21shares Solana Staking ETF

What they do

The Trust holds SOL on behalf of shareholders with Coinbase Custody Trust Company, BitGo Bank & Trust, and Anchorage Digital Bank serving as SOL custodians, while Bank of New York Mellon acts as administrator, transfer agent, and cash custodian. It issues and redeems Shares only in 10,000-Share Creation Baskets in exchange for cash or SOL, and does not actively manage its holdings. The Trust is not registered as an investment company under the 1940 Act and is not a commodity pool under the Commodity Exchange Act. Its investment objective is to track the CME CF Solana-Dollar Reference Rate - New York Variant, adjusted for expenses and any staking rewards.

Revenue drivers

• Sponsor Fee — The Trust pays a unitary Sponsor Fee of 0.21% of NAV, accruing daily and payable weekly in SOL in arrears; this is the primary stated fee arrangement.
• Staking rewards sharing — The Trust pays the Sponsor 10% of staking rewards generated by Staking Activities after deduction of Staking Provider Consideration, retaining the remainder, to the extent the Sponsor determines staking is permissible without undue legal or regulatory risk.
• Seed capital — On September 17, 2025, the Sponsor purchased Initial Seed Shares at $50.00 per Share for total proceeds of $100.

Recent performance

The latest balance sheet as of June 30, 2026 shows total assets of $2.8 million, total liabilities of $88.00, and shareholder equity of $2.8 million. The only reported capital-raising event in the excerpts is the Sponsor's purchase of Initial Seed Shares for $100 on September 17, 2025, suggesting the Trust remains very small. No income statement figures or period-over-period comparisons are provided in the excerpts. The Trust's assets are held in SOL and valued daily using the Pricing Benchmark.

Strategy

The Trust is a passive vehicle that does not seek returns beyond tracking SOL, adjusted for expenses, and does not actively manage its SOL. On June 30, 2026, the Sponsor gave notice to terminate the licensing agreement with the Pricing Benchmark Provider (CF Benchmarks Ltd.) effective August 31, 2026, and intends to enter a licensing agreement with FTSE on or about August 24, 2026. The Sponsor states the benchmark change is not expected to materially impact NAV, fair value measurement, or results of operations, and will be applied prospectively from the effective date of the successor benchmark. The Trust pays a unitary 0.21% Sponsor Fee and shares 10% of staking rewards with the Sponsor after Staking Provider Consideration. The Trust has no officers, directors, or employees and is managed and controlled by the Sponsor.

Risks

• SOL price volatility — The value of the Shares relates directly to the value of SOL, which may be highly volatile and subject to fluctuations from a number of factors.
• Custody and private key risk — Security threats to the Trust's accounts with the SOL Custodians could halt operations, cause loss of Trust assets, or damage Trust reputation.
• Irrevocable transactions — SOL transactions are irrevocable, and stolen or incorrectly transferred SOL may be irretrievable, which could adversely affect an investment in the Trust.
• Solana network development and protocol risk — The value of the Shares depends on the development and acceptance of the Solana network, and the Solana protocol or its PoH timestamping mechanism may not function as intended.

Outlook

The Sponsor states the change in pricing benchmark provider from CF Benchmarks Ltd. to FTSE is not expected to have a material impact on the Trust's net asset value, fair value measurement of the Trust's solana, or results of operations. The change will be applied prospectively from the date the successor benchmark becomes effective. The excerpts note the Trust and Sponsor face competition from competing products and there can be no assurance the Trust will grow to or maintain an economically viable size. No forward financial guidance is provided.