UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended ~~September~~March 3031, ~~2025~~2026.

☐

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from_________________to______________________.

Commission file number: 001-42954

VanEck Solana ETF

(Exact name of registrant as specified in its charter)

Delaware		33-6972117
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o VanEck Digital Assets, LLC
Jonathan R. Simon, Esq.
Matthew A. Babinsky, Esq.
666 Third Avenue, 9^th Floor
New York, New York 10017
(Address of principal executive offices) (Zip Code)

(212) 293-2000 (Registrant’s telephone number, including area code)

Not Applicable (~~Registrant’s~~Former ~~telephone~~name, ~~number~~former address and former fiscal year, if changed since last report) ~~including~~Securities ~~area~~registered ~~code~~or to be registered pursuant to Section 12(b) of the Act.

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Shares		VSOL		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ ☒ Yes ☒ ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller Reporting Company	☒
Emerging Growth Company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No

The registrant had ~~400~~1,375,000 outstanding Shares as of ~~October~~April 3130, ~~2025~~2026.

VanEck Solana ETF Table of Contents

Table of Contents

	Page

Part I. FINANCIAL INFORMATION.	1

Item 1. Unaudited Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	11

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	12

Item 4. Controls and Procedures.	12

Part II. OTHER INFORMATION.	13

Item 1. Legal Proceedings.	13

Item 1A. Risk Factors.	13

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	17

Item 3. Defaults Upon Senior Securities.	18

Item 4. Mine Safety Disclosures.	18

Item 5. Other Information.	18

Item 6. Exhibits.	18

SIGNATURES.	20

Page Part I. FINANCIAL INFORMATION. F-1 Item 1. Unaudited Financial Statements. F-1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 4 Item 3. Quantitative and Qualitative Disclosure About Market Risk. 5 Item 4. Controls and Procedures. 5 Part II. OTHER INFORMATION. 6 Item 1. Legal Proceedings. 6 Item 1A. Risk Factors. 6 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 6 Item 3. Defaults Upon Senior Securities. 6 Item 4. Mine Safety Disclosures. 6 Item 5. Other Information. 6 Item 6. Exhibits. 6 SIGNATURES. 8

Part I. FINANCIAL INFORMATION.

Item 1. Unaudited Financial Statements.

VanEck Solana ETF

STATEMENT OF ASSETS AND LIABILITIES (*)(Unaudited)At September 30, 2025

ASSETS:
Cash	$	100,000
Total Assets		100,000
LIABILITIES:
Total Liabilities		-
Commitments and contingent liabilities (Note 6)		-
NET ASSETS	$	100,000
Shares issued and outstanding (a)		4,000
Net Asset Value per Share (Note 2)		25.00

(a) No par value, unlimited amount authorized

* No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2024.

See Notes to Financial Statements

F-1

VANECK SOLANA ETF

Statements of Assets and Liabilities

	March 31, 2026 (Unaudited)		December 31, 2025
Assets
Investment in solana, at fair value (cost $25,684,742 and $28,300,073, respectively)	$	14,863,788	$	23,539,566
Total assets		14,863,788		23,539,566

Liabilities
Accrued Sponsor fee		4,207		—
Total liabilities		4,207		—

Net assets
	$	14,859,581	$	23,539,566

Shares issued and outstanding (no par value, unlimited amount authorized)		1,350,000		1,450,000

Net Asset Value per Share	$	11.01	$	16.23

The accompanying notes are an integral part of these financial statements.

VANECK SOLANA ETF

Statement of Operations^(a)

For the Three Months Ended March 31, 2026 (Unaudited)

Investment Income
Staking Income	$	299,453
Total investment income		299,453

Expenses
Sponsor fee, related party		15,433
Total expenses		15,433
Sponsor fee waiver, related party		(9,714)
Net expenses		5,719
Net investment income		293,734
Net realized loss and net change in unrealized appreciation (depreciation)
Net realized loss on:
Solana sold for redemption of shares		(1,148,041)
Solana sold for in-kind redemptions		(2,125,101)
Solana distributed for Sponsor fee, related party		(978)
Net realized loss on investment in solana		(3,274,120)

Net change in unrealized appreciation (depreciation) from investment in solana		(6,060,447)

Net realized loss and net change in unrealized appreciation (depreciation)		(9,334,567)

Net increase (decrease) in net assets resulting from operations	$	(9,040,833)

(a)

No comparative financial statements have been provided as the Trust did not have any operations as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

VANECK SOLANA ETF

Statement of Changes in Net Assets^(a)

For the ~~Period~~Three ~~September~~Months ~~24,~~Ended ~~2025 to~~March ~~September 30~~31, ~~2025~~2026 (Unaudited)

Net increase (decrease) from investment operations
Net decrease from operations
Net investment income (loss)	$	—
Net investment income	$	293,734
Net realized gain (loss) from investment in ether		—
Net realized loss from investment in solana		(3,274,120)
Change in net unrealized appreciation (depreciation) from investments in ether		—
Net change in unrealized appreciation (depreciation) from investments in solana		(6,060,447)
Net increase (decrease) in net assets resulting from operations		—
Net decrease in net assets resulting from operations		(9,040,833)
Capital share transactions
Capital Share transactions
Contributions for shares issued		—5,215,980
Withdrawals for shares redeemed		—(4,855,132)
Total capital share transactions		—
Net increase in capital share transactions		360,848
Net increase in net assets		—
Net decrease in net assets		(8,679,985)
Net assets:
Beginning of period		~~100~~23,~~000~~539,566
End of period	$	~~100~~14,~~000~~859,581

(a) No comparative financial statements have been provided as the Trust did not have any operations as of ~~September~~March 3031, ~~2024. On June 10,~~ 2025~~, Van Eck Associates Corporation (the “Seed Capital Investor”) purchased the “Seed Shares” comprising of 4,000 Shares at a per-Share price of $25~~.00. Delivery of the Seed Shares was made on June 10, 2025. Total proceeds to the Trust from the sale of the Seed Shares were $100,000. The last period audited was September 24, 2025. The Trust did not have any operations from June 10, 2025 to September 24, 2025.

~~See~~The ~~Notes~~accompanying tonotes ~~Financial~~are ~~Statements~~an integral part of these financial statements.

