What changed in this filing

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Item 1. Financial Statements

2026-05-15 compared with 2025-12-31 · 220 added, 127 removed, 114 unchanged (75% of the section changed)

1 unchanged sentence

21SHARES SOLANA ETF

OF ASSETS AND LIABILITIES*

September 30,

Investment in solana, at fair value (cost $ 106 ) $ 104

STATEMENTS OF ASSETS AND LIABILITIES

Investment in solana, at fair value (cost $ 4,629,710 and $ 6,518,230 , respectively) $ 2,877,478 $ 5,770,226

Total assets 2,877,478 5,770,226

Contribution received in advance $ 499,900

Other payable, related party 104

Staking Fee payable – 19,187

Sponsor Fee payable 964 8,334

Block Rewards payable – 7,686

Total liabilities 964 35,207

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Net assets $ 2,876,514 $ 5,735,019

Net assets consist of

Net assets consists of

Paid-in-capital $ 8,451,318 $ 9,882,665

Accumulated earnings (loss) ( 5,574,804 ) ( 4,147,646 )

$ 2,876,514 $ 5,735,019

Shares issued and outstanding, no par value, unlimited amount authorized 360,000 460,000

Net asset value per share $ 7.99 $ 12.47

* No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2024.

The accompanying

notes are an integral part of the financial statements.

SCHEDULE OF INVESTMENT

September 30, 2025* (Unaudited)

The accompanying notes are an integral part of the financial

21SHARES SOLANA ETF

SCHEDULES OF INVESTMENT

31, 2026 (Unaudited)

Investment in solana* 34,827.8677 $ 4,629,710 $ 2,877,478 100.03 %

2 unchanged sentences

Net assets $ 2,876,514 100.00 %

* No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2024.

Investment in solana ** 46,545.3446 $ 6,518,230 $ 5,770,226 100.61 %

Total investments 46,545.3446 $ 6,518,230 $ 5,770,226 100.61 %

Liabilities in excess of other assets ( 35,207 ) ( 0.61 )%

Net assets $ 5,735,019 100.00 %

* 0.00% of solana held was staked as of March 31, 2026 - See Note 2.

** 95.55% of solana held was staked as of December 31, 2025 - See Note 2.

The accompanying notes are an integral part

of financial statements.

of the financial statements.

21SHARES SOLANA ETF

STATEMENT OF OPERATIONS

For the period

September 17,

(initial seed creation date) through

September 30,

Investment income

Staking Rewards $ 23,355

Total income 23,355

Sponsor Fee 2,028

1 unchanged sentence

Total expenses 4,364

Less waiver and reimbursement –

Net expenses –

Net investment loss –

Net investment income 18,991

Realized and change in unrealized gain (loss)

Net change in unrealized gain on other payable, related party 2

Net change in unrealized appreciation (depreciation) on investment in solana ( 2 )

Net realized and change in unrealized gain –

Net increase in net assets resulting from operations $ –

* No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2024.

Net realized loss on in-kind liabilities paid ( 1,943 )

Net realized loss on investment in solana sold to pay Sponsor Fee ( 3,801 )

Net realized loss on investment in solana sold for income distribution ( 86,471

Net realized loss on investment in solana sold for redemptions ( 232,315 )

Net change in unrealized depreciation on investment in solana ( 1,004,228 )

Net change in unrealized gain on Sponsor Fee payable 2,789

Net realized and change in unrealized loss ( 1,325,969 )

Net decrease in net assets resulting from operations $ ( 1,306,978 )

* No comparative financial statements have been provided as the Trust did not have any operations as of March 31, 2025.

The accompanying notes are an integral part

of the financial statements.

21SHARES SOLANA ETF

STATEMENT OF CHANGES IN NET ASSETS

For the period

September 17,

(initial seed creation date) through

September 30,

Net assets, beginning of period $ 5,735,019

1 unchanged sentence

Distributions for Shares redeemed ( 1,742,355 )

Distributions of staking rewards -

Net investment loss -

Net change in unrealized gain on other payable, related party 2

Income distribution ( 120,180 )

Net investment income 18,991

Net realized loss on in-kind liabilities paid ( 1,943 )

Net realized loss on investment in solana sold to pay Sponsor Fee ( 3,801 )

Net realized loss on investment in solana sold for income distribution ( 86,471

Net realized loss on investment in solana sold for redemptions ( 232,315 )

Net change in unrealized depreciation on investment in solana ( 1,004,228 )

Net change in unrealized gain on Sponsor Fee payable 2,789

Net assets, end of period $ 2,876,514

2 unchanged sentences

Shares redeemed ( 140,000 )

Net increase (decrease) in Shares issued and outstanding 2

* No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2024.

