What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-12 compared with 2026-05-15 · 84 added, 40 removed, 294 unchanged (30% of the section changed)

10 unchanged sentences

Net assets $ 2,847,364 $ 5,735,019

Net assets consists of

Net assets consist of

Paid-in-capital $ 8,730,160 $ 9,882,665

3 unchanged sentences

Net asset value per Share $ 7.12 $ 12.47

The accompanying notes are an integral part of the financial

The accompanying notes are an integral

part of the financial statements.

21SHARES SOLANA ETF

SCHEDULES OF INVESTMENT

31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Investment in solana * 38,682.9429 $ 4,896,190 $ 2,847,452 100.00 %

2 unchanged sentences

Net assets $ 2,847,364 100.00 %

December 31, 2025

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

2 unchanged sentences

Net assets $ 5,735,019 100.00 %

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

* 90.80% of solana held was staked as of June 30, 2026 - See Note 2.

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

2 unchanged sentences

21SHARES SOLANA ETF

STATEMENT OF OPERATIONS

STATEMENTS OF OPERATIONS

Investment Income

14 unchanged sentences

Net decrease in net assets resulting from operations $ ( 293,613 ) $ ( 1,600,591 )

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

No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2025.

The accompanying notes are an integral part

1 unchanged sentence

21SHARES SOLANA ETF

STATEMENT OF CHANGES IN NET ASSETS

STATEMENTS OF CHANGES IN NET ASSETS

Net assets, beginning of period $ 2,876,514 $ 5,735,019

14 unchanged sentences

Net increase (decrease) in Shares issued 40,000 ( 60,000 )

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

No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2025.

The accompanying notes are an integral part

1 unchanged sentence

21SHARES SOLANA ETF

to Financial Statements (Unaudited)

NOTES TO THE 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”).

18 unchanged sentences

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

On June 30, 2026, the Sponsor provided notice to the Pricing Benchmark Provider of the termination, effective August 31, 2026, of the licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark.

The Sponsor intends to enter into a licensing agreement with FTSE International Limited (“FTSE”) on or about August 24, 2026, whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust.

Accordingly, the change in pricing benchmark provider is not expected to have a material impact on the Trust's net asset value, the fair value measurement of the Trust's solana, or the Trust's results of operations, and does not represent a change in accounting principle.

The change will be applied prospectively from the date the successor benchmark becomes effective.

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.

1 unchanged sentence

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.

Delivery of the Initial 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”).

4 unchanged sentences

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.

The statements of assets and liabilities and schedules of investment on June 30, 2026, and the statement of operations, and changes in net assets for the three and six months ended June 30, 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 three and six months ended June 30, 2026, have been included.

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

5 unchanged sentences

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

As an investment company for accounting purposes, the Trust is exempt from the requirement to present a statement of cash flows pursuant to ASC Topic 230, Statement of Cash Flows.

Accordingly, a statement of cash flows has not been presented.

Accounting Estimates

22 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:

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

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Investment in solana $ 2,847,452 $ 2,847,452 $ – $ –

24 unchanged sentences

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

The Trust recognizes staking rewards as revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Under the staking arrangements, the validator (e.g., the Solana Custodian or other staking provider) is considered the customer, as it receives access to the Trust’s staking capacity (i.e., the delegation of solana), which represents the Trust’s performance obligation.

In exchange, the Trust is entitled to staking rewards generated by the Solana protocol, net of validator fees.

Staking rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed, and the Trust receives rewards in its custodial account.

The contract term is the length of each staking epoch.

Staking rewards are recognized as revenue when the Trust satisfies its performance obligations.

Staking rewards are received in solana, which represents non-cash consideration.

Non-cash consideration is measured at fair value at the inception of each contract, in accordance with ASC 606.

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.

For the three months ended June 30, 2026, the Trust staked an average of 43.15 % of its solana holdings on a daily basis.

For the six months ended June 30, 2026, the Trust staked an average of 41.96 % of its solana holdings on a daily basis.

As of June 30, 2026 and December 31, 2025, the Trust had staked 90.80 % 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.

The Sponsor Fee payable is settled in solana.

The liability is remeasured at each reporting date by reference to the fair value of the solana required to settle it, with the effect of remeasurement recognized in net change in unrealized appreciation (depreciation) on the Sponsor Fee payable.

On settlement, the difference between the carrying amount of the liability and the cost basis of the solana delivered is recognized in net realized gain (loss) on in-kind liabilities paid.

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.

13 unchanged sentences

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.