~~F-2~~3

VANECK SOLANA ETF

~~NOTES~~Schedules TOof ~~FINANCIAL STATEMENTS (Unaudited)~~Investment

September 30, 2025

March 31, 2026 (Unaudited)
Description	Quantity	Cost		Fair Value
Solana	178,254.94^(a)	$	25,684,742	$	14,863,788
Total Investment in solana – 100.03%					14,863,788
Liabilities in Excess of Other Assets – (0.03%)					(4,207)
Net Assets – 100.00%				$	14,859,581

December 31, 2025
Description	Quantity	Cost		Fair Value
Solana	188,731.73^(b)	$	28,300,073	$	23,539,566
Total Investment in solana – 100.00%					23,539,566
Liabilities in Excess of Other Assets – (0.00%)					—
Net Assets – 100.00%				$	23,539,566

(a)	Includes 156,945.27 of staked solana.
(b)	Includes 157,964.45 of staked solana.

The accompanying notes are an integral part of these financial statements.

VANECK SOLANA ETF

Notes to Unaudited Financial Statements

March 31, 2026

Note 1. Organization:

~~The~~ VanEck Solana ETF (the “Trust”), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in an ownership of the Trust (the “Shares”). The Shares are traded on the Nasdaq Stock Market LLC (the “Exchange”). The Trust’s investment objective is to reflect the performance of Solana (“SOL”), and rewards from staking a portion of the Trust’s SOL, to the extent VanEck Digital Assets, LLC (the “Sponsor”) in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust’s ability to qualify as a grantor trust for tax purposes, less the operating expenses of the Trust. The Trust is managed and controlled by (“the Sponsor”), a wholly-owned subsidiary of Van Eck Associates Corporation (“VanEck”). The CSC Delaware Trust Company, is the ~~“Trustee”~~ trustee of the Trust. ~~As of September 30, 2025,~~ (the ~~Trust had no operations other than the initial seed transaction~~“Trustee”).

Note 2. Significant Accounting Policies:

A.	Basis of Preparation and Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies (“ASC Topic 946”), but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

Cash

Cash, if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits. As of ~~September~~March 3031, 2026 and December 31, 2025, the Trust’s ~~cash balance~~ did not ~~exceed~~hold ~~the federal insured limits~~cash.

C.	Investment Valuation

The Trust values its ~~investments~~ investment in SOL and other assets and liabilities at fair value ~~daily~~. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

The Trust identifies and determines the SOL principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP.

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data ~~(observable inputs)~~ or they may be internally ~~developed~~ ~~(unobservable inputs)~~developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for ~~financial~~ financial reporting purposes. The three levels of the fair value hierarchy are as follows:

F-3

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

The following is a summary of the fair value hierarchy as of March 31, 2026, and December 31, 2025:

March 31, 2026	Level 1		Level 2		Level 3		Total
Assets
Investment in SOL	$	14,863,788	$	—	$	—	$	14,863,788

December 31, 2025	Level 1		Level 2		Level 3		Total
Assets
Investment in SOL	$	23,539,566	$	—	$	—	$	23,539,566

The following represents the changes in quantity of SOL and the respective fair value:

	SOL		Fair Value
Beginning balance as of January 1, 2026		188,731.73	$	23,539,566
SOL purchased		35,487.29		4,634,263
SOL purchased in-kind		9,848.68		881,265
SOL sold		(19,649.58)		(1,745,950)
SOL sold in-kind		(36,163.18)		(3,110,789)
Net change in unrealized appreciation (depreciation) from investment in SOL		—		(6,060,447)
Net realized loss on investment in SOL		—		(3,274,120)
Ending balance as of March 31, 2026		178,254.94	$	14,863,788

	SOL		Fair Value
Beginning balance as of September 24, 2025^(a)		—	$	—
SOL purchased		188,731.73		28,300,073
SOL sold		—		—
Net change in unrealized appreciation (depreciation) from investment in SOL		—		(4,760,507)
Net realized gain (loss) on investment in SOL		—		—
Ending balance as of December 31, 2025		188,731.73	$	23,539,566

(a)

The Trust did not hold any SOL as of September 24, 2025.

Solana

SOL transactions are accounted for on trade date. Realized gains and losses on the sale of SOL are determined based on the average cost method. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of SOL. Proceeds received by the Trust from the issuance of baskets consist of SOL. Staking income is recognized on an accrual basis. Deposits of SOL ~~will~~are be held by Gemini Trust Company, LLC (the “SOL Custodian”) and/or ~~will also be held at~~ Coinbase Custody Trust Company, LLC (the “Additional SOL Custodian”, and collectively the “SOL Custodians”), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the SOL Custodians, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. SOL is classified on the Statement of Assets and Liabilities as either staked SOL or investments in SOL to distinguish their nature within the respective balances. Lock up periods for SOL are typically 2-3 days, and are considered current assets in accordance with ASC 210-10-20, Balance Sheet, due to the Trusts’s ability to sell them in a liquid marketplace.

There was no SOL held as of September 30, 2025.

Staking

The Trust ~~intends~~stakes ~~to stake~~ a portion of the Trust’s SOL through one or more staking services providers (the “Staking Services Providers”) to conduct such staking activities. The Staking Services Providers will utilize the available SOL for staking by instructing the SOL Custodian to delegate such SOL to a validator address selected in accordance with the Trusts Staking Policy. The Sponsor has adopted a liquidity risk program that provides a variety of mechanisms to monitor and manage the liquidity of the Trust’s assets. Staking activity comes with a risk of loss of SOL. Staked SOL are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions.

VANECK SOLANA ETF

Notes to Unaudited Financial Statements (continued)

March 31, 2026

accordance with the Trusts Staking Policy. Any staked SOL will be inaccessible for a period of time. While the Trust’s assets are delegated to the Staking Services Providers for staking activities, the Trust maintains all rights, title and interest to the staked SOL; and as such, the staked assets are reflected in Investments in solana, at fair value on the Statements of Assets and Liabilities. The Sponsor has adopted a liquidity risk program that provides a variety of mechanisms to monitor and manage the liquidity of the Trust’s assets. Staking activity comes with a risk of loss of SOL. The only SOL Custodian with staked SOL during the period was Gemini Trust Company, LLC.

F.	Calculation of Net Asset Value

The Trust’s net asset value (“NAV”) is calculated based on the Trust’s net asset holdings, as reconciled to the SOL Custodians’ accounts , on a market approach, determined on a daily basis inusing ~~accordance with~~ the MarketVectorTM Solana Benchmark Rate price at 4:00 pm EST. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.

G.	Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any ~~interest~~staking income, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions asfor ofthe ~~September 30,~~period ~~2025,~~presented and has determined that no provision for income tax is required in the Trust’s financial statements.

Segment Reporting

The ~~Sponsor~~Chief Financial Officer and Treasurer acts as the Trust’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that the Trust has a single operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

F-4

strategy which is executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

I.	Interim financial statements

The financial statements included herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the full year or for any other period.

These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the SEC.