Net increase (decrease) in Shares issued ( 100,000 )

* No comparative financial statements have been provided as the Trust did not have any operations as of March 31, 2025.

The accompanying notes are an integral part

of the financial statements.

21SHARES SOLANA ETF

to Financial Statements (Unaudited)

The 21Shares Solana ETF (the “Trust”) is a Delaware statutory trust, formed on June 3, 2024, pursuant to the Delaware Statutory Trust Act (“DSTA”).

The Trust was initially registered with the name of Jura Pentium Trust 1.

The Trust changed its name from Jura Pentium Trust 1 to 21Shares Core Solana Trust on June 27, 2024.

On August 29, 2025, the Trust changed its name from 21Shares Core Solana Trust to 21Shares Solana ETF.

The Trust operates pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”).

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The Trust is managed and controlled by 21Shares US LLC (the “Sponsor”).

The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of Jura Pentium Inc.

In November 2025, 21co Holdings Limited, Jura Pentium Inc.’s former ultimate parent company, was acquired by FalconX Holdings Limited, which became the ultimate parent of Jura Pentium Inc.

and the Sponsor.

Coinbase Custody Trust Company, LLC (“Coinbase”), Anchorage Digital Bank N.A.

(“Anchorage”), and BitGo Bank & Trust N.A.

(“BitGo” and together with Coinbase and Anchorage, as the context may require, the “Custodian”, “Custodians” and each a “Custodian”) are the custodians for the Trust and hold all of the Trust’s SOL on the Trust’s behalf.

The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of 21co Holdings Limited.

The ultimate parent company of 21co Holdings Limited is FalconX Holdings Limited (“FalconX”).

Coinbase Custody Trust Company, LLC (“Coinbase”), BitGo Bank & Trust, N.A.

(“BitGo”) and Anchorage Digital Bank (“Anchorage”, and, together with Coinbase and BitGo, as the context may require, the “Solana Custodians”, “Custodians” and each a “Solana Custodian”) are the custodians for the Trust and hold all of the Trust’s solana on the Trust’s behalf.

The transfer agent (the “Transfer Agent”), the administrator for the Trust (the “Administrator”), and the cash custodian (the “Cash Custodian”), is Bank of New York Mellon.

The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of SOL tokens, the native digital asset of the Solana blockchain (“SOL”).

The Trust is an exchange-traded fund that issues units of beneficial interest (the “Shares”) representing fractional undivided beneficial interests in its net assets that trade on the Cboe BZX Exchange, Inc.

The Trust is an exchange-traded fund (“ETF”) that issues common shares of beneficial interest (the “Shares”) that trade on the Cboe BZX Exchange, Inc.

(the “Exchange”).

The Shares are listed for trading on the Exchange under the ticker symbol “TSOL”.

The Trust’s investment objective is to seek to track the performance of SOL as measured by the performance of the CME CF Solana-Dollar Reference Rate -- New York Variant (the “Pricing Benchmark”), adjusted for the Trust’s expenses and other liabilities, and to reflect rewards from staking a portion of the Trust’s SOL, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust’s ability to qualify as a grantor trust for tax purposes.

The Trust’s investment objective is to seek to track the performance of solana as measured by the performance of the CME CF Solana-Dollar Reference Rate -- New York Variant (the “Pricing Benchmark”), adjusted for the Trust’s expenses and other liabilities, and to reflect rewards from staking a portion of the Trust’s solana, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust’s ability to qualify as a grantor trust for tax purposes.

CF Benchmarks Ltd.

is the administrator for the Pricing Benchmark (the “Pricing Benchmark Provider”).

The Pricing Benchmark is designed to reflect the performance of SOL in U.S.

