BSOL 10-K & 10-Q changes, risk factors and insider trading

For the three and six months ended MarchJune 31,30, 2026*^

1. Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for solana in the market that the Trust consideredconsiders its principal market, as of 4:00 p.m.,p.m. New York time,EST on the valuation date.

During the three months ended MarchJune 31,30, 2026, the Trust's net assets decreasedincreased from $641,326 on December 31, 2025 to $570,305 on March 31, 2026 to $592,344 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (1,0533,822) solana to pay the Sponsor Fee, and approximately (431,896503,726) solana for the redemption of Shares, with a value of $(39,80037,514) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 2,090,3161,540,266 solana in connection with Share creations, and approximately 93,965108,859 solana received from staking rewards, with a value of $218,601$146,004 during the period.

Net realized and change in unrealized loss on investment in solana for the three months ended MarchJune 31,30, 2026 was $(247,41086,373), which included a realized gain of $4$15 on the transfer of solana to pay the Sponsor Fee, a realized loss of $(42,04327,577) on the sale of solana to meet redemptions, a realized gainloss of $199$(1,570) from the transfer of solana to meet In-Kind Redemptions, a realized gain of $32$40 on the transfer of solana for staking activities, and a change in unrealized depreciation on investment in solana of $(205,60257,281). Net realized and change in unrealized loss on investment in solana for the period resulted primarily from solana price depreciation from $123.88 on December 31, 2025 to $82.66 on March 31, 2026 to $73.51 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended MarchJune 31,30, 2026 was $(238,09177,948), which consisted of the net realized and unrealized loss on investment in solana and net investment income of $9,319.$8,425.

As of MarchJune 31,30, 2026, the Trust held a net closing balance of 6,905,640.81198,047,218.8817 solana with a total market value of $570,787,813$591,590,491 based on the SOLUSD_NY price of $82.66$73.51 used to determine the Trust's NAV. The total market value of the Trust's solana held was $570,318,604$592,436.254 based on the price of a solana (Lukka Prime Rate) in the principal market (Coinbase) of $82.60,$73.62, used to determine the Trust's Principal Market NAV.

The Trust agreed to pay the unitary Sponsor Fee of 0.20% per annum of the Trust’s solana holdings. The Sponsor contractually waived the Sponsor Fee on the first $1 billion of Trust assets through January 27, 2025,2026, andthe Sponsor Fee has been accruing at an annual rate of 0.20% of the Trust’s net assets since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Solana Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, includingincluding, but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Solana network fees and similar transaction fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the Solana blockchain, any Incidental Rights and any IR Asset), any indemnification of the Cash Custodian, Solana Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

The Trust does not hold a cash balance except in connection with the creation and redemption of Baskets (blocks of 10,000 Shares) or to pay expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust’s solana as necessary to pay such expenses. The cash proceeds of the sale are sent to the Sponsor to pay the expenses. Any remaining cash is distributed back to the Cash Custodian. The Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and solana. The Trust will not borrow to meet liquidity needs. See Part I, Item I under the heading “Business - Fees and Expenses” for an additional discussion of the Trust’s fees and expenses.

As of MarchJune 31,30, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

Sponsor Fee payments made to the Sponsor are calculated asat aan fixedannual percentagerate of 0.20% of the Trust’s NAV.solana holdings. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods assince NAVsthe areTrust’s notholdings knownof untilsolana awill futurevary date.in the normal course of business operations.

No material changes have occurred during the threesix months ended MarchJune 31,30, 2026.

First, the Trust reviews a list of Digital Asset Markets that are U.S. accessible, have historically provided publicly available data, and are exchanges that Bitwise normally transacts on. Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable crypto asset exchanges selected in theirits sole discretion.

Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of solana traded on each Digital Asset Market. For the threesix months ended MarchJune 31,30, 2026, this sort was performed for Digital Asset Markets for the period mid-Februarymid-May through mid-Marchmid-June 2026.

As of MarchJune 31,30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets inunder consideration.

At MarchJune 31,30, 2026, the principal market and the principal market price for solana, which is composed ofcomprised the majority of the Trust’s assets as of MarchJune 31,30, 2026, was Coinbase with a price of $82.60.$73.62.

The cost basis of the solana received by the Trust in connection with a creation order is recorded by the Trust at the fair value of solana at 4:00 p.m.,p.m. New York time,EST on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.