What changed in this filing

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Item 1. Financial Statements

2026-05-13 compared with 2025-12-12 · 162 added, 49 removed, 148 unchanged (59% of the section changed)

1 unchanged sentence

Fidelity Solana Fund

Statement of As sets and Liabilities

September 30, 2025

Investment in solana, at fair value (cost $ 5,000,000 )

Statements of As sets and Liabilities

(Amounts in 000’s of US$, except for share and per share data)

March 31, 2026

December 31, 2025

Investment in solana, at fair value (cost $ 150,060 and $ 120,337 as of March 31, 2026 and December 31, 2025, respectively)

Commitments and Contingencies (Note 7)

Shares, no par value ( unlimited shares authorized) 200,000 shares issued and outstanding as of September 30, 2025

Shares, no par value (unlimited shares authorized) 9,900,000 and 7,775,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Paid-in-capital

1 unchanged sentence

Total Net Assets

Net Asset Value per share ( 200,000 shares issued and outstanding as of September 30, 2025)

Net Asset Value per share ( 9,900,000 and 7,775,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)

Values shown as $— in the Statements of Assets and Liabilities may reflect amounts less than $500.

The accompanying notes are an integral part of these financial statements

1 unchanged sentence

Statement of Operations

For the period September 10, 2025 (seeding date) through September 30, 2025

Investment Income:

(Amounts in 000’s of US$)

Three Months Ended March 31, 2026

Investment Income:

Income from staking rewards

Total Expenses Before Waiver

Sponsor fee waived

Net Investment Income (Loss)

Net Realized and Change in Unrealized Gain (Loss) from:

Net realized gain (loss) on investment in solana

Net realized gain (loss) on investment in solana sold for redemptions and distributions

Net realized gain (loss) on investment in solana distributed for redemptions

Net change in unrealized appreciation (depreciation) on investment in solana

1 unchanged sentence

Net Increase (Decrease) in Net Assets Resulting from Operations

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

1 unchanged sentence

Statement of Chan ges in Net Assets

For the period September 10, 2025 (seeding date) through September 30, 2025

(Amounts in 000’s of US$, except for shares)

Three Months Ended March 31, 2026

Net Increase (Decrease) in Net Assets Resulting from Operations:

Net investment income (loss)

Net realized gain (loss) on investment in solana

Net realized gain (loss) on investment in solana sold for redemptions and distributions

Net realized gain (loss) on investment in solana distributed for redemptions

Net change in unrealized appreciation (depreciation) on investment in solana

3 unchanged sentences

Shares redeemed

Distributions to Shareholders

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

8 unchanged sentences

Shares Outstanding, End of Period

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

1 unchanged sentence

Statement of Cash Flows

For the period September 10, 2025 (seeding date) through September 30, 2025

(Amounts in 000’s of US$)

Three Months Ended March 31, 2026

Cash Flows from Operating Activities:

2 unchanged sentences

Payments for purchases of solana

Proceeds from solana sold

Net realized (gain) loss on investment in solana sold for redemptions and distributions

Net realized (gain) loss on investment in solana distributed for redemptions

Net change in unrealized (appreciation) depreciation on investment in solana

Staking rewards received

Net Cash Provided by (Used in) Operating Activities

2 unchanged sentences

Cash paid for redemption of capital shares

Cash paid for staking rewards distributions

Net Cash Provided by (Used in) Financing Activities

2 unchanged sentences

Cash, End of the Period

Supplemental Information and Non-Cash Financing Activities

Solana received for the issuance of capital shares

Solana distributed for the redemption of capital shares

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

Fidelity Solana Fund

Schedule of Investment

September 30, 2025

Investments (a)

Schedules of Investment

March 31, 2026

(Amounts in 000’s of US$, except for quantity of solana and percentages)

Quantity of Solana

2 unchanged sentences

Total Investment in solana

Other Assets Less Liabilities

Total Net Assets

(a) Non-income producing investment

December 31, 2025

(Amounts in 000’s of US$, except for quantity of solana and percentages)

Quantity of Solana

Percentage of Net Assets

Investment in solana

Total Investment in solana

Other Assets Less Liabilities

Total Net Assets

The accompanying notes are an integral part of these financial statements

2 unchanged sentences

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 issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Trust.

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 Index is designed to reflect the performance of SOL in United States (“US”) dollars.

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”).

The Trust will operate pursuant to a Trust Agreement, as amended and/or restated from time to time (the “Trust Agreement”).

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.

2 unchanged sentences

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”) .

Significant Accounting Policies

3 unchanged sentences

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.

1 unchanged sentence

The Trust operates as a single operating segment.

The Trusts’ 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.

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.

In the opinion of the Trust, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of financial statements for the period presented.

These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”).

Use of Estimates

10 unchanged sentences

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.

17 unchanged sentences

Changes in fair value are reflected as the net change in unrealized appreciation (depreciation) on investment in solana.

Realized gains and losses from investment transactions are determined on the basis of identified cost and reflected as net realized gain (loss) on investment in solana sold for redemptions and distributions and net realized gain (loss) on investment in solana distributed for redemptions.