In seeking to achieve its investment objective, the Trust will hold SOL at its Custodians and will value its Shares daily based on the Pricing Benchmark.

The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”), and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

On September 17, 2025, the Sponsor, in its capacity as seed capital investor (the “Seed Capital Investor”), subject to conditions, purchased the initial 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 Shares (the “Initial Seed Shares”) were $ 100 .

The Pricing Benchmark is designed to reflect the performance of solana in U.S.

In seeking to achieve its investment objective, the Trust holds solana at its Custodians and values its Shares daily based on the Pricing Benchmark.

The Trust is an “emerging growth company” as that term is used in the Securities Act, and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

On September 17, 2025, the Sponsor, in its capacity as seed capital investor (the “Seed Capital Investor”), subject to conditions, purchased two Shares at a per-Share price of $ 50.00 (the “Initial Seed Shares”).

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.

The statement of assets and liabilities on September 30, 2025, has been prepared on behalf of the Trust and is unaudited.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the period ended September 30, 2025, have been made.

The fiscal year-end of the Trust is December 31.

On October 1, 2025, the Sponsor, in its capacity as Seed Capital Investor, purchased Baskets comprising 20,000 Shares (the “Seed Creation Baskets”).

In its capacity as the Seed Capital Investor, the Sponsor has acted as a statutory underwriter in connection with such purchase.

The total proceeds to the Trust from the sale of the Seed Creation Baskets were $ 439,859 .

On October 1, 2025, the Trust purchased solana with the proceeds of the Seed Creation Baskets by transacting with a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant, and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, a “Solana Counterparty”) to acquire solana on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Seed Capital Investor.

All solana acquired in connection with the Seed Creation Baskets is held by the one or more of the Custodians.

The residual amount from the capital contribution received in advance and proceeds from the purchase of the Seed Creation Baskets was returned to the Sponsor on October 2, 2025.

The statements of assets and liabilities and schedules of investment on March 31, 2026, and the statement of operations, and changes in net assets for the three months ended March 31, 2026 have been prepared on behalf of the Trust and are unaudited.

In addition, interim period results are not necessarily indicative of results for a full-year period.

The fiscal year-end of the Trust is December 31 st .

Significant Accounting Policies

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The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

The Trust uses fair value as its method of accounting for SOL in accordance with its classification as an investment company for accounting purposes.

The Trust uses fair value as its method of accounting for solana in accordance with its classification as an investment company for accounting purposes.

Accounting Estimates

The preparation of the financial statements in conformity with US GAAP requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

1 unchanged sentence

Should actual results differ from those previously recognized, the recorded estimates will be revised accordingly with the impact reflected in the operating results of the Trust in the reporting period in which they become known.

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does exceed U.S.

federally insured limits and with one SOL Custodian.

As of September 30, 2025, the Trust held $ 100 at its SOL Custodian for non-recurring test transactions executed for account setup verification purposes.

Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S.

federally insured limits.

Investment Valuation

1 unchanged sentence

The Trust’s policy is to value investments held at fair value.

The Trust identifies and determines the SOL principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of the fair value measurement framework in FASB ASC 820 — Fair Value Measurement.

The Trust identifies and determines the solana principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of the fair value measurement framework in FASB ASC 820 — Fair Value Measurement.

A principal market is the market with the greatest volume and activity level for the asset or liability.

1 unchanged sentence

The Trust obtains relevant volume and level of activity information and based on initial analysis will select an exchange market as the Trust’s principal market.

The net asset value (“NAV”) and NAV per Share will be calculated using the fair value of SOL based on the price provided by this exchange market, as of 4:00 p.m.

The net asset value (“NAV”) and NAV per Share will be calculated using the fair value of solana based on the price provided by this exchange market, as of 4:00 p.m.

ET on the measurement date for GAAP purposes.

8 unchanged sentences

Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.

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

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

September 30, 2025* (Unaudited)

March 31, 2026 (Unaudited)

Investment in solana $ 2,877,478 $ 2,877,478 $ – $ –

* No comparative table has been provided as the Trust did not have any operations as of September 30, 2024.

The cost basis of the investment in SOL recorded by the Trust for financial reporting purposes is the fair value of SOL at the time of purchase.

