21Shares Solana ETF, a Delaware statutory trust operating as an exchange-traded fund (ETF) and managed by 21Shares US LLC, has released its Form 10-Q report for the third quarter of 2024. The Trust, listed on the Cboe BZX Exchange under the ticker symbol ‘TSOL’, aims to track the performance of Solana (SOL) and maximize staking rewards for its shareholders. This report provides a comprehensive overview of the Trust’s financial and operational performance.
Financial Highlights
As the report primarily focuses on operational aspects and does not provide specific financial performance metrics such as Revenue, Gross Profit, Operating Income, Net Income, or Net Income Per Share, this section is not included in the summary.
Business Highlights
Trust Overview
The 21Shares Solana ETF is a Delaware statutory trust formed on June 3, 2024. It operates as an exchange-traded fund (ETF) that issues units of beneficial interest representing fractional undivided beneficial interests in its net assets. The Trust is managed by 21Shares US LLC and is listed on the Cboe BZX Exchange under the ticker symbol ‘TSOL’.
Investment Objective
The Trust aims to track the performance of Solana (SOL) as measured by the CME CF Solana-Dollar Reference Rate, adjusted for expenses and liabilities, and to reflect rewards from staking a portion of the Trust’s SOL.
Staking Model
The Trust’s staking model is designed to maximize the portion of SOL available for staking while managing liquidity and redemption risks. The Trust generally intends to stake between 70% and 90% of its SOL holdings, although this percentage may vary based on liquidity needs and other factors.
Custodians
The Trust holds its SOL with Coinbase Custody Trust Company, LLC, Anchorage Digital Bank N.A., and BitGo Bank & Trust N.A., which serve as custodians.
Principal Market and NAV Calculation
The Trust determines the NAV of its SOL holdings based on the price in the principal market as of 4:00 p.m. ET on each business day. The NAV per Share is calculated by dividing the NAV by the number of outstanding Shares.
Sponsor Fee
The Trust pays a unitary Sponsor fee of 0.21% of the Trust’s SOL holdings, which covers all operating expenses except for litigation and extraordinary expenses.
Future Outlook
Beginning in 2026, the Trust plans to pay cash distributions at least quarterly to Shareholders to distribute staking rewards earned by the Trust. The amount of distributions will depend on the staking rewards earned during each quarter.
Operational Highlights
The Trust commenced operations on November 18, 2025, with its shares listed for trading under the ticker symbol ‘TSOL’. The Trust is a passive investment vehicle and does not actively manage the SOL held.
Emerging Growth Company
The Trust is classified as an ’emerging growth company’ under the Securities Act, allowing it to comply with certain reduced public company reporting requirements.
SEC Filing: 21Shares Solana ETF [ TSOL ] – 10-Q – Dec. 31, 2025