Note 3. Trust Expenses and Other Agreements

The Trust ~~will~~pays ~~pay to~~ the Sponsor a unified fee (the “Sponsor Fee”) of 0.30% of average daily net assets that ~~will~~accrues ~~accrue~~ daily. ~~For~~and apay ~~3-month~~monthly. ~~period~~The ~~commencing on the day the Shares are initially listed on the Exchange, the~~ Sponsor has agreed to waive the entire Sponsor Fee on the first $1 billion of the Trust’s assets through February 17, 2026. The Sponsor has agreed to pay all operating expenses (except for extraordinary expenses, including but not limited to, non-recurring expenses and costs of services performed by the Sponsor or a service provider on behalf of the Trust to protect the Trust or the interests of Shareholders, such as the Custodian Staking Facilitation Fee), ~~out~~and ofin ~~the~~connection ~~Sponsor~~with ~~Fee. The~~any ~~Staking~~indemnification ~~Service~~of ~~Provider~~agents, ~~will be entitled to a staking~~ service ~~fee~~providers ~~(“staking~~or ~~service fee”)~~ counterparties of ~~0.28% of~~ the Trust~~’s total~~ ~~staked~~and ~~assets~~extraordinary onlegal anfees ~~annualized~~and ~~basis. For a 3-month period commencing on the day the Shares are initially listed on the Exchange~~expenses, ~~the~~ ~~Staking~~including ~~Services~~any ~~Provider~~legal ~~has~~fees ~~agreed~~and toexpenses ~~waive~~incurred ~~the~~in ~~Staking~~connection ~~Service~~with ~~fee. The Sponsor from time to time will sell SOL~~litigation, ~~which may~~ beregulatory ~~facilitated~~enforcement ~~by one~~ or ~~more~~investigation ~~Liquidity~~matters) ~~Providers~~out ~~and/or the SOL Custodian or an affiliate thereof, in such quantity as is necessary to permit payment~~ of the Sponsor Fee. ~~and~~The ~~Trust~~Staking ~~expenses~~Service ~~and~~Provider ~~liabilities~~is ~~not~~entitled ~~assumed~~to bya ~~the Sponsor.~~staking

~~The Trustee’s fee is paid by the Sponsor and is not an expense of the Trust.~~7

~~The~~VANECK ~~Trust~~SOLANA will hold its SOL at the SOL Custodians, both of which are regulated third-party custodians that carry insurance and are responsible for safekeeping of SOL owned by the Trust and holding private keys that provide access to the SOL in the Trust’s SOL account.ETF

Notes to Unaudited Financial Statements (continued)

March 31, 2026

service fee (the “Staking Services Provider Consideration”) of 0.28% of the Trust’s total staked assets on an annualized basis. The Staking Services Provider has agreed to waive the Staking Services Provider Consideration through February 17, 2026. The Sponsor from time to time will sell SOL, which may be facilitated by one or more Liquidity Providers and/or the SOL Custodian or an affiliate thereof, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor.

The Trustee fee is paid by the Sponsor and is not an expense of the Trust.

The Trust holds its SOL at the SOL Custodians, both of which are regulated third-party custodians that carry insurance and are responsible for safekeeping of SOL owned by the Trust and holding private keys that provide access to the SOL in the Trust’s SOL account.

State Street Bank and Trust Company serves as the Trust’s administrator, transfer agent and cash custodian.

Note 4. Related Parties

The Sponsor is considered to be a related party to the Trust.

MarketVector Indexes GmbH is the index sponsor and index administrator for the ~~MarketVector~~ MarketVectorTM Solana Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of ~~Van Eck Associates Corporation~~VanEck.

Van Eck Securities Corporation, a marketing agent to the Trust, is a wholly ~~owned~~-owned subsidiary of VanEck.

~~Van~~VanEck ~~Eck~~was ~~Associates Corporation is~~ the initial seed investor (“Seed Capital Investor”) and purchased for cash 4,000 Shares (the “Seed Shares”) at a per-Share price of $25.00 on June ~~September~~10, 302025. Total proceeds to the Trust from the sale of the Seed Shares were $100,000. On October 29, 2025, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising a total of 400,000 Shares at a per-Share price of $25.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000 which resulted in the Trust receiving 51,656 SOL. As of March 31, 2026 and December 31, 2025, the Seed Capital Investor’s ownership in the Trust represents approximately 30% and 28%, respectively, of net assets.

VanEck is a minority interest holder in the parent company of the SOL Custodian, representing less than 1% of its equity.

Note 5. Capital Share Transactions

Investors can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol VSOL. Shares are bought and sold throughout the trading day like other publicly traded securities.

The Trust continuously offers the Trust Shares in baskets consisting of 25,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of SOL represented by the baskets being created (or redeemed); the amount of SOL represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed).

~~F-5~~The Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of SOL represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. The authorized participants deliver cash or Solana to create baskets and receive cash or Solana when redeeming Shares. For a subscription in cash, an authorized participant will deliver cash to the Trust’s account at the cash custodian, which the Sponsor will then use to purchase Solana from a liquidity provider chosen by the Sponsor. For a redemption in cash, the Sponsor will arrange for the Solana represented by the basket to be sold to a liquidity provider chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the

~~the amount of SOL represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed).~~8

~~The~~VANECK ~~Trust~~SOLANA creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of SOL represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with the Trust’s custodian in order to facilitate settlement of the Shares and SOL.ETF

~~Share~~Notes ~~activity~~to isUnaudited asFinancial ~~follows:~~Statements (continued)

	For the Period September 24, 2025 to September 30, 2025 (Unaudited) (a)
	Shares		Amount
Beginning balance		4,000	$	100,000
Shares issued		—	$	—
Shares redeemed		—		—
Net increase		—		—
Ending balance		4,000	$	100,000

March 31, 2026

~~(a)~~authorized ~~Van~~participant. ~~Eck~~For ~~Associates~~an ~~Corporation~~“in-kind” subscription, isauthorized participants will deliver, or arrange for the ~~sole~~delivery ~~shareholder~~by asthe authorized participant’s designee of, ~~September~~Solana 30to the Trust’s account with the Solana Custodian or Additional Solana Custodian in exchange for Shares when they purchase Shares. For an “in-kind” redemption transaction with the Trust, ~~2025~~when authorized participants redeem Shares, the Trust through the Solana Custodian or the Additional Solana Custodian, will deliver Solana to such authorized participants, or a designee thereof, in exchange for their Shares. Temporary lock-up periods or transfer restrictions from staking could limit the Trust’s ability to meet redemptions. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with the Trust’s SOL Custodians to facilitate settlement of the Shares and SOL.