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

December 31, 2025

Investment in solana $ 5,770,226 $ 5,770,226 $ – $ –

The cost basis of the investment in solana recorded by the Trust for financial reporting purposes is the fair value of solana at the time of purchase.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

Investment Transactions

The Trust considers investment transactions to be the receipt of SOL for Share creations and the delivery of SOL for Share redemptions or for payment of expenses in SOL.

The Trust records its investments transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments.

The Trust considers investment transactions to be the receipt of solana for Share creations and the delivery of solana for Share redemptions or for payment of expenses in solana.

The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments and the net change in unrealized appreciation or depreciation on Sponsor Fee payable.

Realized gains and losses are calculated using the specific identification method.

Realized gains and losses are recognized in connection with transactions including redemption of shares and settling obligations for the Sponsor’s fee in SOL.

The Trust, through the Custodians, participates in the decentralized computer network that helps to confirm transactions and ensures that those recorded in a blockchain are legitimate.

Rewards are calculated based on the amount of the SOL holdings the Trust has made available to the network, the staking yield and other factors.

For its contribution to the network, the Trust is rewarded with in-kind assets which constitute staking rewards.

Staking rewards are recorded as staking income and are recognized at fair value when earned.

Realized gains and losses are recognized in connection with transactions including redemption of shares and settling obligations for the Sponsor Fee and the in-kind liabilities paid in connection to the Sponsor Fee in solana.

The Trust earns staking rewards by delegating a portion of its solana on the Solana Network’s proof-of-stake consensus protocol.

The Sponsor has entered into contractual arrangements with Coinbase Crypto Services, LLC (“Coinbase Crypto”), Figment Inc.

(“Figment”) and Twinstake Ltd (“Twinstake” and collectively with Coinbase Crypto and Figment, the “Staking Services Providers”) to facilitate the staking of the Trust’s solana.

Each Staking Services Provider that generates staking rewards is entitled to compensation determined as a portion of the staking rewards, which is generally determined by a low single-digit percentage of the overall rewards amount (the “Staking Provider Consideration”).

Staking rewards represent variable consideration based on a variety of factors such as the amount of the solana holdings the Trust has made available to the network, the staking yield, and other factors, for its contribution to the network.

The Trust retains control of its solana throughout the staking process.

The delegation of solana for staking purposes does not constitute a sale, transfer, or other derecognition event, as control of the solana is not transferred to the validator or Staking Services Provider.

Staking rewards are recorded as staking income recognized at fair value when earned.

Because the Trust is not the principal to the block validation service, it does not control the full output of the reward-generating activity, and instead receives net staking rewards, after the Staking Provider Consideration is deducted (“Staking Rewards”).

The rewards owed or paid to the Staking Services Providers reduce the amount of staking rewards that are generated from the Trust’s staking activities (the “Staking Activities”) that are available in the assets of the Trust.

As such, the Trust presents staking rewards on a net basis, reflecting only the portion of protocol rewards to which it is entitled.

Staking Rewards are received in general daily at its Custodians’ account, as earned.

The unbonding period for staked SOL can vary subject to the discretion of the Sponsor’s request to unstake such assets.

The Trust’s staked SOL is unable to be moved on the blockchain or traded during this period.

As of September 30, 2025, the Trust had staked $ 0 of its SOL holdings.

The unbonding period for staked solana can vary subject to the discretion of the Sponsor’s request to unstake such assets.

The Trust’s staked solana is unable to be moved on the blockchain or traded during this period.

Temporary lock-up periods or transfer restrictions from staking could limit the Trust’s ability to meet redemptions.

For the quarter ended March 31, 2026, the Trust staked an average of 42.03 % of its solana holdings on a daily basis.

For the period from November 19, 2025, when staking commenced, through December 31, 2025, the Trust staked an average of 56.17 % of its solana holdings on a daily basis.

As of March 31, 2026 and December 31, 2025, the Trust had staked 0.00 % and 95.55 %, respectively, of its solana holdings.

The staked percentage as of any particular date, including at the end of a reporting period, may differ from the quarterly average.

In addition to staking rewards, validators on the Solana Network may earn block rewards, which are composed of transaction fees paid to the validator that produces and validates a block.

Block rewards are not newly minted solana and are paid directly to validators, not to delegators.

