v3.26.1
Fair Value of Solana
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Solana

3. Fair Value of Solana

 

As of June 30, 2026, the Trust held a net closing balance of 8,047,218.8817 solana with a total market value of $591,590,491 based on the CME CF Solana - Dollar Reference Rate - New York Variant (“SOLUSD_NY”) price of $73.51 used to determine the Trust's NAV. The total market value of the Trust's solana held was $592,436,254 based on the price of a solana (Lukka Prime Rate) in the principal market (Coinbase) of $73.62, used to determine the Trust's Principal Market NAV.

 

The following represents the changes in quantity of solana and the respective fair value for the six-month period ended June 30, 2026:

 

 

 

Quantity of solana

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2025

 

 

5,154,309.1029

 

 

$

638,928

 

Purchases

 

 

3,037,817.6851

 

 

 

290,199

 

In-Kind Creations

 

 

592,764.3615

 

 

 

56,055

 

Solana received from Staking Rewards1

 

 

202,823.8023

 

 

 

18,351

 

Solana transferred for Sponsor Fee

 

 

(4,874.6942

)

 

 

(406

)

Sales for the redemption of Shares

 

 

(612,872.1974

)

 

 

(53,357

)

In-Kind Redemptions

 

 

(322,749.1785

)

 

 

(23,551

)

Net realized gain (loss) from investment in solana transferred to pay Sponsor Fee

 

 

—

 

 

 

19

 

Net realized gain (loss) from In-Kind Redemptions of solana

 

 

—

 

 

 

(1,371

)

Net realized gain (loss) from solana transferred for staking activities

 

 

—

 

 

 

72

 

Net realized gain (loss) from investment in solana sold for redemptions

 

 

—

 

 

 

(69,620

)

Net change in unrealized appreciation (depreciation) from investment in solana

 

 

—

 

 

 

(262,883

)

Ending balance as of June 30, 2026

 

 

8,047,218.8817

 

 

$

592,436

 

 

1 Fair value of solana received from Staking Rewards is calculated using the 4:00 p.m. EST fair value of solana on the day the Staking Rewards are initially accrued.

Additions during the quarter primarily represent solana purchased due to creations into the Trust and In-Kind Creations. Additions also included solana received as a reward for staking activities. Dispositions during the quarter represent solana sold as a result of shareholder redemptions from the Trust and In-Kind Redemptions. In addition, solana was transferred to pay the Sponsor Fee of the Trust. For the six months ended June 30, 2026, the Trust recognized net realized losses of $70,901,904, which represents the net of cumulative realized gains of $31,484,337 and cumulative realized losses of $102,386,241.

As of December 31, 2025, the Trust held a net closing balance of 5,154,309.1029 solana with a total market value of $638,398 based on the SOLUSD_NY price of $123.88 used to determine the Trust's NAV. The total market value of the Trust's solana held was $638,928 based on the price of a solana (Lukka Prime Rate) in the principal market (Coinbase) of $123.96, used to determine the Trust's Principal Market NAV.

 

The following represents the changes in quantity of solana and the respective fair value for the period from October 23, 2025 (commencement of operations) through December 31, 2025:

 

 

 

Quantity of solana

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of October 23, 2025 (commencement of operations)

 

0.0000

 

 

$

—

 

Purchases

 

 

3,275,542.4933

 

 

 

494,697

 

In-Kind Creations

 

 

1,872,119.9701

 

 

 

355,475

 

Solana received from Staking Rewards1

 

 

43,507.2208

 

 

 

5,902

 

Sales for the redemption of Shares

 

 

(36,860.5813

)

 

 

(4,594

)

Net realized gain (loss) from investment in solana transferred to pay Sponsor Fee

 

 

—

 

 

 

—

 

Net realized gain (loss) from investment in solana sold for redemptions

 

 

—

 

 

 

(2,803

)

Change in unrealized appreciation (depreciation) from investment in solana

 

 

—

 

 

 

(209,749

)

Ending balance as of December 31, 2025

 

 

5,154,309.1029

 

 

$

638,928

 

 

1 Fair value of solana received from Staking Rewards is calculated using the 4:00 p.m. EST fair value of solana on the day the Staking Rewards are initially accrued.