21Shares Solana ETF 10-Q

Item 1. Financial Statements (Unaudited) 21SHARES SOLANA ETF STATEMENTS OF ASSETS AND LIABILITIES March 31, 2026 December 31, 2025 (Unaudited) Assets 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 Liabilities Staking Fee payable – 19,187 Sponsor Fee payable 964 8,334 Block Rewards payable – 7,686 Total liabilities 964 35,207 Commitments and contingent liabilities (Note 8) Net assets $ 2,876,514 $ 5,735,019 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 The accompanying notes are an integral part of the financial statements. 1 21SHARES SOLANA ETF SCHEDULES OF INVESTMENT March 31, 2026 (Unaudited) Quantity of solana Cost Fair Value % of Net Assets Investment in solana* 34,827.8677 $ 4,629,710 $ 2,877,478 100.03 % Total investments 34,827.8677 $ 4,629,710 $ 2,877,478 100.03 % Liabilities in excess of other assets ( 964 ) ( 0.03 )% Net assets $ 2,876,514 100.00 % December 31, 2025 Quantity of solana Cost Fair Value % of Net Assets 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 the financial statements. 2 21SHARES SOLANA ETF STATEMENT OF OPERATIONS Three Months Ended March 31, 2026* (Unaudited) Investment income Staking Rewards $ 23,355 Total income 23,355 Expenses Sponsor Fee 2,028 Staking Fee 2,336 Total expenses 4,364 Net investment income 18,991 Realized and change in unrealized gain (loss) 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. 3 21SHARES SOLANA ETF STATEMENT OF CHANGES IN NET ASSETS Three Months Ended March 31, 2026* (Unaudited) Net assets, beginning of period $ 5,735,019 Contributions for Shares issued 311,008 Distributions for Shares redeemed ( 1,742,355 ) 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 Shares issued and redeemed Shares issued 40,000 Shares redeemed ( 140,000 ) 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. 4 21SHARES SOLANA ETF Notes to Financial Statements (Unaudited) 1. Organization 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”). CSC Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”). 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 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 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 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 solana in U.S. dollars. 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. 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 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 three months ended March 31, 2026, have been made. 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 . 2. Significant Accounting Policies Basis of Accounting 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 “1940 Act”). The Trust uses fair value as its method of accounting for solana in accordance with its classification as an investment company for accounting purposes. 5 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. Actual results may differ materially from such estimates as additional information becomes available or actual amounts may become determinable. 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 Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S. federally insured limits. Investment Valuation US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value. 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. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. 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 solana based on the price provided by this exchange market, as of 4:00 p.m. ET on the measurement date for GAAP purposes. The Trust will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Sponsor’s determination of the Trust’s principal market. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”), or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3: 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 March 31, 2026 (Unaudited) Assets Investment in solana $ 2,877,478 $ 2,877,478 $ – $ – Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 December 31, 2025 Assets 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. 6 Investment Transactions 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 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 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. 7 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 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 The Sponsor and the Trustee will treat the Trust as a “grantor trust” for U.S. federal income tax purposes. 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. 8 Segment Reporting The Trust operates in one segment. 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 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 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. 3. Fair Value of solana 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 – ( 1,943 ) 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 ) 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. 4. Trust Expenses 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 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. 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. 9 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, 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. The Sponsor also pays the costs of the Trust’s organization and offering. The Trust is not obligated to repay any such costs related to the Trust’s organization and offering paid by the Sponsor. 5. Creation and Redemption of Shares 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. 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. Three Months ended March 31, 2026* (Unaudited) 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. Three Months ended March 31, 2026* (Unaudited) 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 ) 10 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. March 31, 2026 December 31, 2025 (Unaudited) 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. March 31, 2026 December 31, 2025 (Unaudited) Solana sold receivable $ – $ – 6. Related Parties The Sponsor is a related party to the Trust. 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 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. 7. Financial Highlights* Per Share Performance (for a Share outstanding throughout each period presented) Three Months ended March 31, 2026 * (Unaudited) 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 . 11 8. Commitments and Contingent Liabilities In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote. 9. Concentration Risk 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 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. 10. 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 solana 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. The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates, and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Trust Agreement without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft, or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Trust Agreement. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Trust Agreement. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Trust Agreement. The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Trust Agreement or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Trust Agreement or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. 11. Subsequent Events 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. 12