Invesco Galaxy Solana ETF Reports $2.24M NAV and $243K Net Loss for Period Ending December 31, 2025

Invesco Galaxy Solana ETF, a Delaware statutory trust formed on June 12, 2025, reported a net asset value (NAV) of $2.24 million as of December 31, 2025, with 180,000 shares outstanding, translating to an NAV per share of $12.45. The Trust's financial performance for the period from October 16, 2025, to December 31, 2025, showed a net loss of $243,612, primarily due to a net change in unrealized losses on investments in Solana (SOL), which amounted to $244,798. The Trust's staking program generated a modest income of $1,445 during this period.

The Trust's assets are concentrated solely in SOL, which has faced significant price volatility. The value of SOL held by the Trust decreased from a cost basis of approximately $2.49 million to a fair value of $2.24 million, reflecting broader market pressures and internal ecosystem challenges. The Trust's investment strategy aims to reflect the performance of SOL's spot price, as measured by the Lukka Prime Solana Reference Rate, while also seeking to earn staking rewards. However, the Trust's NAV and market price per share diverged, with the market price at $12.41, indicating a slight discount to NAV.

In terms of operational developments, the Trust commenced trading on the Cboe BZX Exchange on December 15, 2025, and has since engaged in transactions with Authorized Participants, including Invesco Ltd., which initially seeded the Trust with $100,000. The Trust's structure allows for the issuance of shares only to certain eligible financial institutions in blocks of 5,000 shares, based on the quantity of SOL attributable to each share. As of January 31, 2026, the Trust had 22 holders of record.

Looking ahead, the Trust's management has indicated that it expects to outperform the Benchmark before accounting for expenses and liabilities, primarily through its staking rewards strategy. However, the Trust faces several risks, including regulatory uncertainties surrounding digital assets, market volatility, and operational challenges related to its service providers. The Sponsor, Invesco Capital Management LLC, is responsible for managing the Trust and has implemented various risk management processes to mitigate potential losses. The Trust's future performance will depend on its ability to navigate these challenges while maintaining investor confidence in its operations and the underlying asset, SOL.