During the six months ended June 30, 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, $ 6,106 , or $ 0.016962 per Share, on March 30, 2026 and $ 14,379 , or $ 0.035949 per Share, on June 29, 2026 for aggregate distributions of $ 134,559, or $ 0.369782 per Share.

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

20 unchanged sentences

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.

The Sponsor has reviewed the tax positions as of June 30, 2026, and December 31, 2025, has determined that no provision for income tax is required in the Trust’s financial statements.

Segment Reporting

4 unchanged sentences

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.

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

The following represents the changes in quantity and the fair value of solana during the six months ended June 30, 2026 (Unaudited):

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 purchased for cash contributions 5,001.5872 393,070

Solana received for in-kind contributions 2,912.6786 196,780

Solana rewards received (net of Staking Provider Consideration) 435.7537 41,460

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

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

Solana sold to pay expenses and block rewards received ( 364.3452 ) ( 39,307 )

5 unchanged sentences

Net change in unrealized depreciation on investment in solana – ( 1,300,734 )

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.

Ending balance as of June 30, 2026 38,682.9429 $ 2,847,452

* No comparative table has been provided as the Trust did not have any operations as of June 30, 2025.

The following represents the changes in quantity and the fair value of solana during the three months ended June 30, 2026 (Unaudited):

solana Fair Value

Beginning balance as of April 1, 2026 34,827.8677 $ 2,877,478

Solana purchased for cash contributions 969.8532 82,062

Solana received for in-kind contributions 2,912.6786 196,780

Solana rewards received (net of Staking Provider Consideration) 219.8681 18,105

Solana sold for cash redemptions - -

Solana sold to pay expenses and block rewards received ( 50.9843 ) ( 3,497 )

Solana sold for income distribution ( 196.3404 ) ( 14,379 )

Net realized loss on investment in solana sold to pay Sponsor Fee – ( 1,599 )

Net realized loss on in-kind liabilities paid – ( 420 )

Net realized loss on investment in solana sold for income distribution – ( 10,572 )

Net realized loss on investment in solana sold for redemptions – -

Net change in unrealized depreciation on investment in solana – ( 296,506 )

Ending balance as of June 30, 2026 38,682.9429 $ 2,847,452

* No comparative table has been provided as the Trust did not have any operations as of June 30, 2025.

Trust Expenses

4 unchanged sentences

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.

The Trust incurred Sponsor Fees for the three months and the six months ended June 30, 2026, of $ 1,503 and $ 3,531 , respectively.

The accrued liability as of June 30, 2026 and December 31, 2025, was $ 88 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.

8 unchanged sentences

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.

The Trust incurred Staking Fees for the three months and the six months ended June 30, 2026, of $ 1,810 and $ 4,146 , respectively.

The accrued liability as of June 30, 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.

2 unchanged sentences

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.

The Trust creates and redeems Shares on a continuous basis but only in blocks consisting of 10,000 Shares (“Creation Baskets”) (other than in the case of the Initial Seed 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.

7 unchanged sentences

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.

2026* Six Months

(Unaudited) (Unaudited)

Activity in Capital Shares:

2 unchanged sentences

Net Change in Capital Shares 40,000 ( 60,000 )

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

* No prior year comparative period presented as the Trust did not have any operations as of June 30, 2025.

2026* Six Months

(Unaudited) (Unaudited)

Activity in Capital Transactions:

2 unchanged sentences

Net Change in Capital Transactions $ 278,842 $ ( 1,152,505 )

* No prior year comparative period presented as the Trust did not have any operations as of June 30, 2025.

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

9 unchanged sentences

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.

As of June 30, 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

Per Share Performance (for a Share outstanding throughout the periods presented) Three Months

2026 Six Months

(Unaudited) (Unaudited)

Net asset value per Share, beginning of period $ 7.99 $ 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 )

Net investment income (loss) (1) 0.04 0.09

Net realized and change in unrealized gain (loss) (2) ( 0.87 ) ( 5.07 )

Net decrease in net assets from operations ( 0.83 ) ( 4.98 )

Less Distributions From

4 unchanged sentences

Ratio to average net assets (4)

Net investment income (loss) 1.95 %

Net investment income 2.05 % 1.99 %

Gross expenses 0.46 % 0.45 %

Net expenses 0.46 % 0.45 %

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

* No prior year comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2025.

(1) Calculated using average Shares outstanding method.

22 unchanged sentences

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.

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 other events requiring adjustment or additional disclosure in the financial statements than as described below.

On July 27, 2026, the Sponsor agreed to voluntarily waive the Sponsor Fee for a period of one year beginning on July 28, 2026 and ending on July 27, 2027.

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