) inputs derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Inputs that are unobservable (including the Trust’s own data and assumptions based on the best information available) and significant to the entire fair value measurement. To the extent that investments are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Investments traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 of the fair value hierarchy. The availability of valuation techniques and observable inputs can vary across investments and is affected by various factors, including the nature of the investment, whether the investment is new or unestablished in the marketplace, market liquidity and other investment specific characteristics. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the uncertainty inherent in valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Therefore, the degree of judgment exercised by management in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Investment Transactions and Related Investment Income The Trust records investment transactions in SOL on a trade date basis. For financial reporting purposes, the Trust’s investment holdings and Paid-In-Capital include trades executed through the end of the last business day of the period. The Trust’s purchases are recorded at cost, including transaction fees, and are subsequently fair valued in accordance with the Trust’s fair valuation policy. Changes in fair value are reflected as the net change in unrealized appreciation (depreciation) on investment in SOL. The following table summarizes SOL activity: (Amounts in 000’s, except for quantity) Quantity Fair Value Balance as of September 10, 2025 (seeding date) — $ — Solana purchased 544,722 73,946 Solana received for the issuance of capital shares 366,478 46,092 Staking rewards received 2,362 299 Net change in unrealized appreciation (depreciation) on investment in solana ( 6,388 ) Balance as of December 31, 2025 913,562 $ 113,949 43 Staking The Trust retains control and ownership of staked SOL and no other entity obtains the right to direct the use of the SOL during the period it is staked. Staked SOL is not derecognized and the Trust accounts for its staked SOL in the same manner as its non-staked SOL. The Trust has the right to request to exit a staked position at any time without penalty, however, staked SOL is subject to Solana network protocol restrictions moderating when the Trust can unstake and withdraw its staked SOL and staked SOL will be inaccessible for a period of time. The duration of exiting periods are dependent on a range of factors, including Solana network conditions and demand. Depending on demand, unstaking can take between one to several “epochs” to complete. An epoch is approximately two days long on the Solana network. Staking Rewards The Trust’s staking rewards are recognized as revenue through the application of principles in ASC Topic 606, Revenue from Contracts with Customers. Staking reward revenue is recognized as income from staking rewards when the amount of the staking rewards to which the Trust is entitled for validations a node operator has completed is a) known and calculable and b) nonrefundable. At the time staking rewards are made known to the Trust, the performance obligation, which is a node operator's transaction validation services under a smart contract with the Solana network, has been satisfied. Staking rewards in the form of SOL are considered non-cash consideration and measured at fair value based on the Index Price of SOL used for the calculation of the Trust's NAV on the date the staking reward revenue is recognized. Node operators are the principals to the validation activities which generate the reward. The Trust acts as the agent to the validation activities and recognizes income from staking rewards net of the consideration allocated to other entities in the form of a Staking Fee. Cash Cash consists of a demand deposit held with a financial institution. At times, deposits may be in excess of federally insured limits. The Trust has not experienced any losses and does not believe it is exposed to any significant credit risk on such deposits. Income Taxes The Trust intends to be classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself should not be subject to US federal income tax. Instead, the Trust’s income and expenses should “flow through” to the Shareholders, and the Trustee will report to Shareholders and the Internal Revenue Service on that basis. The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. There were no examinations in progress at period end. Expenses Expenses are recorded as accrued. Expense estimates are accrued in the period to which they relate. Expenses included in the accompanying financial statements reflect the expenses of the Trust and do not include any expenses paid by the Sponsor or related entities outside of the Trust. Recently Adopted Accounting Pronouncement The Trust adopted FASB issued Accounting Standards Update (“ASU”) No. 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets” (“ASU 2023-08”), effective for annual and interim reporting periods beginning after December 15, 2024. ASU 2023-08 requires entities to subsequently measure certain crypto assets at fair value, and changes in fair value must be recorded in net income in each reporting period. The Trust’s accounting and reporting under ASC 946 is materially consistent with these requirements. These financial statements include additional disclosures about the holdings of certain crypto assets required by ASU 2023-08 for annual reporting periods. 44 Note 3: Related Party Agreements and Transactions Administrator Fidelity Service Company, Inc., an affiliate of the Sponsor, serves as the Trust’s administrator (the “Administrator”). Under the Administration Agreement, the Administrator provides necessary administrative, tax and accounting services and financial reporting for the maintenance and operations of the Trust, including valuing the Trust’s SOL and calculating the net asset value (“NAV”) per Share of the Trust and the NAV of the Trust and supplying pricing information to the Sponsor for the relevant website. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such services. All fees and expenses incurred by the Trust related to services performed by the Administrator are borne by the Sponsor. Distributor Fidelity Distributors Company LLC, an affiliate of the Sponsor, (“FDC” or the “Distributor”) is responsible for reviewing and approving the marketing materials prepared by the Sponsor for compliance with applicable Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority, Inc. (“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust. FDC is a broker-dealer registered under the Securities Exchange Act of 1934 (the “1934 Act”) and a member of FINRA. All fees and expenses incurred by the Trust related to services performed by the Distributor are borne by the Sponsor. Index Services Fidelity Product Services LLC, an affiliate of the Sponsor, (the “Index Provider”) is responsible for the methodology and oversight of the Fidelity Solana Reference Rate, an index licensed to the Trust. All fees and expenses incurred by the Trust related to services performed by the Index Provider are borne by the Sponsor. Sponsor Fee On October 27, 2025, the Trust contractually agreed to pay the Sponsor a unified fee of 0.25 % of the Trust’s SOL Holdings (the “Sponsor Fee”), effective as of the date of the registration statement. The Trust’s “SOL Holdings” is the quantity of the Trust’s SOL plus any cash or other assets held by the Trust represented in SOL as calculated using the Index price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in SOL as calculated using the Index price. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor is obligated to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes and the Staking Fees, but including: (i) the fees of the Trust’s third-party service providers including, but not limited to, the Distributor, the Administrator, any custodian, the Transfer Agent, the Index Provider and the Trustee, (ii) the fees and expenses related to the listing, quotation or trading of the Shares on the Exchange (including customary legal, marketing and audit fees and expenses), (iii) legal fees and expenses incurred in the ordinary course, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Trust and Shares, including any ongoing filings related to the offering of Shares, under the Securities Act of 1933 (the “1933 Act”) or the 1934 Act, (vi) printing and mailing costs, (vii) costs of maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid Expense” and collectively, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary Expense will not be deemed to be a Sponsor-paid Expense. There is no cap on the amount of Sponsor-paid Expenses. The Sponsor has also assumed all fees and expenses related to the organization and offering of the Trust and the Shares. On October 29, 2025, the Trust and the Sponsor entered into a Fee Waiver Agreement in which the Sponsor agreed to waive the Sponsor Fee in its entirety for the duration of the waiver period. The waiver period began on the date the Trust first issued Shares, which commenced trading on the Exchange November 18, 2025, following the effectiveness of the registration statement, and ends after a period of six months, unless extended by the Sponsor in its sole discretion. The Trust may incur certain extraordinary, nonrecurring expenses that are not Sponsor-paid Expenses, including, but not limited to, brokerage and transactions costs associated with the sale or transfer of SOL, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust, the Trust’s assets, or the interests of Shareholders, any indemnification of the custodians or other agents, service providers or counterparties of the Trust, extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Extraordinary Expenses”). To the extent on-chain transaction fees are incurred in connection with transfers or sales of SOL to pay Extraordinary Expenses, the Trust will bear such fees. 45 The Administrator calculates the Sponsor Fee in respect of each day based on the prior day’s SOL Holdings. The Sponsor Fee accrues daily in SOL and is payable monthly in SOL or cash. To the extent the Trust does not have cash readily available, the Sponsor will cause the transfer or sale of SOL in such quantity as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor. The amount of SOL transferred or sold may vary from time to time depending on the actual sales price of SOL relative to the Trust’s expenses and liabilities. Staking Fees The node operators, the custodians and the Sponsor are each entitled to receive a portion of the staking rewards generated by the node operators’ staking activities (the “Staking Fees”), allocated from the staking rewards that the Trust receives from the Solana network. The Trust allocates to the Sponsor, as partial consideration for the Sponsor arranging for the staking of the Trust’s SOL, a staking fee equal to 15 % of the amount of staking rewards received by the Trust from the Solana network. The staking fee allocated to the Sponsor is subsequently shared amongst the Sponsor, custodian(s), node operator(s) or other third-parties engaged by the Sponsor or the Trust to stake the Trust’s SOL. On November 17, 2025, the Fee Waiver Agreement was amended and restated and the Sponsor agreed to waive the Staking Fees in their entirety on the staking rewards received by the Trust generated from the first $ 1 billion of Trust assets for the duration of the waiver period. Income from staking rewards would have been lower during the period if the staking fee had not been waived. Note 4: Staking Program Effective November 17, 2025, the Trust began staking SOL. The Sponsor utilizes the services of the custodians to stake, or cause to be staked, all of the Trust’s SOL with one or more node operators, except for SOL reserved by the Sponsor in its sole discretion to facilitate foreseeable redemption transactions, pay Trust expenses, protect the Trust and its assets, and comply with its Liquidity Program. Accordingly, while under normal circumstances the Trust may stake up to 100 % of the Trust’s SOL, there