Bitwise Solana Staking ETF
For the period ended Jun 30, 2026. Filed Aug 7, 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 7, 2026
BSOL$12.41-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001193125-26-209326
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-340160
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 48 previous paragraphs and 58 current paragraphs.
32 unchanged; 15 reworded; 8 added; 0 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 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 (8)
Current report
Three months ended June 30, 2026*
Current report
Net investment income for the three months ended June 30, 2026 was $8,425, which included income from Staking Rewards of $9,287 and net expenses of $862. Total expenses for the three months ended June 30, 2026 were $862, which included $307 in Sponsor Fee and $555 in Staking Fees.
Current report
Six months ended June 30, 2026*
Current report
On October 23, 2025 (commencement of operations), the Trust began staking its solana pursuant to staking arrangements with the Staking Agents and earns Staking Rewards in the form of additional solana. The amount of Staking Rewards received by the Trust is influenced by factors including Solana Network conditions, protocol-level reward rates, the amount of solana held by the Trust and the portion of the Trust’s solana that is staked, and the Trust does not expect Staking Rewards to be earned at a consistent rate. Staking also introduces operational and liquidity considerations, including that staked solana may be inaccessible for a period of time required to un-stake and withdraw solana under Solana Network protocols and the Trust’s dependence on its Staking Agents for the execution of staking activities.
Current report
Pursuant to the Trust’s staking arrangements and the Trust Agreement, a portion of gross Staking Rewards is allocated among the applicable Staking Agents and the Sponsor (the Sponsor’s “Staking Fee”), with the remainder retained by the Trust. Staking Rewards retained by the Trust increase the Trust’s solana holdings, while distributions or sales of solana reduce the Trust’s solana holdings. The Trust may distribute Staking Rewards (in solana or cash from the sale of solana) to shareholders at the Sponsor’s discretion and subject to the Trust Agreement.
Current report
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below is a summary of accounting policies on cash, investment valuation and investment company considerations. There were no material estimates used in the preparation of the financial statements that involved a significant level of estimation uncertainty or that had, or are reasonably likely to have had, a material impact on the Trust's financial condition. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion of the Trust’s accounting policies.
Current report
Cash
Current report
Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing unrestricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.
Reworded paragraphs (15)
Previous wording
For the three months ended March 31, 2026*^
Current wording
For the three and six months ended June 30, 2026*^
Previous wording
Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for solana that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
Current wording
Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for solana in the market that the Trust considers its principal market, as of 4:00 p.m. EST on the valuation date.
Previous wording
During the three months ended March 31, 2026, the Trust's net assets decreased from $641,326 on December 31, 2025 to $570,305 on March 31, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (1,053) solana to pay the Sponsor Fee, and approximately (431,896) solana for the redemption of Shares, with a value of $(39,800) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 2,090,316 solana in connection with Share creations, and approximately 93,965 solana received from staking rewards, with a value of $218,601 during the period.
Current wording
During the three months ended June 30, 2026, the Trust's net assets increased from $570,305 on March 31, 2026 to $592,344 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (3,822) solana to pay the Sponsor Fee, and approximately (503,726) solana for the redemption of Shares, with a value of $(37,514) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 1,540,266 solana in connection with Share creations, and approximately 108,859 solana received from staking rewards, with a value of $146,004 during the period.
Previous wording
Net realized and change in unrealized loss on investment in solana for the three months ended March 31, 2026 was $(247,410), which included a realized gain of $4 on the transfer of solana to pay the Sponsor Fee, a realized loss of $(42,043) on the sale of solana to meet redemptions, a realized gain of $199 from the transfer of solana to meet In-Kind Redemptions, a realized gain of $32 on the transfer of solana for staking activities, and a change in unrealized depreciation on investment in solana of $(205,602). Net realized and change in unrealized loss on investment in solana for the period resulted primarily from solana price depreciation from $123.88 on December 31, 2025 to $82.66 on March 31, 2026. Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was $(238,091), which consisted of the net realized and unrealized loss on investment in solana and net investment income of $9,319.
Current wording
Net realized and change in unrealized loss on investment in solana for the three months ended June 30, 2026 was $(86,373), which included a realized gain of $15 on the transfer of solana to pay the Sponsor Fee, a realized loss of $(27,577) on the sale of solana to meet redemptions, a realized loss of $(1,570) from the transfer of solana to meet In-Kind Redemptions, a realized gain of $40 on the transfer of solana for staking activities, and a change in unrealized depreciation on investment in solana of $(57,281). Net realized and change in unrealized loss on investment in solana for the period resulted primarily from solana price depreciation from $82.66 on March 31, 2026 to $73.51 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(77,948), which consisted of the net realized and unrealized loss on investment in solana and net investment income of $8,425.
Previous wording
Net investment income for three months ended March 31, 2026 was $9,319, which included income from Staking Rewards of $9,886 and net expenses of $567. Total expenses for the three months ended March 31, 2026 were $892, which included $299 in Sponsor Fee and $593 in Staking Fees. For the three-month period starting on October 28, 2025, the day the Trust began accruing expenses, the Sponsor waived the entire Sponsor Fee on the first $1 billion of Trust assets through January 27, 2026. In addition, for the same period, the Sponsor reimbursed the Trust for all Staking Expenses incurred on the first $1 billion of Trust assets through January 27, 2026. For the period from January 1, 2026 through January 27, 2026, the Trust waived $108 in Sponsor Fee and was reimbursed $217 in Staking Fees.
