VanEck Solana ETF
For the period ended Mar 31, 2026. Filed May 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 14, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-12-19.
0000930413-25-003739
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0000930413-26-001610
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 17 previous paragraphs and 19 current paragraphs.
13 unchanged; 1 reworded; 5 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
The Quarter Ended March 31, 2026
Current report
The Trust’s NAV decreased from $23,539,566 at December 31, 2025 to $14,859,581 at March 31, 2026, a 36.87% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of SOL, which decreased 33.14% from $124.73 at December 31, 2025 to $83.39 at March 31, 2026. The number of Shares outstanding also decreased from 1,450,000 Shares at December 31, 2025 to 1,350,000 Shares at March 31, 2026, a net result of 325,000 Shares (13 Baskets) being created and 425,000 Shares (17 Baskets) being redeemed during the period.
Current report
The 32.16% decrease in the NAV per Share from $16.23 at December 31, 2025 to $11.01 at March 31, 2026 is directly related to the 33.14% decrease in the price of SOL during this period, minimally offset by income from staking activities.
Current report
The NAV per Share of $19.21 on January 14, 2026, was the highest during the quarter, compared with a low during the quarter of $10.11 on February 12, 2026.
Current report
Net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $9,040,833 resulting from the net change in unrealized depreciation on investment in SOL of $6,060,447, a net realized loss of $1,148,041 on SOL sold for the redemption of Shares, a net realized loss on SOL sold of 2,125,101 for in-kind redemptions, a net realized loss of $978 from SOL sold to pay expenses during the quarter, and net investment income of $293,734 resulting from staking activities. Other than the Net Sponsor Fee of $5,719, the Trust has no other expenses during the quarter.
Removed paragraphs (3)
Previous report
The Period through September 30, 2025
Previous report
At September 30, 2025, the Trust had no operations other than a sale to the Seed Capital Investor, the parent of the Sponsor, of 4,000 Shares at a per-Share price of $25.00. Delivery of the Seed Shares was made on June 10, 2025. Total proceeds from the sale of the Seed Shares were $100,000.
Previous report
On October 29, 2025, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the Seed Creation Baskets, comprising of a total of 400,000 Shares at a per-Share price of $25.00, which was equal to 51,656 SOL. Delivery of the Seed Creation Baskets was made on October 29, 2025. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000.
Reworded paragraphs (1)
Previous wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust that will be incurred will bethe Sponsor’s Fee. The Trust’s only source of liquidity will beits sales of SOL.
Current wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust that will be incurred will be the Sponsor’s Fee. The Trust’s only source of liquidity will be its sales of SOL.