What changed in this filing

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Item 1. Financial Statements

2026-08-13 compared with 2026-05-13 · 52 added, 32 removed, 278 unchanged (23% of the section changed)

3 unchanged sentences

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

March 31, 2026

June 30, 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)

Investment in solana, at fair value (cost $ 192,501 and $ 120,337 as of June 30, 2026 and December 31, 2025, respectively)

Sponsor fee payable

Staking fee payable

Total Liabilities

Commitments and Contingencies (Note 7)

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

Shares, no par value ( unlimited shares authorized) 14,325,000 and 7,775,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Paid-in-capital

1 unchanged sentence

Total Net Assets

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)

Net Asset Value per share ( 14,325,000 and 7,775,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)

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

1 unchanged sentence

Fidelity Solana Fund

Statement of Operations

Statements of Operations

Three Months Ended June 30,

Six Months Ended June 30,

(Amounts in 000’s of US$)

Three Months Ended March 31, 2026

Investment Income:

4 unchanged sentences

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

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

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

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

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

Net realized gain (loss) on investment in solana transferred to pay the Sponsor fee

Net realized gain (loss) on investment in solana transferred to pay the Staking fee

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.

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

The accompanying notes are an integral part of these financial statements

Fidelity Solana Fund

Statement of Chan ges in Net Assets

Statements of Chan ges in Net Assets

Three Months Ended June 30,

Six Months Ended June 30,

(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 sold for redemptions and distributions

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

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

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

Net realized gain (loss) on investment in solana transferred to pay the Sponsor fee

Net realized gain (loss) on investment in solana transferred to pay the Staking fee

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

14 unchanged sentences

Shares Outstanding, End of Period

Values shown as $— in the Statement of Changes in Net Assets may reflect amounts less than $500.

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

The accompanying notes are an integral part of these financial statements

2 unchanged sentences

(Amounts in 000’s of US$)

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Cash Flows from Operating Activities:

3 unchanged sentences

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 sold for redemptions

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

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

Net realized (gain) loss on investment in solana transferred to pay the Sponsor fee

Net realized (gain) loss on investment in solana transferred to pay the Staking fee

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

Transfer of solana to pay the Sponsor fee

Transfer of solana to pay the Staking fee

Staking rewards received

Increase (decrease) in Sponsor fee payable

Increase (decrease) in Staking fee payable

Net Cash Provided by (Used in) Operating Activities

14 unchanged sentences

Schedules of Investment

March 31, 2026

June 30, 2026

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

57 unchanged sentences

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 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., Eastern time (“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.

18 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.

Realized gains and losses 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 and net realized gain (loss) on investment in solana transferred to pay the staking fee.

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.

21 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.

As of June 30, 2026 , the 2025 tax year remains open for examination.

There were no examinations in progress at period end.

14 unchanged sentences

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.

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 contractually agrees 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.

5 unchanged sentences

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 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.

The waiver continued through May 18, 2026, and the Trust began accruing a Sponsor Fee on May 19, 2026.

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”).

9 unchanged sentences

Income from staking rewards would have been lower during the period if the staking fee had not been waived .

The waiver continued through May 18, 2026, and the Trust began accruing a Staking Fee on May 19, 2026.

Staking Program

8 unchanged sentences

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.

As of June 30, 2026 , 1,675,797 SOL was staked with a fair value of $ 126.3 million.

As of June 30, 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 March 31, 2026 and December 31, 2025:

March 31, 2026

The following table presents information about the Trust’s assets measured at fair value as o f June 30, 2026 and December 31, 2025:

June 30, 2026

(Amounts are in 000’s)

15 unchanged sentences

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:

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

The following table summarizes the Trust's distributions for the six months ended June 30, 2026:

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

2 unchanged sentences

February 17, 2026

June 24, 2026

Commitments and Contingencies

12 unchanged sentences

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 Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the six months ended June 30, 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

Six Months Ended June 30, 2026

Per Share Activity

15 unchanged sentences

(2) Percentages are not annualized.

(3) Percentages are annualized, except for the Sponsor fee waived amount reflected in the ratios.

(4) Percentages are annualized.

Subsequent Events

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.

In preparation of the financial statements, management has evaluated the events and transactions subsequent to June 30, 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