Share and capital activity is as follows:

	Three Months Ended March 31, 2026^(a)
	Shares		Amount
Beginning of period		1,450,000	$	28,180,185
Shares issued		325,000		5,215,980
Shares redeemed		(425,000)		(4,855,132)
End of period		1,350,000	$	28,541,033

(a)	No comparative share activity have been provided as the Trust did not have any operations as of March 31, 2025.

Note 6. Commitments and Contingent Liabilities

In the normal course of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk of loss under these arrangements to be remote.

F-6

Note 7. Concentration Risk

Substantially all of the Trust’s assets are holdings of SOL, which creates a concentration risk associated with fluctuations in the value of SOL due to a number of factors. Accordingly, a decline in the value of SOL will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the value of SOL include high volatility, which could have a negative impact on the performance of the Trust. SOL platforms are relatively new and, inmay ~~some~~be ~~cases,~~ unregulated or may be subject to regulation in a relevant jurisdiction, but may not be complying, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust. The value of the Shares depends on the development and acceptance of the ~~Solana~~solana ~~Network~~network. The slowing or stopping of the development or acceptance of the ~~Solana~~solana ~~Network~~network may adversely affect an investment in the Trust. The price of SOL on the SOL market has exhibited periods of extreme volatility. Digital assets such as SOL were only introduced within the past decade, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of ~~blockchain~~block-chain technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the Trust’s NAV and its market price. The amount of SOL represented by the Shares may decline over time.

Future and current regulations by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of SOL or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.

The Exchange on which the Shares are listed may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure of the SOL spot market could result in the absence of active authorized participants able to support the trading activity of the Trust.

VANECK SOLANA ETF

Notes to Unaudited Financial Statements (continued)

March 31, 2026

Shareholders that are not authorized participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders’ investment in the Shares.

Note 8. ~~Subsequent~~Financial ~~Event Review~~Highlights(a)

OnThe ~~October~~financial highlights ~~29,~~summarize ~~2025,~~certain ~~the~~per ~~the~~share ~~4,000~~operating ~~Shares~~information ~~held by~~and ~~the~~financial ~~Seed~~ratios ~~Capital~~of ~~Investor~~net ~~were~~investment ~~redeemed~~income ~~for cash~~ and ~~the~~expenses, ~~Seed~~to ~~Capital~~daily average ~~Investor~~net ~~purchased~~assets for the ~~“Seed~~three ~~Creation~~months ~~Baskets,” comprising~~ended ofMarch ~~400~~31,~~000~~ ~~Shares~~2026. atAn aindividual ~~per-Share~~investor’s ~~price~~return ofand ~~$25.00.~~ratios ~~Total~~may ~~proceeds~~vary tobased ~~the~~on ~~Trust from~~ the timing ~~sale~~ of ~~the~~capital ~~Seed Creation Baskets were $10,000,000 which resulted in the Trust receiving 51,656 SOL.~~transactions:

On November 17, 2025, the Trust commenced operations and listed on the Nasdaq Stock Market LLC.

	Three Months Ended March 31, 2026
Net asset value per share, beginning of period	$	16.23

From investment operations:
Net investment income^(b)		0.19
Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in solana^(c)		(5.41)
Net decrease resulting from operations		(5.22)

Net asset value per share, end of period	$	11.01

Total return^(d)		(32.16)%

Ratios to average net assets^(e)
Gross expense		0.30%
Net expense		0.11%
Net investment income		5.74%

~~F-7~~(a) No prior comparative financial statements have been provided as the Trust did not have any operations as of March 31, 2025. (b) Net investment income per share has been calculated based upon an average of daily shares outstanding. (c) The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values of SOL. (d) Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust. (e) Annualized.

Note 9. Subsequent Event Review

The Trust has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require disclosure.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included with this ~~report~~Report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this ~~report~~Report that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and market conditions (for SOL and the Shares), the operations of the Trust, the plans of the Sponsor and ~~references~~ references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions is subject to a number of risks and uncertainties, including the special considerations discussed in this ~~report~~Report, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this ~~report~~Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of the Shares issued by the Trust. Moreover, neither the Sponsor nor any other person assumes responsibility for the accuracy or completeness of the forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Introduction

The Trust is a Delaware statutory trust. The Trust does not have directors, officers or employees. The creation and operation of the Trust have been arranged by the Sponsor. The Trust is administered by the Trust Agreement, among the Sponsor and the Trustee. The Trust is managed and controlled by the Sponsor, a wholly-owned subsidiary of VanEck. The Sponsor is not governed by a board of directors.

The Trust’s investment objective is to reflect the performance of the price of SOL and rewards from staking a portion of the Trust’s SOL, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust’s ability to qualify as a grantor trust for tax purposes, less the operating expenses of the Trust. The Trust is a passive investment vehicle that does not seek to pursue any investment strategy beyond tracking the price of SOL. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of SOL.

The Trust issues and redeems Shares only in aggregations of 25,000 Shares, a Basket, or integral multiples thereof, and only in transactions with authorized participants.

Shares of the Trust trade on the Exchange under the ticker symbol “VSOL.”

Computation of Net Asset Value

The Trust’s NAV is calculated based on the Trust’s net asset holdings as reconciled to the SOL Custodians’ accounts on a market approach, determined on a daily basis in accordance with the MarketVector^TM Solana Benchmark Rate price at 4:00 p.m. EST. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.

411

Liquidity

The Trust is not aware of any trends, demands, conditions or or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor ~~has~~ has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust that will be incurred will ~~bethe~~be the Sponsor’s Fee. The Trust’s only source of liquidity will ~~beits~~be its sales of SOL.

Significant Accounting Policies

In preparing financial statements in conformity with GAAP, ~~management~~ management makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. A description of the valuation of SOL, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Computation of Net Asset Value” above. In addition, please refer to Note 2 to the Financial Statements included in this ~~report~~Report for further discussion of the Trust’s accounting policies.

Results of Operations

The ~~Period~~Quarter ~~through~~Ended ~~September 30~~March 31, ~~2025~~2026

AtThe ~~September~~Trust’s 30NAV decreased from $23,539,566 ~~2025~~at December 31, ~~the~~2025 ~~Trust~~to ~~had~~$14,859,581 noat ~~operations other~~March ~~than~~31, 2026, a ~~sale~~36.87% todecrease. The decrease in the ~~Seed~~Trust’s ~~Capital~~NAV ~~Investor,~~resulted ~~the~~primarily ~~parent~~from ofa decrease in the ~~Sponsor,~~price of 4SOL,~~000~~ ~~Shares~~which decreased 33.14% from $124.73 at aDecember ~~per-Share~~31, ~~price~~2025 ofto $2583.0039 at March 31, 2026. ~~Delivery of~~The ~~the~~number ~~Seed~~of Shares outstanding ~~was~~also ~~made~~decreased onfrom ~~June~~1,450,000 10Shares at December 31, 2025. ~~Total~~to ~~proceeds~~1,350,000 ~~from~~Shares ~~the~~at ~~sale~~March of31, ~~the~~2026, ~~Seed~~a net result of 325,000 Shares ~~were~~(13 ~~$100~~Baskets) being created and 425,000 Shares (17 Baskets) being redeemed during the period.

