Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
Market
Information
21Shares
Solana ETF Shares are listed on the Cboe BZX Exchange under the symbol “TSOL” and have been listed since November 18, 2025.
Holders
As
of December 1, 2025, the Trust had 1 holder of record, Cede & Co. as nominee of The Depository Trust Company.
Sales
of Unregistered Securities and Use of Proceeds of Registered Securities
On September 17, 2025, the Sponsor, in its capacity as Seed Capital Investor, subject to conditions, purchased the seed creation baskets
comprising 2 Shares at a per-Share price of $50.00, as described in “Seed Capital Investor.” Total proceeds to the Trust from
the sale of these Initial Seed Shares were $100. Delivery of the Seed Shares was made on September 17, 2025.
On October 1, 2025, the Sponsor, in its capacity as Seed Capital Investor, purchased the Seed Creation Baskets comprising 20,000 Shares.
The total proceeds to the Trust from the sale of the Seed Creation Baskets were $439,859.
Proceeds received by the Trust from the issuance of Baskets consist of SOL. Such deposits are held by the Custodians on behalf of the
Trust until (i) delivered out in connection with redemptions of Baskets; or (ii) transferred or sold by the Sponsor, which may be facilitated
by the Custodians, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.