Invesco Galaxy Solana ETF
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 2026
QSOL$9.01-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338680
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450280
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 57 previous paragraphs and 56 current paragraphs.
41 unchanged; 11 reworded; 4 added; 4 removed; 1 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 (4)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026
Current report
SOL rebounded sharply during the third quarter of 2026, gaining about 60% as improving liquidity conditions and a broader recovery in digital assets supported investor risk appetite. US spot Solana exchange-traded products (“ETPs”) attracted approximately $480 million in net inflows during the quarter, a meaningful increase and a sign of recovering investment demand. The rally was also supported by stronger underlying network activity, including growth in decentralized exchange volumes, stablecoin settlement, and tokenized financial assets. Solana’s speed and low transaction costs continued to attract payments and trading activity, broadening the Solana network’s use beyond more speculative applications. The third quarter exploit of Coinkite’s Coldcard hardware wallets also highlighted the appeal of regulated ETP access, institutional-grade custody controls, and insurance arrangements. Although the CLARITY Act failed to advance in the Senate, the regulatory backdrop remained constructive as the SEC introduced Regulation Crypto Assets, a tailored offering regime intended to provide clearer pathways for certain crypto-asset issuances and capital formation in the US and a temporary Innovation Exemption that created a conditional pathway for limited on-chain trading of tokenized U.S.-listed stocks. This step, together with continued growth in tokenized financial assets, reinforced confidence in the broader digital asset ecosystem and helped SOL recover most of its losses from earlier in the year.
Current report
SOL remained modestly lower for the year through the third quarter of 2026, with the strong third quarter advance insufficient to fully reverse the steep decline recorded earlier in the year. First-half performance was pressured by tighter financial conditions, geopolitical uncertainty, and reduced risk appetite. The backdrop improved materially in the third quarter as liquidity conditions became more supportive and regulated ETPs provided a more accessible channel for investor exposure. At the same time, growth in stablecoin transactions, decentralized trading, and tokenized-asset activity pointed to a more diversified ecosystem and reinforced Solana’s longer-term utility. These tailwinds narrowed the year-to-date loss substantially, but were not sufficient to bring SOL into positive territory.
Removed paragraphs (4)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026
Previous report
SOL delivered negative performance during the second quarter of 2026 as digital asset markets remained under pressure from tighter financial conditions, weaker investor risk appetite, and ongoing geopolitical uncertainty. Similar to other digital assets, SOL faced headwinds from a more hawkish U.S. interest rate backdrop and continued volatility across risk assets. Despite challenging market conditions, the Solana network continued to exhibit strong underlying activity, with growth in transaction volumes, decentralized trading activity, and broader ecosystem usage during the quarter. At the same time, progress toward a clearer U.S. regulatory framework for digital assets, including advancement of the CLARITY Act and other market structure initiatives, helped improve sentiment toward the asset class and supported the long-term outlook for blockchain networks. However, these positive developments were insufficient to offset broader market weakness, resulting in negative performance during the period.
Previous report
SOL generated negative performance in the first half of 2026 as a sharp decline early in the year more than offset signs of improving activity across the network. During the first quarter, SOL was pressured by broad weakness across digital asset markets, geopolitical uncertainty, and reduced investor willingness to hold higher-beta assets. Although market conditions remained challenging throughout the second quarter, Solana’s ecosystem continued to expand, supported by growing network usage, increased decentralized trading activity, and ongoing development across the platform. The period also saw a more constructive regulatory backdrop emerging for digital assets, improving confidence in the long-term outlook for blockchain-based networks. Despite these positive developments, weaker cryptocurrency prices and cautious investor sentiment remained the dominant drivers of performance, resulting in negative year-to-date returns for the Trust.
Reworded paragraphs (11)
Previous wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of June 30, 2026, and its results of operations for the three and six months ended June 30, 2026. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Current wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of September 30, 2026, and its results of operations for the three and nine months ended September 30, 2026. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Previous wording
The Trust’s investment objective is to reflect the performance of the spot price of Solana (“SOL”) as measured using the Lukka Prime Solana Reference Rate (the “Benchmark”), as adjusted to reflect the SOL staking rewards earned by the Trust and the Trust’s expenses and other liabilities. The Trust expects to outperform the Benchmark before taking its expenses and liabilities into account due to its plans to receive SOL staking rewards.
Current wording
The Trust’s investment objective is to reflect the performance of the spot price of Solana (“SOL”) as measured using the Lukka Prime Solana Reference Rate (the “Benchmark”), as adjusted to reflect the SOL staking rewards earned by the Trust less the Trust’s expenses and other liabilities. The Trust expects to outperform the Benchmark before taking its expenses and liabilities into account due to its plans to receive SOL staking rewards.
Previous wording
The Staking Provider and Sponsor are entitled to receive a fee for their respective roles in facilitating the Trust’s staking program (collectively, “Staking Expenses”). The Trust pays the Staking Expenses at a rate of 3% of the gross staking rewards received by the Trust. The staking rewards earned by the Trust in the form of SOL accrue to the Trust’s account with the Solana Custodian and will generally be staked by the Trust. The expenses of staking the Trust’s SOL are paid from the proceeds of the Trust’s staking program and the Trust retains the remaining amount of the staking rewards. Staking rewards, net of Staking Expenses are reflected as Staking Income, Net on the Statement of Income and Expense.