OnThe ~~October~~32.16% ~~29,~~decrease ~~2025,~~in the ~~Seed~~NAV ~~Shares~~per ~~were~~Share ~~redeemed for~~from ~~cash~~$16.23 ~~and~~at ~~the Seed Capital Investor purchased the Seed Creation Baskets~~December 31, ~~comprising~~2025 ofto a$11.01 ~~total of 400,000 Shares~~ at aMarch ~~per-Share price of $25.00~~31, ~~which~~2026 ~~was~~is ~~equal~~directly related to ~~51,656~~the ~~SOL~~33.14% ~~Delivery~~decrease ofin the ~~Seed~~price ~~Creation~~of ~~Baskets~~SOL ~~was~~during ~~made~~this ~~on October 29~~period, ~~2025. Total proceeds~~minimally tooffset ~~the~~by ~~Trust~~income from ~~the~~staking ~~sale of the Seed Creation Baskets were $10,000,000~~activities.

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.

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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had ~~any~~ any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls ~~and~~ and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the ~~period~~ period covered by this ~~report~~Report to provide reasonable assurance that information required to be disclosed in the reports that the ~~Trust~~ Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, ~~within~~ within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

There were no changes in the Trust's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust's internal control over financial reporting.12

Part II. OTHER INFORMATION.

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

~~There have been no material changes~~The toRegulatory ~~the~~Landscape ~~Risk~~Surrounding ~~Factors~~Staking ~~last~~Activities ~~reported~~Is ~~under Risk Factors of the registrant’s prospectus, filed with the Securities and Exchange Commission on December 3, 2025~~Uncertain.

The regulatory landscape surrounding Staking Activities is highly uncertain and may expose the Sponsor, the VSOL Custodian, Staking Services Providers, and the Trust and its shareholders to unforeseen litigation or potential SEC enforcement actions. For example, there is a risk that the agreements for staking services could constitute an “investment contract” under the federal securities laws and therefore be deemed a security, requiring registration or reliance on an exemption from registration. In May 2025, staff of the SEC Division of Corporation Finance issued a statement (the “SEC Staking Statement”) expressing the view that certain staking activities do not involve the offer and sale of securities within the meaning of the federal securities laws, and we believe that the Staking Arrangements satisfy the criteria set forth in this statement. However, the SEC Staking Statement is not a rule, regulation, guidance, or statement of the SEC, and has no legal force or effect. In addition, on March 17, 2026, the SEC issued an interpretive release (the “Interpretive Release”), in which the SEC reached a similar conclusion with respect to certain staking activities. Although the Interpretive Release represents the official position of the SEC, it is not itself a statute or binding rule, and a court or future administration could take a different view.

Accordingly, there is a risk that a court could disagree with the views expressed in the SEC Staking Statement or the Interpretive Release or that the SEC could withdraw the statement. In that case, or if VSOL were deemed a security, there would also be a risk that a Staking Services Provider could be deemed to be acting as a broker-dealer, on the basis that the Staking Services Provider is receiving a commission for effecting the staking transactions and receipt of staking rewards.

Digital Asset Markets In The United States Exist In A State Of Regulatory Uncertainty, And Adverse Legislative Or Regulatory Developments Could Significantly Harm The Value Of SOL Or The Shares, Such As By Banning, Restricting Or Imposing Onerous Conditions Or Prohibitions On The Use Of SOL, Staking Activity, Digital Wallets, The Provision Of Services Related To Trading And Custodying SOL, The Operation Of The Solana Network Or The Digital Asset Markets Generally.

There is a lack of consensus regarding the regulation of digital assets, including SOL, and their markets. As a result of the growth in the size of the digital asset market, as well as the 2022 Events, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, Office of the Comptroller of the Currency, U.S. Commodity Futures Trading Commission (the “CFTC”), FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, state financial institution regulators and others) have been examining the operations of digital asset networks, digital asset users and the digital asset markets. Congress is currently considering several bills relating to the regulation of digital assets and stablecoins, which may not pass and be enacted in their present form or at all.

Many state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets generally or SOL in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or the ability of the Trust to continue to operate.

The 2022 Events, including among others the bankruptcy filings of FTX and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis, BlockFi and others, and other developments in the digital asset markets, have resulted in calls for heightened scrutiny and regulation of the digital asset industry, with a specific focus on intermediaries, such as digital asset exchanges, platforms and custodians. Federal and state legislatures and regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as digital asset exchanges and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank and Signature Bank, which in some cases provided services to the digital assets industry, may amplify and/or accelerate these trends. On January 3, 2023, the federal banking agencies issued a joint statement on crypto-asset risks to banking organizations following

events which exposed vulnerabilities in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant volatility and contagion risk. Although banking organizations are not prohibited from crypto-asset related activities, the agencies have expressed significant safety and soundness concerns with business models that are concentrated in crypto-asset related activities or have concentrated exposures to the crypto-asset sector.

U.S. federal and state regulators, as well as the White House, have issued reports and releases concerning crypto assets, including SOL and crypto asset markets. Further, in 2023 the House of Representatives formed two new subcommittees: the Digital Assets, Financial Technology and Inclusion Subcommittee and the Commodity Markets, Digital Assets, and Rural Development Subcommittee, each of which were formed in part to analyze issues concerning crypto assets and demonstrate a legislative intent to develop and consider the adoption of federal legislation designed to address the perceived need for regulation of and concerns surrounding the crypto industry. However, the extent and content of any forthcoming laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. A divided Congress makes any prediction difficult. We cannot predict how these and other related events will affect us or the crypto asset business.

There remains substantial uncertainty regarding the regulation of digital assets, including SOL, and their markets, notwithstanding certain recent federal interpretive actions intended to provide additional clarity. On March 17, 2026, the SEC issued the Interpretive Release regarding the application of the federal securities laws to certain types of digital assets and certain transactions involving digital assets., and the CFTC concurrently provided guidance that it and its staff will administer the Commodity Exchange Act consistent with that interpretation. Among other things, the Interpretive Release introduces a taxonomy for crypto addresses how a non-security crypto asset may become subject to, and may cease to be subject to, an investment contract; and clarifies the application of the federal securities laws to airdrops, protocol mining, protocol staking and the wrapping of a non-security crypto asset. Although the March 17, 2026 interpretive guidance may provide greater clarity in certain respects, this guidance is not binding law, may be revised, and does not eliminate uncertainty, particularly with respect to the regulatory treatment of specific activities or transactions involving crypto assets.

