**Grayscale Solana Trust (SOL) 10-K Filing Summary**
Grayscale Solana Trust (SOL), a Delaware statutory trust, reported its financial performance in its latest 10-K filing. The trust's primary objective is to mirror the value of Solana (SOL) tokens held, adjusted for expenses and liabilities. As of December 31, 2025, the trust held approximately 0.23% of the SOL in circulation. The trust's shares are listed on NYSE Arca under the ticker symbol "GSOL" since October 29, 2025.
The trust's net assets increased to $160.4 million as of December 31, 2025, a 56% increase from $102.6 million at the end of 2024. This growth was primarily driven by the contribution of approximately 763,741 SOL tokens, valued at $107.1 million, in connection with share creations, and approximately 11,419 SOL tokens with a value of $1.6 million in connection with staking rewards. These gains were partially offset by a decrease in the price of SOL from $193.69 to $123.97 per token and the redemption of approximately 10,943 SOL tokens to pay the Sponsor’s Fee and the payable of approximately 569 SOL tokens to pay the Sponsor’s Staking Fee. The net realized and unrealized loss on investment in SOL was $48.9 million for the year ended December 31, 2025.
Strategic developments included the commencement of a redemption program and the listing of shares on NYSE Arca on October 29, 2025. The trust also began staking its SOL tokens on October 6, 2025, pursuant to staking arrangements with the Custodian and certain third-party staking providers. The Sponsor’s Fee was reduced from 2.5% to 0.35% effective October 29, 2025. From November 5, 2025 until February 5, 2026, the Sponsor waived a portion of the fees associated with Staking, such that the Sponsor’s Staking Fee, the Custodian’s fee and the Staking Provider’s share of the Staking Consideration comprised an aggregate of 5% of the gross Staking Consideration generated under the Staking Arrangements, with the Trust receiving and retaining the remainder of such gross Staking Consideration.
Key operational developments included the appointment of Foreside Fund Services, LLC as the marketing agent and the engagement of JSCT, LLC, Virtu Financial Singapore Pte. Ltd., Flow Traders B.V., Flowdesk, Cumberland DRW LLC, and Galaxy Digital Trading Cayman LLC as Liquidity Providers. The number of shares outstanding increased from 7,160,335 on December 31, 2024, to 17,634,135 on December 31, 2025. The filing also includes forward-looking statements regarding the trust's operations, potential risks, and regulatory landscape, cautioning investors against relying solely on these predictions due to inherent uncertainties.
About Grayscale Solana Trust (SOL)
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