As the Trust delegates its solana to Staking Services Providers and does not operate as a validator, block rewards do not accrue to the Trust.

Any block rewards generated through the Trust’s Staking Activities are payable to the Sponsor and are therefore not recognized as income in the Trust’s financial statements.

Distributions to Shareholders

The Trust pays cash distributions to Shareholders at least quarterly.

Distributions are funded from staking rewards earned on the Trust’s solana holdings.

Staking Rewards are recognized as income by the Trust on a daily basis as they accrue and are reflected in the Trust’s NAV prior to distribution.

Distributions to Shareholders are recorded on the ex-dividend date, which also serves as the record date.

Shareholders of record as of the ex-dividend date are entitled to receive distributions paid on the applicable payment date.

The amount of each distribution is based on the staking rewards actually earned by the Trust during the relevant period, net of the Staking Provider Consideration and the Staking Fee (as defined below).

Distributions are reflected as a reduction of net assets as of the ex-dividend date.

The tax character of distributions is determined annually in accordance with U.S.

federal income tax principles, which may differ from the treatment of such amounts for GAAP purposes.

Any differences between the tax and book distributable amounts are reclassified within the components of net assets at year-end.

During the three months ended March 31, 2026, the Trust made cash distributions to shareholders derived from a portion of the solana received as Staking Rewards from the Trust’s staking activities, including $ 114,074 , or $ 0.316871 per Share, on February 13, 2026 and $ 6,106 , or $ 0.016962 per Share on March 30, 2026, for aggregate distributions of $ 120,180 or $ 0.333833 per Share.

The distributions reduced the Trust’s solana holdings through the sale of solana to generate cash.

Calculation of NAV and NAV per Share

On each day other than when the Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m.

ET, the NAV of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the SOL and other assets held by the Trust.

The Trustee computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made.

ET, the NAV of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the solana and other assets held by the Trust based on the Pricing Benchmark price.

The Administrator computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made.

Federal Income Taxes

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federal income tax purposes.

Although not free from doubt due to the lack of directly governing authority, if the Trust operates as expected, the Trust should be classified as a “grantor trust” for U.S.

federal income tax purposes and the Trust itself should not be subject to U.S.

federal income tax.

Each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions passed through to each beneficial owner of Shares.

If the Trust sells SOL (for example, to pay fees or expenses), such a sale is a taxable event to shareholders of the Trust (“Shareholders”).

Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the SOL held in the Trust at the time of the sale and may recognize gain or loss on such sale.

The Sponsor has reviewed the tax positions as of September 30, 2025, and has determined that no provision for income tax is required in the Trust’s financial statements.

As a grantor trust, the Trust can undertake only certain types of activities.

For example, generally, the Trust cannot vary its investment portfolio to take advantage of market fluctuations.

The Trust may receive income from investment activities that do not require such decision-making.

If staking is treated for U.S.

federal income tax purposes as a passive ministerial and administrative activity, it should be permissible for the Trust.

To that end, on November 10, 2025, the Treasury Department and IRS issued a revenue procedure that provided a safe harbor for trusts that otherwise qualify as investment trusts and as grantor trusts to stake their digital assets without jeopardizing their tax status as investment trusts and grantor trusts for U.S.

federal income tax purposes.

The revenue procedure provides specific requirements that must be satisfied by a Trust in order to be eligible to rely on the safe harbor.

The Trust intends to operate so that it will qualify to be treated for U.S.

federal income tax purposes as a grantor trust.

Because the treatment of staking in a grantor trust, including interpretation of the requirements under the safe harbor, is still developing, there remains a risk of adverse regulatory or legal determinations that could affect the tax treatment of the Trust as a grantor trust or affect the Trust’s operations.

Each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and will be treated as if it directly received a pro rata portion of the Trust’s income, gain, losses and deductions.

If the Trust sells solana (for example, to pay fees or expenses), such a sale is a taxable event to shareholders of the Trust (“Shareholders”).

Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the solana held in the Trust at the time of the sale and recognizes gain or loss on such sale.

The Sponsor has reviewed the tax positions as of March 31, 2026, and December 31, 2025 has determined that no provision for income tax is required in the Trust’s financial statements.