In August 2021, the chair of the SEC stated that he believed investors using digital asset trading platforms are not adequately protected, and that activities on the platforms can implicate the securities laws, commodities laws and banking laws, raising a number of issues related to protecting investors and consumers, guarding against illicit activity and ensuring financial stability. The chair expressed a need for the SEC to have additional authorities to prevent transactions, products and platforms from “falling between regulatory cracks,” as well as for more resources to protect investors in “this growing and volatile sector.” The chair called for federal legislation centering on digital asset trading, lending and decentralized finance platforms, seeking “additional plenary authority” to write rules for digital asset trading and lending. Moreover, former President Biden’s March 9, 2022 Executive Order, asserting that technological advances and the rapid growth of the digital asset markets “necessitate an evaluation and alignment of the United States Government approach to digital assets,” signals an ongoing focus on digital asset policy and regulation in the United States. A number of reports issued pursuant to the executive order have focused on various risks related to the digital asset ecosystem, and have recommended additional legislation and regulatory oversight. There have also been several bills introduced in Congress that propose to establish additional regulation and oversight of the digital asset markets.

It is not possible to predict whether Congress will grant additional authorities to the SEC or other regulators, what the nature of such additional authorities might be, how they might impact the ability of digital asset markets to function or how any new regulations that may flow from such authorities might impact the value of digital assets generally and SOL held by the Trust specifically. The consequences of increased federal regulation of digital assets and digital asset activities could have a material adverse effect on the Trust and the Shares.

FinCEN requires any administrator or exchanger of convertible digital assets to register with FinCEN as a money transmitter and comply with the anti-money laundering regulations applicable to money transmitters. Entities which fail to comply with such regulations are subject to fines, may be required to cease operations and could have potential criminal liability. For example, in 2015, FinCEN assessed a $700,000 fine against a sponsor of a digital asset for violating several requirements of the U.S. Bank Secrecy Act, as amended (“BSA”), by acting as an MSB and selling the digital asset without registering with FinCEN and by failing to implement and maintain an adequate anti-money laundering program. In 2017, FinCEN assessed a $110 million fine against BTC-e, a now defunct digital asset exchange, for similar violations. The requirement that exchangers that do business in the U.S. register with FinCEN and comply with anti-money laundering regulations may increase the cost of buying and selling SOL and therefore may adversely affect the price of SOL and an investment in the Shares.

The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury (the “U.S. Treasury Department”) has added digital currency addresses, including on the Solana Blockchain, to the list of Specially Designated Nationals whose assets are blocked, and with whom U.S. persons are generally prohibited from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions, may introduce uncertainty in the market as to whether SOL that has been associated with such addresses in the past can be

easily sold. This “tainted” SOL may trade at a substantial discount to untainted SOL. Reduced fungibility in the SOL markets may reduce the liquidity of SOL and therefore adversely affect their price.

In February 2020, then-U.S. Treasury Secretary Steven Mnuchin stated that digital assets were a “crucial area” on which the U.S. Treasury Department has spent significant time. Secretary Mnuchin announced that the U.S. Treasury Department is preparing significant new regulations governing digital asset activities to address concerns regarding the potential use for facilitating money laundering and other illicit activities. In December 2020, FinCEN, a bureau within the U.S. Treasury Department, proposed a rule that would require financial institutions to submit reports, keep records and verify the identity of customers for certain transactions to or from so-called “unhosted” wallets, also commonly referred to as self-hosted wallets. In January 2021, U.S. Treasury Secretary nominee Janet Yellen stated her belief that regulators should “look closely at how to encourage the use of digital assets for legitimate activities while curtailing their use for malign and illegal activities.”

Under regulations from NYDFS, businesses involved in digital asset business activity for third parties in or involving New York, excluding merchants and consumers, must apply for a license, commonly known as a “BitLicense,” from the NYDFS and must comply with anti-money laundering, cyber security, consumer protection and financial and reporting requirements, among others. As an alternative to a BitLicense, a firm can apply for a charter to become a limited purpose trust company under New York law qualified to engage in certain digital asset business activities. Other states have considered or approved digital asset business activity statutes or rules, passing, for example, regulations or guidance indicating that certain digital asset business activities constitute money transmission requiring licensure.

The inconsistency in applying money transmitting licensure requirements to certain businesses may make it more difficult for these businesses to provide services, which may affect consumer adoption of SOL and its price. In an attempt to address these issues, the Uniform Law Commission passed a model law in July 2017, the Uniform Regulation of Virtual Currency Businesses Act, which has many similarities to the BitLicense and features a multistate reciprocity licensure feature, wherein a business licensed in one state could apply for accelerated licensure procedures in other states. It is still unclear, however, how many states, if any, will adopt some or all of the model legislation.

Law enforcement agencies have often relied on the transparency of blockchains to facilitate investigations. However, certain privacy-enhancing features have been, or are expected to be, introduced to a number of digital asset networks. If the Solana Network were to adopt any of these features, these features may provide law enforcement agencies with less visibility into transaction-level data. For example, “privacy pools,” zero knowledge proofs and other technologies that could enhance privacy have been discussed by participants in the Solana Network. Europol, the European Union’s law enforcement agency, released a report in October 2017 noting the increased use of privacy-enhancing digital assets like Zcash and Monero in criminal activity on the internet. In August 2022, OFAC banned all U.S. citizens from using Tornado Cash, a digital asset protocol designed to obfuscate blockchain transactions, by adding certain Ethereum wallet addresses associated with the protocol to its Specially Designated Nationals list. On October 19, 2023, FinCEN published a proposed rulemaking to apply the authorities in Section 311 of the USA PATRIOT Act to impose requirements on financial institutions that engage in convertible virtual currency (“CVC”) transactions with CVC mixers. The proposed rule, if adopted, would require covered financial institutions to report to FinCEN any CVC transactions they process that involves CVC mixing within or involving a jurisdiction outside the United States. The term “CVC mixing” covers more than just transactions that involve CVC mixers like Tornado Cash, and seemingly could cover a broader range of conduct involving technologies, services or methods that have the effect of obfuscating the source, destination or amount of a CVC transaction, whether or not the obfuscation was intentional. If the rule were to be adopted as proposed and if the Solana Network were to be deemed to or were to adopt features which come within the rule’s ambit, it could cause covered financial institutions-such as many virtual currency exchanges, or the Trust’s service providers, such as the Cash Custodian-to reduce support for or cease offering services for SOL or to the Trust, which could impair the utility of SOL, the value of the Shares and the Trust’s ability to operate in compliance with new laws and regulation

A Determination That SOL Or Any Other Digital Asset Is A “Security” May Adversely Affect The Value Of SOL And The Value Of The Shares, And Result In Potentially Extraordinary, Nonrecurring Expenses To, Or Termination Of, The Trust.

