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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-13 · 44 added, 35 removed, 111 unchanged (42% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Discussion and Analysis of Financial Condition and Results of Operations.

following discussion and analysis of the Trust’s financial condition and results of operations should be read together with, and

19 unchanged sentences

results to differ materially from the Trust's expectations include, but are not limited to:

● the special considerations discussed in this Quarterly

● the special considerations discussed in this Quarterly Report;

● general economic, market and business conditions;

● technology developments

regarding the use of SOL and other digital assets, including the systems used by the Sponsor and the Trust’s custodians in their

provision of services to the Trust;

● changes in laws or regulations,

including those concerning taxes, made by governmental authorities or regulatory bodies;

● other world economic and

political developments, including, without limitation, global pandemics and the societal and government responses thereto;

● any additional factors

discussed in this Quarterly Report, as well as those described from time to time in the Trust’s future reports filed with the SEC.

● technology developments regarding the use of SOL and other digital

assets, including the systems used by the Sponsor and the Trust’s custodians in their provision of services to the Trust;

● changes in laws or regulations, including those concerning taxes,

made by governmental authorities or regulatory bodies;

● other world economic and political developments, including, without

limitation, global pandemics and the societal and government responses thereto;

● any additional factors discussed in this Quarterly Report, as

well as those described from time to time in the Trust’s future reports filed with the SEC.

All the forward-looking statements

28 unchanged sentences

and Capital Resources

The Trust typically

does not hold a cash balance except in connection with the creation and redemption of “Baskets” (i.e., blocks of 10,000

typically does not hold a cash balance except in connection with the creation and redemption of “Baskets” (i.e., blocks of

10,000 Shares) or to pay expenses not assumed by the Sponsor.

The Trust pays the Sponsor an annual unified fee of 0.50% of the

Trust’s SOL Holdings (the “Sponsor Fee”).

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 Pricing Benchmark

price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in SOL as calculated using

the Pricing Benchmark price.

The Trust pays the Sponsor an annual unified fee of 0.50% of the Trust’s

SOL Holdings (the “Sponsor Fee”).

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 Pricing Benchmark price, less its liabilities (which

include estimated accrued but unpaid fees and expenses) represented in SOL as calculated using the Pricing Benchmark price.

may also incur certain extraordinary, nonrecurring expenses that are not assumed by the Sponsor, including, but not limited to, brokerage

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implemented adequate AML, KYC and other legal compliance policies and procedures.

Results of Operations for the Three Months

Ended March 31, 2026 *

net asset value decreased from $1,926,808 at December 31, 2025, to $1,145,618 at March 31, 2026.

Results of Operations*

Three Months Ended June 30, 2026

net asset value increased from $1,145,618 at March 31, 2026, to $1,470,635 at June 30, 2026.

The change in the Trust’s net assets

resulted from a decrease in outstanding Shares, which fell from 80,000 at December 31, 2025, to 70,000 at March 31, 2026, as a result

of 10,000 Shares being created and 20,000 Shares being redeemed during the quarter, and a decrease in the value of SOL, which depreciated

-33.12% from $124.26 at December 31, 2025, to $83.11 at March 31, 2026.

resulted from an increase in outstanding Shares, which rose from 70,000 at March 31, 2026, to 100,000 at June 30, 2026, as a result of

30,000 Shares being created and no Shares being redeemed during the quarter, and a decrease in the value of SOL, which depreciated -11.42%

from $83.11 at March 31, 2026, to $73.62 at June 30, 2026.

The net asset

value per Share decreased -32.05% from $24.09 at December 31, 2025, to $16.37 at March 31, 2026.

value per Share decreased -10.14% from $16.37 at March 31, 2026, to $14.71 at June 30, 2026.

The net asset

value per Share of $28.62 at January 14, 2026 was the highest during the quarter, compared with a low of $15.07 at February 12, 2026.

in net assets from operations for the quarter ended March 31, 2026, was $(551,958), resulting from a decrease in unrealized gain on the

Trust’s SOL investment of $(539,756), realized losses on the disposition of SOL of $(34,177), and staking income of $21,975.

* No comparative periods have been presented as the initial share purchase date of the Trust was November 17, 2025.

value per Share of $19.38 at May 11, 2026, was the highest during the quarter, compared with a low of $12.44 at June 5, 2026.

in net assets from operations for the quarter ended June 30, 2026, was $(126,890), resulting from a decrease in unrealized gain on the

Trust’s SOL investment of $(144,536), and staking income of $17,646.

Ended June 30, 2026

net asset value decreased from $1,926,808 at December 31, 2025, to $1,470,635 at June 30, 2026.

The change in the Trust’s net assets

resulted from an increase in outstanding Shares, which rose from 80,000 at December 31, 2025, to 100,000 at June 30, 2026, as a result

of 40,000 Shares being created and 20,000 Shares being redeemed during the six-month period, and a decrease in the value of SOL, which

depreciated -40.75% from $124.26 at December 31, 2025, to $73.62 at June 30, 2026.

The net asset

value per Share decreased -38.92% from $24.09 at December 31, 2025, to $14.71 at June 30, 2026.

The net asset

value per Share of $28.62 at January 14, 2026, was the highest during the six-month period, compared with a low of $12.44 at June 5, 2026.

in net assets from operations for the six months ended June 30, 2026, was $(678,848), resulting from a decrease in unrealized gain on

the Trust’s SOL investment of $(684,292), realized losses on the disposition of SOL of $(34,177), and staking income of $39,621.

* No comparative

prior-year periods have been presented as the initial share purchase date of the Trust was November 17, 2025.

Off-Balance Sheet Arrangements

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Investment Company Considerations

The Trust follows

accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies.

uses fair value as its method of accounting for SOL.

The Trust qualifies as an investment company solely for accounting purposes and not

for any other purpose.

follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies.

The Trust uses fair value as its method of accounting for SOL.

The Trust qualifies as an investment company solely for accounting purposes

and not for any other purpose.

The Trust is not registered, and is not required to be registered, as an investment company under the Investment

7 unchanged sentences

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 2. Management’s Discussion and Analysis