Segment Reporting

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The segment derives its revenues from Trust investments made in accordance with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.

The Chief Operating Decision Maker (“CODM”) is the Sponsor.

The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer of the Sponsor.

The CODM monitors the operating results of the Trust.

The financial information that the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with the financial information that is presented within the Trust’s financial statements.

Segment assets are reflected on the accompanying Statement of Assets and Liabilities as Total assets and the only significant segment expense, the Sponsor fee, is included in the accompanying Statements of Operations.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expenses, the Sponsor Fee and the Staking Fee, are included in the accompanying Statement of Operations.

Fair Value of solana

The following represents the changes in quantity of solana and the respective fair value for the period from September 17, 2025 (initial seed creation date) to September 30, 2025* (Unaudited):

of solana Fair Value

Beginning balance as of September 17, 2025 (initial seed creation date) - $ -

Solana purchased 0.5000 106

Solana sold – –

Net realized gain (loss) on investment in solana sold to pay Sponsor fee – –

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

Change in unrealized appreciation (depreciation) on investment in solana – ( 2 )

Ending balance as of September 30, 2025* (Unaudited)

* No comparative table has been provided as the Trust did not have any operations as of December 31, 2024.

The following represents the changes in quantity of solana and the fair value for the three months ended on March 31, 2026 (Unaudited):

Quantity of solana Fair Value

Beginning balance as of January 1, 2026 46,545.3446 $ 5,770,226

Solana purchased for contributions 4,031.7340 311,008

Solana rewards received (net of Staking Provider Consideration) 194.2970 22,488

Solana sold for redemptions ( 14,098.8377 ) ( 1,742,355 )

Solana sold to pay expenses and block rewards received ( 291.7723 ) ( 34,951 )

Solana sold for income distribution ( 1,552.8979 ) ( 120,180 )

Net realized loss on investment in solana sold to pay Sponsor Fee – ( 3,801 )

Net realized loss on in-kind liabilities paid –

Net realized loss on investment in solana sold for income distribution –

Net realized loss on investment in solana sold for redemptions – ( 232,315 )

Net change in unrealized depreciation on investment in solana – ( 1,004,228 )

Ending balance as of March 31, 2026 34,827.8677 $ 2,877,478

* No comparative table has been provided as the Trust did not have any operations as of March 31, 2025.

Trust Expenses

The Trust pays the unitary Sponsor fee of 0.21 % of the Trust’s SOL holdings.

The Trust pays the unitary Sponsor fee of 0.21 % of the Trust’s NAV (the “Sponsor Fee”).

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

The Sponsor fee accrues daily and is payable in SOL weekly in arrears.

The Administrator calculates the Sponsor fee on a daily basis by applying an annualized rate to the Trust’s total SOL holdings, and the amount of SOL payable in respect of each daily accrual is determined by reference to the Pricing Benchmark.

The Sponsor Fee accrues daily and is payable in solana weekly in arrears.

The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV, and the amount of solana payable in respect of each daily accrual is determined by reference to the Pricing Benchmark.

The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.

Operating expenses assumed by the Sponsor include (i) the fee payable to the marketing agent for services it provides to the Trust (the “Marketing Fee”), (ii) fees to the Administrator, if any, (iii) fees to the Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee, (vi) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act, (x) printing and mailing costs, (xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid Expense,” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.

The Trust incurred Sponsor Fees for the quarter ended March 31, 2026, of $ 2,028 .

The accrued liability as of March 31, 2026 and December 31, 2025, was $ 964 and $ 8,334 , respectively.

As partial consideration for receipt of the Sponsor Fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the fee payable to the marketing agent for services it provides to the Trust (the “Marketing Fee”), (ii) fees to the Administrator, if any, (iii) fees to the Solana Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee, (vi) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act, or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (x) printing and mailing costs, (xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid Expense,” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.

There is currently no predetermined cap on the aggregate amount of Sponsor-paid expenses.

Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Sponsor’s website.

The Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, 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 or the interests of Shareholders, any indemnification of the Custodians, Administrator or other agents, service providers or counter-parties of the Trust, the fees and expenses related to the listing, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional Trust Expenses”).

Of the Sponsor-paid Expenses, ordinary course legal fees and expenses shall be subject to a cap of $ 100,000 per annum.

