VanEck Solana ETF
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Aug 13, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0000930413-26-002503
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 19 previous paragraphs and 24 current paragraphs.
14 unchanged; 4 reworded; 3 added; 1 removed; 0 previous and 3 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 (3)
Current report
The Three Months Ended June 30, 2026
Current report
The Six Months Ended June 30, 2026
Current report
The 38.08% decrease in the NAV per Share from $16.23 at December 31, 2025 to $10.05 at June 30, 2026 is primarily related to the 39.64% decrease in the price of SOL during the six months ended June 30, 2026, and offset by income from staking activities.
Removed paragraphs (1)
Previous report
The Quarter Ended March 31, 2026
Reworded paragraphs (4)
Previous wording
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 wording
The 8.72% decrease in the NAV per Share from $11.01 at March 31, 2026 to $10.05 at June 30, 2026 is primarily related to the 9.71% decrease in the price of SOL during the three months ended June 30, 2026, and offset by income from staking activities.
Previous wording
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.
Current wording
Net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $(1,275,124) resulting from the net change in unrealized appreciation (depreciation) on investment in SOL of $309,640, a net realized loss of $(1,538,321) on SOL sold for the redemption of Shares, a net realized loss on SOL sold of $(201,683) for in-kind redemptions, a net realized loss of $(3,972) from SOL sold to pay expenses during the three months, and net investment income of $159,212 resulting from staking activities. Other than the Net Sponsor Fee of $10,971, the Trust has no other expenses during the three months ended June 30, 2026.
Previous wording
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 wording
The Trust’s NAV decreased from $23,539,566 at December 31, 2025 to $14,315,887 at June 30, 2026, a 39.18% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of SOL, which decreased 39.64% from $124.73 at December 31, 2025 to $75.29 at June 30, 2026. The number of Shares outstanding also decreased from 1,450,000 Shares at December 31, 2025 to 1,425,000 Shares at June 30, 2026, a net result of 650,000 Shares (26 Baskets) being created and 675,000 Shares (27 Baskets) being redeemed during the six months ended June 30, 2026.
Previous wording
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 wording
The NAV per Share of $19.21 on January 14, 2026, was the highest during the six months, compared with a low during the six months of $8.32 on June 5, 2026.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The Trust’s NAV decreased from $14,859,581 at March 31, 2026 to $14,315,887 at June 30, 2026, a 3.66% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of SOL, which decreased 9.71% from $83.39 at March 31, 2026 to $75.29 at June 30, 2026. This decrease was partially offset as the number of Shares outstanding also increased from 1,350,000 Shares at March 31, 2026 to 1,425,000 Shares at June 30, 2026, a net result of 325,000 Shares (13 Baskets) being created and 250,000 Shares (10 Baskets) being redeemed during the three months ended June 30, 2026.
Current report — wording carried from elsewhere
The NAV per Share of $12.96 on May 11, 2026, was the highest during the three months, compared with a low during the three months of $8.32 on June 5, 2026.
Current report — wording carried from elsewhere
Net decrease in net assets resulting from operations for the six months ended June 30, 2026, was $(10,315,957) resulting from the net change in unrealized appreciation (depreciation) on investment in SOL of $(5,750,807), a net realized loss of $(2,686,362) on SOL sold for the redemption of Shares, a net realized loss on SOL sold of (2,326,784) for in-kind redemptions, a net realized loss of $(4,950) from SOL sold to pay expenses during the six months, and net investment income of $452,946 resulting from staking activities. Other than the Net Sponsor Fee of $16,690, the Trust has no other expenses during the six months ended June 30, 2026.