Current wording
Net investment income for the six months ended June 30, 2026 was $17,744, which included income from Staking Rewards of $19,173 and net expenses of $1,429. Total expenses for the six months ended June 30, 2026 were $1,754, which included $606 in Sponsor Fee and $1,148 in Staking Fees. For the six-month period starting on October 28, 2025, the day the Trust began accruing expenses, the Sponsor waived the entire Sponsor Fee on the first $1 billion of Trust assets through January 27, 2026. In addition, for the same period, the Sponsor reimbursed the Trust for all Staking Expenses incurred on the first $1 billion of Trust assets through January 27, 2026. For the period from January 1, 2026 through January 27, 2026, the Trust waived $108 in Sponsor Fee and was reimbursed $217 in Staking Fees.
Previous wording
As of March 31, 2026, the Trust held a net closing balance of 6,905,640.8119 solana with a total market value of $570,787,813 based on the SOLUSD_NY price of $82.66 used to determine the Trust's NAV. The total market value of the Trust's solana held was $570,318,604 based on the price of a solana (Lukka Prime Rate) in the principal market (Coinbase) of $82.60, used to determine the Trust's Principal Market NAV.
Current wording
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 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.
Previous wording
The Trust agreed to pay the unitary Sponsor Fee of 0.20% per annum of the Trust’s solana holdings. The Sponsor contractually waived the Sponsor Fee on the first $1 billion of Trust assets through January 27, 2025, and has been accruing at an annual rate of 0.20% of the Trust’s net assets since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Solana Custodian, Prime Execution
Current wording
The Trust agreed to pay the unitary Sponsor Fee of 0.20% per annum of the Trust’s solana holdings. The Sponsor contractually waived the Sponsor Fee on the first $1 billion of Trust assets through January 27, 2026, the Sponsor Fee has been accruing at an annual rate of 0.20% of the Trust’s net assets since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Solana Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.
Previous wording
The Trust does not hold a cash balance except in connection with the creation and redemption of Baskets (blocks of 10,000 Shares) or to pay expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust’s solana as necessary to pay such expenses. The cash proceeds of the sale are sent to the Sponsor to pay the expenses. Any remaining cash is distributed back to the Cash Custodian. The Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and solana. The Trust will not borrow to meet liquidity needs. See Part I, Item I under the heading “Business - Fees and Expenses” for an additional discussion of the Trust’s fees and expenses.
Current wording
The Trust does not hold a cash balance except in connection with the creation and redemption of Baskets (blocks of 10,000 Shares) or to pay expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust’s solana as necessary to pay such expenses. The cash proceeds of the sale are sent to the Sponsor to pay the expenses. Any remaining cash is distributed back to the Cash Custodian. The Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and solana. The Trust will not borrow to meet liquidity needs.
Previous wording
Sponsor Fee payments made to the Sponsor are calculated as a fixed percentage of the Trust’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date.
Current wording
Sponsor Fee payments made to the Sponsor are calculated at an annual rate of 0.20% of the Trust’s solana holdings. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods since the Trust’s holdings of solana will vary in the normal course of business operations.
Previous wording
No material changes have occurred during the three months ended March 31, 2026.
Current wording
No material changes have occurred during the six months ended June 30, 2026.
Previous wording
First, the Trust reviews a list of Digital Asset Markets that are U.S. accessible, have historically provided publicly available data, and are exchanges that Bitwise normally transacts on. Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable crypto asset exchanges selected in their sole discretion.
Current wording
First, the Trust reviews a list of Digital Asset Markets that are U.S. accessible, have historically provided publicly available data, and are exchanges that Bitwise normally transacts on. Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable crypto asset exchanges selected in its sole discretion.
Previous wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of solana traded on each Digital Asset Market. For the three months ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.
Current wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of solana traded on each Digital Asset Market. For the six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.
Previous wording
As of March 31, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.
Current wording
As of June 30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets under consideration.
Previous wording
At March 31, 2026, the principal market and the principal market price for solana, which is composed of the majority of the Trust’s assets as of March 31, 2026, was Coinbase with a price of $82.60.
Current wording
At June 30, 2026, the principal market and the principal market price for solana, which comprised the majority of the Trust’s assets as of June 30, 2026, was Coinbase with a price of $73.62.
Previous wording
The cost basis of the solana received by the Trust in connection with a creation order is recorded by the Trust at the fair value of solana at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Current wording
The cost basis of the solana received by the Trust in connection with a creation order is recorded by the Trust at the fair value of solana at 4:00 p.m. EST on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
During the six months ended June 30, 2026, the Trust's net assets decreased from $641,326 on December 31, 2025 to $592,344 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (4,875) solana to pay the Sponsor Fee, and approximately (935,622) solana for the redemption of Shares, with a value of $(77,314) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 3,630,582 solana in connection with Share creations, and approximately 202,824 solana received from staking rewards, with a value of $364,605 during the period.
Current report — wording carried from elsewhere
Net realized and change in unrealized loss on investment in solana for the six months ended June 30, 2026 was $(333,783), which included a realized gain of $19 on the transfer of solana to pay the Sponsor Fee, a realized loss of $(69,620) on the sale of solana to meet redemptions, a realized loss of $(1,371) from the transfer of solana to meet In-Kind Redemptions, a realized gain of $72 on the transfer of solana for staking activities, and a change in unrealized depreciation on investment in solana of $(262,883). Net realized and change in unrealized loss on investment in solana for the period resulted primarily from solana price depreciation from $123.88 on December
Current report — wording carried from elsewhere
31, 2025 to $73.51 on June 30, 2026. Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(316,039), which consisted of the net realized and unrealized loss on investment in solana and net investment income of $17,744.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.