Depending on its characteristics, a digital asset may be considered a “security” under the federal securities laws. The test for determining whether a particular digital asset is a “security” is complex and difficult to apply, and the outcome is difficult to predict.

Whether a digital asset is a security under the federal securities laws depends on whether it is included in the lists of instruments making up the definition of “security” in the Securities Act, the Exchange Act and the Investment Company Act. Digital assets as such do not appear in any of these lists, although each list includes the terms “investment contract” and “note,” and the SEC has typically analyzed whether a particular digital asset is a security by reference to whether it meets the tests developed by the federal courts interpreting these terms, known as the Howey and Reves tests, respectively. For many digital assets, whether or not the Howey or Reves tests are met is difficult to resolve definitively, and substantial legal arguments can often be made both in favor of and against a particular digital asset

qualifying as a security under one or both of the Howey and Reves tests. Adding to the complexity, the SEC staff has indicated that the security status of a particular digital asset can change over time as the relevant facts evolve.

In the Interpretive Release, the SEC stated that, based on its current understanding of the digital asset markets, SOL is a “digital commodity” and not itself a security. Although the Interpretive Release represents the official position of the SEC, it is not itself a statute or binding rule, does not supersede or replace the Howey test, is based on the SEC’s current understanding of the digital asset markets, and may be refined, revised or expanded. In addition, a court, regulator, or future administration could take a different view, and future legislation, rulemaking, enforcement positions, judicial decisions or other developments could result in ether, the Trust, the Shares or transactions involving SOL being treated differently than contemplated by the Interpretive Release. Any such developments could adversely affect the Trust and the value of the Shares. As part of determining whether SOL is a security for purposes of the federal securities laws, the Sponsor takes into account a number of factors, including the various definitions of “security” under the federal securities laws and federal court decisions interpreting elements of these definitions, such as the U.S. Supreme Court’s decisions in the Howey and Reves cases, as well as reports, orders, press releases, public statements and speeches by the SEC and its staff providing guidance on when a digital asset may be a security for purposes of the federal securities laws, and other materials relevant to the status of SOL as a security (or not). Finally, the Sponsor discusses the security status of SOL with its external securities lawyers. Through this process the Sponsor believes that it is applying the proper legal standards in making a good faith determination that it believes SOL is not presently a security under federal law in light of the uncertainties inherent in the Howey and Reves tests. In light of these uncertainties and the fact-based nature of the analysis, the Sponsor acknowledges that SOL may currently be a security, based on the facts as they exist today, or may in the future be found by the SEC or a federal court to be a security under the federal securities laws notwithstanding the Sponsor’s prior conclusion; and the Sponsor’s prior conclusion, even if reasonable under the circumstances and made in good faith, would not preclude legal or regulatory action based on the presence of a security.

The Sponsor may dissolve the Trust if the Sponsor determines SOL is a security under the federal securities laws, whether that determination is initially made by the Sponsor itself, or because the SEC or a federal court subsequently makes that determination. Because the legal tests for determining whether a digital asset is or is not a security often leave room for interpretation, for so long as the Sponsor believes there to be good faith grounds to conclude that the Trust’s SOL is not a security, the Sponsor does not intend to dissolve the Trust on the basis that SOL could at some future point be determined to be a security.

In June 2023, the SEC brought charges against Binance and Coinbase Global, and in November 2023, the SEC brought charges against Kraken, alleging that they operated unregistered securities exchanges, brokerages and clearing agencies. In its complaints, the SEC asserted that several digital assets are securities under the federal securities laws, including SOL. The outcomes of these proceedings, as well as ongoing and future regulatory actions, have had a material adverse effect on the digital asset industry as a whole and on the price of SOL, and may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares and/or the ability of the Trust to continue to operate.

Any enforcement action by the SEC or a state securities regulator finding that SOL is a security, or a court decision to that effect would be expected to have an immediate material adverse impact on the trading value of SOL, as well as the Shares. This is because the business models behind most digital assets are incompatible with regulations applying to transactions in securities.

If a digital asset is determined to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading value of the digital asset is likely to significantly impact its liquidity and market participants’ ability to convert the digital asset into U.S. dollars. For example, in 2020 the SEC filed a complaint against the issuer of XRP, Ripple Labs, Inc. and two of its executives, alleging that they raised more than $1.3 billion through XRP sales that should have been registered under the federal securities laws, but were not. In the years prior to the SEC’s action, XRP’s market capitalization at times reached over $140 billion. However, in the weeks following the SEC’s complaint, XRP’s market capitalization fell to less than $10 billion, which was less than half of its market capitalization in the days prior to the complaint. The SEC’s action against XRP’s issuer underscores the continuing uncertainty around which digital assets are securities, and demonstrates that such factors as how long a digital asset has been in existence, how widely held it is, how large its market capitalization is and that it has actual usefulness in commercial transactions, ultimately may have no bearing on whether the SEC or a court will find it to be a security. There is currently legislation that is being proposed and considered that addresses this regulatory uncertainly, but it is unclear if the proposed legislation will be passed.

In addition, if SOL is determined to be a security, the Trust could be considered an unregistered “investment company” under SEC rules, which could necessitate the Trust’s liquidation. In this case, the Trust and the Sponsor may be deemed to have participated in an illegal offering of securities and there is no guarantee that the Sponsor will be able to register the Trust under the Investment Company Act at such time or take such other actions as may be necessary to ensure the Trust’s activities comply with applicable law, which could force the Sponsor to liquidate the Trust.

Moreover, whether or not the Sponsor or the Trust were subject to additional regulatory requirements as a result of any SEC or federal court determination that its assets include securities, the Sponsor may nevertheless decide to terminate the Trust, in order, if possible, to liquidate the Trust’s assets while a liquid market still exists. For example, in response to the SEC’s action against the issuer of XRP, certain significant market participants announced they would no longer support XRP and announced measures, including the delisting of XRP from major digital asset trading platforms. The sponsor of the Grayscale XRP Trust subsequently dissolved this trust and liquidated its assets. If the SEC or a federal court were to determine that SOL is a security, it is likely that the value of the Shares of the Trust would decline significantly, and that the Trust itself may be terminated and, if practical, its assets liquidated.