Current wording
The Staking Provider and Sponsor are entitled to receive a fee for their respective roles in facilitating the Trust’s staking program (collectively, “Staking Expenses”). The Trust pays the Staking Expenses at a rate of 3% of the gross staking rewards received by the Trust. The staking rewards earned by the Trust in the form of SOL accrue to the Trust’s account with the Solana Custodian and will generally be staked by the Trust. The expenses of staking the Trust’s SOL are paid from the proceeds of the Trust’s staking program and the Trust retains the remaining amount of the staking rewards. Staking rewards, net of Staking Expenses, are reflected as Staking Income, Net on the Statements of Income and Expenses.
Previous wording
Net cash flow provided by (used in) operating activities was $(4.4) million for the six months ended June 30, 2026. During the six months ended June 30, 2026, $4.7 million was paid to purchase SOL.
Current wording
Net cash flow provided by (used in) operating activities was $(3.8) million for the nine months ended September 30, 2026. During the nine months ended September 30, 2026, $5.4 million was paid to purchase SOL and $1.6 million was received from sales of SOL for redemptions.
Previous wording
The Trust’s net cash flow provided by (used in) financing activities was $4.4 million during the six months ended June 30, 2026. This included $4.7 million from Shares purchased by Authorized Participants during the six months ended June 30, 2026.
Current wording
The Trust’s net cash flow provided by (used in) financing activities was $3.8 million during the nine months ended September 30, 2026. This included $5.4 million from Shares purchased by Authorized Participants and $1.6 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026.
Previous wording
For the three months ended June 30, 2026, the Exchange market value of each Share decreased from $8.30 per Share to $7.39 per Share. The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on March
Current wording
For the three months ended September 30, 2026, the Exchange market value of each Share increased from $7.39 per Share to $11.74 per Share. The Share price low and high for the three months ended September 30, 2026 and related change from the Share price on June 30, 2026 was as follows: Shares traded at a low of $7.31 per Share (-1.08%) on July 29, 2026, and a high of $12.22 per Share (+65.36%) on September 25, 2026. The total return for the Trust on a market value basis was +60.09%.
Previous wording
For the six months ended June 30, 2026, the Exchange market value of each Share decreased from $12.41 per Share to $7.39 per Share. The Share price low and high for the six months ended June 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $6.40 per Share (-48.43%) on June 5, 2026, and a high of $14.78 per Share (+19.10%) on January 14, 2026. The total return for the Trust on a market value basis was -39.92%.
Current wording
For the nine months ended September 30, 2026, the Exchange market value of each Share decreased from $12.41 per Share to $11.74 per Share. The Share price low and high for the nine months ended September 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $6.40 per Share (-48.43%) on June 5, 2026, and a high of $14.78 per Share (+19.10%) on January 14, 2026. The total return for the Trust on a market value basis was -3.81%.
Previous wording
For the three months ended June 30, 2026, the NAV of each Share decreased from $8.30 per Share to $7.39 per Share. The falling price of SOL during the three months ended June 30, 2026 contributed to an overall 10.87% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -10.30%.
Current wording
For the three months ended September 30, 2026, the NAV of each Share increased from $7.39 per Share to $11.74 per Share. The rising price of SOL during the three months ended September 30, 2026 contributed to an overall 59.18% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +60.09%.
Previous wording
Net income (loss) for the three months ended June 30, 2026 was $(0.6) million, primarily resulting from net realized gain (loss) of $(0.3) million and net change in unrealized gain (loss) of $(0.3) million.
Current wording
Net income (loss) for the three months ended September 30, 2026 was $2.4 million, primarily resulting from net realized gain (loss) of $(0.9) million and net change in unrealized gain (loss) of $3.2 million.
Previous wording
For the six months ended June 30, 2026, the NAV of each Share decreased from $12.40 per Share to $7.39 per Share. The falling price of SOL during the six months ended June 30, 2026 contributed to an overall 40.61% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -39.87%.
Current wording
For the nine months ended September 30, 2026, the NAV of each Share decreased from $12.40 per Share to $11.74 per Share. The falling price of SOL during the nine months ended September 30, 2026 contributed to an overall 5.46% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -3.73%.
Previous wording
Net income (loss) for the six months ended June 30, 2026 was $(1.5) million, primarily resulting from net realized gain (loss) of $(0.3) million and net change in unrealized gain (loss) of $(1.2) million.
Current wording
Net income (loss) for the nine months ended September 30, 2026 was $0.9 million, primarily resulting from $0.1 million of income, net realized gain (loss) of $(1.2) million and net change in unrealized gain (loss) of $2.0 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
31, 2026 was as follows: Shares traded at a low of $6.40 per Share (-22.89%) on June 5, 2026, and a high of $9.90 per Share (+19.28%) on May 11, 2026. The total return for the Trust on a market value basis was -10.30%.