In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid Expense may be re-designated as an Additional Trust Expense.

In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid Expense may be re-designated as an Additional Trust Expense, if among other reasons, the Sponsor determines that a Sponsor-paid Expense is an extraordinary, non-recurring expense of the Trust.

The Trust shall not be responsible for paying any fees or expenses associated with the transfer of solana as needed to pay the Sponsor Fee or Additional Trust Expenses.

In consideration for the Sponsor’s facilitation of staking, the Trust pays 10 % of the staking rewards generated by the Trust’s Staking Activities after deduction of the Staking Provider Consideration to the Sponsor (“Staking Fee”) and retains the remainder.

The Staking Fee is accrued in solana and converted to U.S.

Dollars by reference to the Pricing Benchmark and is payable in solana weekly in arrears.

The Trust incurred Staking Fees for the quarter ended March 31, 2026, of $ 2,336 .

The accrued liability as of March 31, 2026 and December 31, 2025, was $ 0 and $ 19,187 , respectively.

To the extent that the Sponsor does not voluntarily assume expenses, they will be the responsibility of the Trust.

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Creation and Redemption of Shares

The Trust creates and redeems Shares on a continuous basis but only in Creation Baskets consisting of 10,000 Shares or multiples thereof on the NAV of the date of the creation or redemption.

The Trust creates and redeems Shares on a continuous basis but only in one or more Creation Baskets (other than in the case of the Initial Seed Shares) consisting of 10,000 Shares or multiples thereof at the NAV on the date of the creation or redemption.

Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders.

The Trust engages in SOL transactions for converting cash into SOL (in association with purchase orders) and SOL into cash (in association with redemption orders).

The Trust conducts its SOL purchase and sale transactions by, in its sole discretion, choosing to trade directly with third parties (each, a “SOL Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such SOL Trading Counterparties and the Trust, or choosing to trade through the Prime Broker acting in an agency capacity with third parties such as through its Coinbase Prime service pursuant to the Prime Broker Agreement.

A SOL Trading Counterparty may be an affiliate of an Authorized Participant.

The Authorized Participants may deliver cash or in-kind orders to create Shares and receive cash or in-kind orders when redeeming Shares.

The Trust creates Shares by receiving SOL from a SOL Trading Counterparty that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the SOL Trading Counterparty to deliver the SOL.

Further, the SOL Trading Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the SOL to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the SOL to the Trust.

The Trust redeems shares by delivering SOL to a SOL Trading Counterparty that is not the Authorized Participant and the Trust—not the Authorized Participant—is responsible for selecting the SOL Trading Counterparty to receive the SOL.

Further, the SOL Trading Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the SOL from the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the SOL from the Trust.

The SOL Trading Counterparty is unaffiliated with the Trust and the Sponsor.

SOL purchased payable represents the quantity of SOL purchased for the creation of Shares where the SOL has not yet settled.

Generally, SOL is transferred within two Business Days of the trade date.

As of September 30, 2025, the Trust held $ 0 of SOL in purchased payables.

SOL sold receivable represents the quantity of SOL sold for the redemption of Shares where the SOL has not yet been settled.

Generally, SOL is transferred within two Business Days of the trade date.

As of September 30, 2025, the Trust held $ 0 of SOL in sold receivables.

Authorized Participants may purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian.

This will cause the Sponsor, on behalf of the Trust, to automatically instruct a Solana Counterparty, to (i) purchase the amount of solana equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting solana amount in the Trust’s accounts with the Solana Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant.

Authorized Participants may also purchase Shares in-kind.

To purchase Shares in-kind, an Authorized Participant delivers or arranges for the delivery by such Authorized Participant’s designee of, solana to the Trust’s accounts with a Solana Custodian in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct a Solana Custodian to transfer solana to a Solana Counterparty, who will sell the solana to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used to calculate the Trust’s NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant.

Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor.

Authorized Participants may also redeem Shares in-kind.

When such an Authorized Participant redeems Shares in-kind, the Trust, through a Solana Custodian, will deliver solana to the Authorized Participant or its designee in exchange for Shares.