The SEC is adopting new rules to interpret the statutory definitions of terms including “dealer” under sections 3(a)(5) and 3(a)(44), respectively, of the Exchange Act which are expected to expand the scope of market participants required to register as a dealer with the SEC or become a member of FINRA. The Sponsor is studying the impact these may have on the Trust and its arrangements with Liquidity Providers and other service providers and counterparties. Among others, if and to the extent that SOL is classified as a security, the activities of any Liquidity Provider of the Trust might, under some circumstances, cause it to be deemed as acting as a dealer under the new rules and would thus require registration with the SEC. The Liquidity Provider may instead decide to terminate its role as Liquidity Provider of the Trust and the Trust’s operations in relation to creations and redemptions of Baskets could be significantly impacted, the Trust could dissolve (including at a time that is potentially disadvantageous to Shareholders) and the value of the Shares or an investment in the Trust could be affected. Further, if and to the extent that SOL is classified as a security and the new rules require a broader range of digital asset market participants to register with the SEC or cease operations in the U.S. market, there could be significant negative impacts on the broader digital asset markets, the price of digital assets such as SOL and therefore the value of the Shares.

Future Legal Or Regulatory Developments May Negatively Affect The Value Of SOL Or Require The Trust Or The Sponsor To Become Registered With The SEC Or CFTC, Which May Cause The Trust To Liquidate.

Current and future legislation, SEC and CFTC rulemaking, and other regulatory developments may impact the manner in which SOL are treated for classification and clearing purposes. In particular, although the Interpretive Release classified SOL as a digital commodity and not a security under the federal securities laws, SOL may nonetheless in the future be classified by the CFTC as a “commodity interest” under the CEA. Alternatively, in the future a court or a future SEC administration could conclude that SOL is a “security” under U.S. federal securities laws. The Sponsor and the Trust cannot be certain as to how future regulatory developments will impact the treatment of SOL under the law. In the face of such developments, the required registrations and compliance steps may result in extraordinary, nonrecurring expenses to the Trust. If the Sponsor decides to terminate the Trust in response to the changed regulatory circumstances, the Trust may be dissolved or liquidated at a time that is disadvantageous to Shareholders.

The SEC has stated that certain digital assets may be considered “securities” under the federal securities laws. The test for determining whether a particular digital asset is a “security” is complex and the outcome is difficult to predict. If SOL is in the future determined to be a “security” under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it would likely have material adverse consequences for the value of SOL. For example, it may become more difficult or impossible for SOL to be traded, cleared and custodied in the United States as compared to other digital assets that are not considered to be securities, which could in turn negatively affect the liquidity and general acceptance of SOL and cause users to migrate to other digital assets.

To the extent that SOL is determined to be a security, the Trust and the Sponsor may also be subject to additional regulatory requirements, including under the 1940 Act, and the Sponsor may be required to register as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). If the Sponsor determines not to comply with such additional regulatory and registration requirements, the Sponsor will terminate the Trust. Any such termination could result in the liquidation of the Trust’s SOL at a time that is disadvantageous to Shareholders.

To the extent that SOL is deemed to fall within the definition of a “commodity interest” under the CEA, the Trust and the Sponsor may be subject to additional regulation under the CEA and CFTC regulations. These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust’s SOL at a time that is disadvantageous to Shareholders.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

a) None.

b) Not applicable.

c) ~~None~~425,000 Shares (17 Baskets) were redeemed during the quarter ended March 31, 2026.

Period	Total Number of Shares Redeemed		Average Per Share
09/24/25 to 09/30/25		-	$	-
01/01/26 to 01/31/26		-	$	-
Total
02/01/26 to 02/28/26		200,000		11.49
		-	$	-
03/01/26 to 03/31/26		225,000		11.36
Total		425,000	$	11.42

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

See the Exhibit Index below, which is incorporated by reference herein.

EXHIBIT INDEX

Exhibit No.	Exhibit Description
3.1	Certificate of Trust incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1 filed by the Registrant on June 13, 2025
3.2	Certificate of Amendment incorporated by reference to Exhibit 3.2 of the Registration Statement on Form S-1 filed by the Registrant on July 13, 2025
4.1	~~Third~~Fourth Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 4.1 of the ~~Registration~~Current ~~Statement~~Report on Form S8-1K filed by the Registrant on ~~August~~December 299, 2025
10.1	Form of Initial Authorized Participant Agreement incorporated by reference to Exhibit 10.1 of the Registration Statement on Form S-1 filed by the Registrant on July 31, 2025
10.2	~~Form~~Marketing ~~of Staking Provider~~ Agreement incorporated by reference to Exhibit 10.112 of the Registration Statement on Form S-1 filed by the Registrant on ~~August~~June 2913, 2025
10.3	Gemini Custody Agreement incorporated by reference to Exhibit 10.3 of the Registration Statement on Form S-1 filed by the Registrant on June 13, 2025
10.4	Trust Administration and Accounting Agreement incorporated by reference to Exhibit 10.4 of the Annual Report on Form 10-K filed by the Registrant on March 30, 2026
10.5	Transfer Agency Agreement incorporated by reference to Exhibit 10.5 of the Annual Report on Form 10-K filed by the Registrant on March 30, 2026
10.6	Index SubLicense Agreement incorporated by reference to Exhibit 10.6 of the Registration Statement on Form S-1 filed by the Registrant on June 13, 2025
10.7	Cash Custody Agreement incorporated by reference to Exhibit 10.7 of the Annual Report on Form 10-K filed by the Registrant on March 30, 2026
10.8	Subscription Agreement incorporated by reference to Exhibit 10.8 of the Registration Statement on Form S-1 filed by the Registrant on June 13, 2025
10.9	Clearing Agreement incorporated by reference to Exhibit 10.9 of the Registration Statement on Form S-1 filed by the Registrant on June 13, 2025
10.10	Additional SOL Custodian Agreement incorporated by reference to Exhibit 10.10 of the Registration Statement on Form S-1 filed by the Registrant on June 13, 2025
10.11	Form of Staking Provider Agreement incorporated by reference to Exhibit 10.11 of the Registration Statement on Form S-1 filed by the Registrant on September 26, 2025
31.1*	Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104*	Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

101.SCH*	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents

104*	Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

* Filed herewith.

719

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the ~~Securities~~ Securities Exchange Act of 1934, the registrant has duly caused this ~~report~~Report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

VANECK DIGITAL ASSETS, LLC
Sponsor of VanEck Solana ETF

By:	/s/ Jan F. van Eck*
	Jan F. van Eck
	President and Chief Executive Officer
	(Principal Executive Officer)

By:	/s/ John J. Crimmins*
	John J. Crimmins
	Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

Date: ~~December~~May 1914, ~~2025~~2026

* The Registrant is a trust and the persons are signing in their capacities as officers of VanEck Digital Assets, LLC., the Sponsor of the Registrant.

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