is no minimum percentage the Trust is required to stake. The node operators utilize the hardware, software and services necessary to enable the establishment of validator nodes and stake the Trust’s SOL on the Solana network. As a result of the Sponsor utilizing staking activity services of the custodians, the Trust expects to receive certain staking rewards of SOL. The node operators exercise no discretion as to the amount the Trust’s SOL to be staked or timing of the staking activities (other than as is incidental in establishing or deactivating validator nodes). The custodians maintain exclusive possession and control of the private keys associated with any staked SOL at all times. Staking activity comes with a risk of loss of SOL, including in the form of “slashing” penalties. Additionally, as part of the “activating” and “exiting” processes of SOL staking, any staked SOL is inaccessible for a period of time, resulting in certain liquidity risks that the Sponsor manages. As of December 31, 2025 , 662,286 SOL was staked with a fair value of $ 82.6 million . On December 31, 2025 , the exit queue wait time was approximately 2 days. Note 5: Fair Value Measurement The Trust’s assets recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 2. The following table presents information about the Trust’s assets measured at fair value as o f December 31, 2025: December 31, 2025 (Amounts are in 000’s) Level 1 Level 2 Level 3 Total Investment in solana $ 113,949 $ — $ — $ 113,949 Total Investments $ 113,949 $ — $ — $ 113,949 Geographic location for all investments is detailed in the accompanying Schedule of Investment. Note 6: Capital The Trust is an exchange-traded product. The Trust continuously offers Baskets consisting of Shares to Authorized Participants. The number of outstanding Shares is expected to increase and decrease from time to time as a result of the issuance and redemption of Baskets. The issuance and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of SOL or cash represented by the Trust’s NAV of the Baskets being issued or redeemed. The total amount of SOL or cash required for the issuance or redemption of Baskets will be based on the combined net assets represented by the number of Baskets being issued or redeemed. 46 Shares represent fractional undivided beneficial interests in and ownership of the Trust. Shares issued by the Trust are registered in a book entry system and held in the name of Cede & Co. at the facilities of the Depository Trust Company (“DTC”), and one or more global certificates issued by the Trust to DTC evidences the Shares. Shareholders may hold their Shares through DTC if they are direct participants in DTC (“DTC Participants”) or indirectly through entities (such as broker-dealers) that are DTC Participants. Note 7: Commitments and Contingencies In the normal course of business, the Trust enters into certain contracts that provide a variety of indemnities, including contracts with the Sponsor and affiliates of the Sponsor, and its officers, directors, employees, subsidiaries and affiliates, as well as others relating to services provided to the Trust. The Trust’s maximum exposure under these and its other indemnities is unknown. However, no liabilities have arisen under these indemnities in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Sponsor does not consider it necessary to record a liability in this regard. The risk of material loss from such claims is considered remote. Note 8: Concentration Risk Unlike other funds that may invest in diversified assets, the Trust’s investment strategy is concentrated in a single asset within a single asset class. This concentration maximizes the degree of the Trust’s exposure to a variety of market risks associated with SOL and digital assets. By concentrating its investment strategy solely in SOL, any losses suffered as a result of a decrease in the value of SOL can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified. The Trust relies on the resources of a limited number of node operators to facilitate the Sponsor’s staking activities through the custodians. Disruptions in the execution of staking activities by one or more of these service providers could adversely impact the Trust’s operations. Inadequate hardware and software utilized by a node operator may result in missed staking rewards, penalization or slashing of staked SOL, a forced exit from performing validator duties, or a loss of SOL. Note 9: Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the period November 17, 2025 (commencement of operations) through December 31, 2025. The total return, at net asset value is based on the change in NAV of a Share during the period and the total return, at market value is based on the change in market value of a Share on the Exchange during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. For the period November 17, 2025 (Commencement of Operations) through December 31, 2025 Per Share Activity Net Asset Value, beginning of period $ 15.21 Net investment income (loss) (1) 0.07 Net realized and change in unrealized gain (loss) ( 0.62 ) Net increase (decrease) in net assets resulting from operations ( 0.55 ) Net Asset Value, end of period $ 14.66 Market Value per Share, beginning of period 15.21 Market Value per Share, end of period $ 14.59 Total Return, at Net Asset Value (2) ( 3.64 )% Total Return, at Market Value (2) ( 4.08 )% Ratios to Average Net Assets Net investment income (loss) (3) 3.89 % Expenses, gross (3) 0.25 % Expenses, net of waivers (3) 0.00 % (1) Based on average shares outstanding during the period. (2) Percentages are not annualized. (3) Percentages are annualized. 47 Note 10: Subsequent Events In preparation of the financial statements, management has evaluated the events and transactions subsequent to December 31, 2025 , and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s financial statements. 48 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. There are not and have not been disagreements between the Trust and its accountant on matters of accounting principles, practices, or financial statement disclosure.