v3.26.1
Creations and Redemptions of Shares
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Creations and Redemptions of Shares

4. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of SOL to the Trust or the distribution of SOL by the Trust. The amount of SOL required for each Creation Basket or Redemption Basket is determined by dividing (x) the amount of SOL owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of SOL representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0752 and 0.0734 of one SOL at June 30, 2026 and December 31, 2025, respectively.

As of the date of this Quarterly Report, Authorized Participants may submit orders to create or redeem Shares through transactions that are referred to as “cash orders” or “in-kind orders”, in accordance with the agreements with Authorized Participants.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Number of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

Shares issued

 

 

2,170,000

 

 

 

9,200

 

 

 

4,040,000

 

 

 

70,700

 

Shares redeemed

 

 

(1,010,000

)

 

 

-

 

 

 

(3,400,000

)

 

 

-

 

Net Change in Number of Shares Issued and Redeemed

 

 

1,160,000

 

 

 

9,200

 

 

 

640,000

 

 

 

70,700

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Value of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

 Shares issued

 

$

13,497

 

 

$

97

 

 

$

30,875

 

 

$

1,218

 

Shares redeemed

 

 

(5,867

)

 

 

-

 

 

 

(23,800

)

 

 

-

 

Net Change in Value of Shares Issued and Redeemed

 

$

7,630

 

 

$

97

 

 

$

7,075

 

 

$

1,218

 

SOL receivable represents the value of SOL covered by contractually binding orders for the creation of Shares where the SOL has not yet been transferred to the Trust’s account. Generally, ownership of the SOL is transferred within no more than two business days of the trade date.

 

 

As of June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

SOL receivable

 

$

-

 

 

$

-

 

 

 

 

 

 

SOL payable represents the value of SOL covered by contractually binding orders for the redemption of Shares where the SOL has not yet been transferred out of the Trust’s account. Generally, ownership of the SOL is transferred within no more than two business days of the trade date.

 

 

As of June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

SOL payable

 

$

-

 

 

$

-