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|8-KFeb 5, 4:36 PM ET

Fidelity Solana Fund 8-K

Research Summary

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Updated

Fidelity Solana Fund: Treasurer Change; Plans Quarterly Staking Distributions

What Happened

  • Fidelity Solana Fund (FSOL) filed an 8‑K (Feb 5, 2026) reporting two material items: the resignation of Heather Bonner as Treasurer (Principal Financial and Accounting Officer) of FD Funds Management LLC (the Sponsor), effective February 2, 2026, and the appointment of Craig S. Brown as her successor. The filing also states the Trust intends to make quarterly cash distributions of net staking income, with an initial distribution expected on or about February 17, 2026 (record date Feb 13, 2026).

Key Details

  • Heather Bonner resigned effective February 2, 2026; the resignation was not due to any disagreement with the Sponsor or Fund operations.
  • Craig S. Brown will serve as Treasurer (Principal Financial and Accounting Officer); he is a Vice President at Fidelity Investments and has served in assistant treasurer roles for Fidelity funds.
  • The Trust intends to distribute net staking income at least quarterly to rely on IRS Revenue Procedure 2025‑31; initial distribution expected ~Feb 17, 2026 to holders of record Feb 13, 2026.
  • To fund distributions, the Trust may sell staking rewards and/or a portion of its SOL, which could affect the Trust’s SOL exposure and the market price and/or net asset value (NAV) of Shares. Distributions are not guaranteed.

Why It Matters

  • Leadership: The Treasurer is the principal financial and accounting officer; a change can affect financial reporting continuity, though the filing indicates a routine personnel transition.
  • Income potential: Quarterly staking distributions could provide a cash yield to shareholders, but funding those payouts may require selling staking rewards or SOL and can change the Fund’s NAV and market exposure.
  • Risks & tax uncertainty: Staking involves operational and protocol risks (slashing, illiquidity, validator performance) that can reduce distributable income. The Trust’s reliance on IRS Revenue Procedure 2025‑31 means tax treatment could change if the IRS modifies guidance; shareholders should consult tax advisers.