Activity in Capital Shares:

Shares issued 40,000

Shares redeemed ( 140,000 )

Net Change in Capital Shares ( 100,000 )

* No prior year comparative period presented as the Trust did not have any operations as of March 31, 2025.

Activity in Capital Transactions:

Contributions for shares issued 311,008

Distributions for shares redeemed ( 1,742,355 )

Net Change in Capital Transactions ( 1,431,347 )

Solana purchased payable represents the quantity of solana purchased for the creation of Shares or Staking Rewards where the solana has not yet settled.

Generally, solana is transferred within two Business Days of the trade date.

2026 December 31,

Solana purchased payable $ – $ –

Solana sold receivable represents the quantity of solana sold for the redemption of Shares where the solana has not yet been settled.

Generally, solana is transferred within two Business Days of the trade date.

2026 December 31,

Solana sold receivable $ – $ –

Related Parties

1 unchanged sentence

The Trust’s operations are supported by its Sponsor, who is in turn supported by its parent company and affiliated companies and external service providers.

As of September 30, 2025, the Sponsor owned 2 Shares of the Trust.

On or about October 1, 2025, the Sponsor redeemed its Initial Seed Creation Basket of 2 Shares.

As of September 30, 2025, other payable of $ 104 due to the Sponsor relates to non-recurring test transactions executed for account setup verification purposes.

As of March 31, 2026 and December 31, 2025, the Sponsor owned 20,000 Shares of the Trust.

The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange.

Financial Highlights*

Per Share Performance (for a Share outstanding throughout each period presented) Three Months ended

Net asset value per Share, beginning of period $ 12.47

Net investment income (loss) on investment in solana (1) 0.05

Net realized and change in unrealized gain (loss) on investment in solana (2) ( 4.20 )

Net increase (decrease) in net assets from operations ( 4.15 )

Less Distributions From:

Net Investment Income ( 0.33 )

Total Distributions ( 0.33 )

Net asset value per Share, end of period $ 7.99

Total return, at net asset value (3) ( 33.30 )%

Ratio to average net assets (4)

Net investment income (loss) 1.95 %

Gross expenses 0.45 %

Net expenses 0.45 %

* No prior year comparative financial statements have been provided as the Trust did not have any operations as of March 31, 2025.

(1) Calculated using average Shares outstanding method.

(2) The amount shown for a Share outstanding throughout the period may not agree with the change in the aggregate gains and losses for such period because of the timing of sales and repurchases of the Trust’s Shares in relation to fluctuating market value for the Trust.

(3) Total return is calculated based on the change in the value during the period and is not annualized.

An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Trust.

(4) Annualized .

Commitments and Contingent Liabilities

4 unchanged sentences

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.

This concentration maximizes the degree of the Trust’s exposure to a variety of market risks associated with solana and digital assets.

By concentrating its investment strategy solely in solana, any losses suffered as a result of a decrease in the value of solana 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.

Indemnification

The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any SOL or other assets of the Trust.

However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.

7 unchanged sentences

Subsequent Events

On October 1, 2025, the Sponsor, in its capacity as Seed Capital Investor, purchased the Seed Creation Baskets comprising 20,000 Shares (the “Seed Creation Baskets”).

In its capacity as the Seed Capital Investor, the Sponsor has acted as a statutory underwriter in connection with such purchase.

The total proceeds to the Trust from the sale of the Seed Creation Baskets were $ 439,859 .

On October 1, 2025, the Trust purchased SOL with the proceeds of the Seed Creation Baskets by transacting with a SOL Counterparty to acquire SOL on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Seed Capital Investor.

All SOL acquired in connection with the Seed Creation Baskets is held by the one or more of the Custodians.

The residual amount from the capital contribution received in advance and proceeds from the purchase of the Seed Creation Baskets was returned to the Sponsor on October 2, 2025.

On November 18, 2025, the Trust commenced operations and the Trust’s shares were listed for trading under the ticker symbol “TSOL” on the Cboe BZX Exchange, Inc.

The Trust has evaluated all subsequent events through the issuance of the financial statements and has noted no other events requiring adjustment or additional disclosure in the financial statements other than the items noted above.

The Trust has evaluated all subsequent events and transactions for potential recognition or disclosure through the issuance of the financial statements and has noted no events requiring adjustment or additional disclosure in the 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