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 consists of a demand deposit held with a financial institution.

3 unchanged sentences

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 owners of beneficial interests of Shares (the “Shareholders”), and the Trustee will report to Shareholders and the Internal Revenue Service on that basis.

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.

2 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of March 31, 2026, the 2025 tax year remains open for examination.

There were no examinations in progress at period end.

2 unchanged sentences

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 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”) became 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.

In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets.

The Trust’s accounting and reporting under ASC 946 is materially consistent with the interim period reporting requirements of ASU 2023-08.

Related Party Agreements and Transactions

1 unchanged sentence

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.

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 (“Trust’s NAV”) 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.

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.

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 SEC and the Financial Industry Regulatory Authority, Inc.

(“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust.

2 unchanged sentences

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.

Fidelity Product Services LLC, an affiliate of the Sponsor, (the “Index Provider”) is responsible for the methodology and oversight of the Index.

Coin Metrics, Inc.

is the third-party, independent calculation agent for the Index.

All fees and expenses incurred by the Trust related to services performed by the Index Provider are borne by the Sponsor.

The Sponsor is authorized, in its discretion, (i) to negotiate, execute, deliver and perform on behalf of the Trust (a) agreements providing for or relating to the sale and issuance of interests in the Trust, and (b) agreements providing for or relating to the acquisition or disposition of assets by the Trust;

(ii) to take any and all actions to enable the Trust to hold assets, including without limitation, to invest and reinvest funds contributed to the Trust from time to time;

(iii) to prepare, execute and file any required tax returns;

(iv) to cause the Trust to issue beneficial interests and/or other interests in the Trust in exchange for such consideration to be contributed to the Trust as the Sponsor deems appropriate and cause the Trust to issue one or more certificates, in such form as it deems appropriate, evidencing such interests in the Trust;

and (v) to prepare, execute and deliver on behalf of the Trust any and all documents, papers and instruments as it deems desirable in connection with any of the foregoing.

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.

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.

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 .

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 March 31, 2026 , 848,168 SOL was staked with a fair value of $ 70.7 million .

As of March 31, 2026, the exit queue wait time was approximatel y 2 days.

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 September 30, 2025:

September 30, 2025

The following table presents information about the Trust’s assets measured at fair value as o f March 31, 2026 and December 31, 2025:

March 31, 2026

(Amounts are in 000’s)

Investment in solana

Total Investments

Geographic location for all investments is detailed in the accompanying Schedule of Investment.

As of September 30, 2025, FMR Capital, Inc.

owned 100 % of the outstanding shares of the Trust.

December 31, 2025

(Amounts are in 000’s)

Investment in solana

Total Investments

Geographic location for all investments is detailed in the accompanying Schedules of Investment.

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.

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.

The Trust made a cash distribution of income generated from its staking activities, with record and payment dates set by the Sponsor in accordance with the rules of the Trust's Exchange.

The cash distribution consisted of net staking income after deduction of any Trust expenses.

The following table summarizes the Trust's distributions for the three months ended March 31, 2026:

(Amounts in 000's of US$, except for per share data)

Distribution Per Share

Distribution Amount

February 17, 2026

Commitments and Contingencies

8 unchanged sentences

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 .

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three months ended March 31, 2026.

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.

Three Months Ended March 31, 2026

Per Share Activity

Net Asset Value, beginning of period

Net investment income (loss) (1)

Net realized and change in unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Distributions of net staking rewards

Net Asset Value, end of period

Market Value per Share, beginning of period

Market Value per Share, end of period

Total Return, at Net Asset Value (2)

Total Return, at Market Value (2)

Ratios to Average Net Assets

Net investment income (loss) (3)

Expenses, gross (3)

Expenses, net of waivers (3)

(1) Based on average shares outstanding during the period.

(2) Percentages are not annualized.

(3) Percentages are annualized.

Subsequent Events

In preparation of the financial statements, management has evaluated the events and transactions subsequent to September 30, 2025, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s financial statements except as described below.

On October 27, 2025, the Trust contractually agreed to pay the Sponsor an annual unified fee of 0.25 % of the Trust’s SOL Holdings (the “Sponsor Fee”), beginning on the date following the effectiveness of the registration statement.

The Sponsor Fee will be paid by the Trust to the Sponsor as partial compensation for services performed under the Trust Agreement.

Additionally, as partial consideration for the Sponsor arranging for the staking of the Trust’s SOL, the Trust will pay the Sponsor 15 % of the amount of staking rewards received by the Trust (“Staking Fees”), with such amounts subsequently shared amongst the Sponsor and other third-parties engaged by the Sponsor or the Trust to stake the Trust’s SOL.

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 following the effectiveness of the registration statement and ends after a period of six months, unless extended by the Sponsor in its sole discretion.

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”).

On November 18, 2025, the Sponsor began utilizing the services of custodians to stake the Trust’s SOL with one or more node operators in accordance with the Trust’s staking program as described in the registration statement.

In preparation of the financial statements, management has evaluated the events and transactions subsequent to March 31, 2026 , and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements