VanEck Solana ETF

What they do

The Trust was formed on November 30, 2021 to own SOL transferred to it in exchange for shares, with assets consisting primarily of SOL held by third-party custodians Gemini Trust Company, LLC and Coinbase Custody Trust Company, LLC. It issues and redeems shares only in 25,000-share Baskets and only with registered broker-dealer Authorized Participants, in cash or in-kind, and it may use a third party to stake a portion of its SOL. VanEck Digital Assets, LLC is the Sponsor; CSC Delaware Trust Company is the Delaware trustee; State Street Bank and Trust Company is administrator, transfer agent and cash custodian.

Revenue drivers

• SOL price exposure — The Trust's objective is to reflect the performance of the price of SOL, less expenses; assets of $14.3M at 2026-06-30 consist primarily of SOL, so NAV and share value move with the SOL price rather than with operating revenue.
• Staking rewards — The Trust's objective includes rewards earned from staking a portion of its SOL, but only to the extent the Sponsor in its sole discretion determines staking can be done without undue legal or regulatory risk, such as jeopardizing grantor trust tax status.
• Share creation and redemption activity — The Trust sells and redeems Shares in 25,000-share Baskets with Authorized Participants in exchange for cash or SOL, which is the mechanism by which the Trust acquires and disposes of its holdings.

Recent performance

The latest balance sheet showed total assets of $14.3M and total liabilities of $3,223 as of 2026-06-30. In the three months ended June 30, 2026, the Trust's NAV decreased from $14,859,581, per the 10-Q MD&A. At fiscal year end December 31, 2025, NAV was $23,539,566 with 1,450,000 shares outstanding. The 10-Q states the Trust is not aware of any trends, demands, conditions or events reasonably likely to result in material changes to its liquidity needs.

Strategy

The Trust is a passive investment vehicle that does not seek any investment strategy beyond reflecting the price of SOL and any staking rewards, less expenses. It is not actively managed and does not take actions to take advantage of, or mitigate, SOL price volatility. The Sponsor has agreed to assume most Trust expenses in exchange for a fee, leaving the Sponsor's Fee as the only ordinary Trust expense. Because the Trust's only source of liquidity is sales of SOL, it sells SOL as needed to distribute cash to redeeming Authorized Participants or to pay the Sponsor's Fee and expenses not assumed by the Sponsor.

Risks

• SOL price volatility — The 10-K states that trading prices of digital assets including SOL have experienced extreme volatility and that further declines could cause the Shares to lose all or substantially all of their value.
• Digital asset counterparty failures — The 10-K cites the 2022 bankruptcies of Celsius Network, Voyager Digital Ltd. and Three Arrows Capital and the November 2022 FTX halt of customer withdrawals and subsequent bankruptcy filings as events that eroded confidence in the digital asset ecosystem.
• Staking and tax-status constraints — Staking of Trust SOL is discretionary with the Sponsor and may be limited or foregone if it risks the Trust's ability to qualify as a grantor trust for U.S. federal income tax purposes.
• Custodial concentration — The Trust's assets consist primarily of SOL held by Gemini Trust Company, LLC as SOL Custodian and Coinbase Custody Trust Company, LLC as Additional SOL Custodian, exposing the Trust to those third-party custodians.

Outlook

The 10-Q MD&A contains only forward-looking-statement cautionary language and does not provide specific guidance for future periods. The Trust states it is not aware of trends, demands, conditions or events reasonably likely to result in material changes to its liquidity needs. Its stated objective remains reflecting the price of SOL and staking rewards, to the extent the Sponsor determines staking is permissible, less operating expenses.