Fair Value of SOL

3 Months Ended

Mar. 31, 2026

3. Fair Value of SOL

SOL is held by the Custodian on behalf of the Trust and is carried at fair value. As of March 31, 2026 and December 31, 2025, the Trust held 1,272,221.25983000 and 1,293,746.87210555 SOL, respectively.

The Trust determined the fair value per SOL to be $82.60 and $123.97 on March 31, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase).

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


(Amounts in thousands, except SOL amounts)	Quantity			Fair Value
Balance at December 31, 2024		529,873.89849530		$	102,631
SOL contributed		4,546.00885890			1,121
SOL distributed for Sponsor’s Fee, related party		(3,279.31015984	)		(589	)
Net change in unrealized depreciation on investment in SOL		-			(36,815	)
Net realized gain on investment in SOL		-			167
Balance at March 31, 2025		531,140.59719436		$	66,515

(Amounts in thousands, except SOL amounts)	Quantity			Fair Value
Balance at December 31, 2025		1,293,746.87210555		$	160,385
SOL contributed		137,592.22365181			17,378
SOL redeemed		(176,488.05517917	)		(17,933	)
SOL Staking Reward income		21,297.52051927			2,202
SOL distributed for Sponsor’s Fee, related party		(666.68624953	)		(58	)
SOL distributed for Sponsor's Staking Fee, related party		(3,260.61501793	)		(311	)
Net change in unrealized appreciation/depreciation on investment in SOL		-			(50,510	)
Net change in unrealized appreciation/depreciation on Sponsor's Staking Fee payable in SOL		-			(25	)
Net change in unrealized appreciation/depreciation on Staking Reward Receivable in SOL		-			1
Net realized loss on investment in SOL sold to pay Sponsor's Staking Fee		-			(102	)
Net realized loss on investment in SOL sold for redemption of Shares		-			(5,909	)
Net realized loss on investment in SOL sold to pay expenses		-			(32	)
Balance at March 31, 2026		1,272,221.25983000		$	105,086

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Grayscale Solana Staking ETF 10-Q