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

There are no material changes from the risk factors as previously disclosed in the Trust’s Annual Report on Form 10-K for the period ended December 31, 2025, filed with the SEC on March 6, 2026.

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust'sTrust’s financial condition as of MarchJune 31,30, 2026, and its results of operations for the three and six months ended MarchJune 31,30, 2026. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.

The Trust’s investment objective is to reflect the performance of the spot price of Solana (“SOL”) as measured using the Lukka Prime Solana Reference Rate (the “Benchmark”), as adjusted to reflect the SOL staking rewards earned by the Trust and the Trust’s expenses and other liabilities. The Trust expects to outperform the Benchmark before taking its expenses and liabilities into account due to its plans to receive SOL staking rewards.

The Staking Provider and Sponsor are entitled to receive a fee for their respective roles in facilitating the Trust'sTrust’s staking program (collectively, "“Staking Expenses"”). The Trust will paypays the Staking Expenses at a rate of 3% of the gross staking rewards received by the Trust. The staking rewards earned by the Trust in the form of SOL will accrue to the Trust’s account with the Solana Custodian and will generally be staked by the Trust. The expenses of staking the Trust’s SOL isare paid from the proceeds of the Trust'sTrust’s staking program and the Trust will retainretains the remaining amount of the staking rewards. Staking rewards, net of Staking Expenses are reflected as Staking Income, Net on the Statement of Income and Expense.

In seeking to achieve its investment objective, the Trust holds SOL. The Trust will valuevalues its Shares each Business Day as of 4:00 p.m. ET. The Trust applies FASB ASC Topic 820, Fair Value Measurement, in the valuation of SOL held by the Trust and for financial statement purposes. The value of SOL held by the Trust is determined based on the FMV price for SOL, reflecting the execution price of SOL on its principal market as determined each day by the Benchmark Provider. The FMV price for SOL reflects the price that would be received for SOL in a current sale, which assumes an orderly transaction between market participants on the measurement date of SOL on its “principal market,” generally, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) on a periodic basis to determine which market is its principal market for the purpose of calculating fair value for the creation of quarterly and annual financial statements. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of aan security’sinvestment’s fair value. The Benchmark is designed to provide an estimated fair market value price for SOL, based on the execution price of SOL on its principal market. In this regard, the Benchmark Provider seeks to identify a “principal market” for SOL each day by evaluating eligible SOL trading platforms across a variety of different criteria, including the trading platforms’ oversight and governance frameworks, microstructure efficiency, trading volume, data transparency and data integrity.

As of the date of this Report, each of BNY Mellon Capital Markets, LLC, Jane Street Capital LLC, Jefferies LLC, Macquarie Capital (USA) Inc., and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.

Net cash flow provided by (used in) operating activities was $(4.34.4) million for the threesix months ended MarchJune 31,30, 2026. During the threesix months ended MarchJune 31,30, 2026, $4.3$4.7 million was paid to purchase SOL.

The Trust’s net cash flow provided by (used in) financing activities was $4.3$4.4 million during the threesix months ended MarchJune 31,30, 2026. This included $4.3$4.7 million from Shares purchased by Authorized Participants during the threesix months ended MarchJune 31,30, 2026.

FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026

FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026

For the three months ended MarchJune 31,30, 2026, the Exchange market value of each Share decreased from $12.41$8.30 per Share to $8.30$7.39 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2026 and related change from the Share price on DecemberMarch 31, 20252026 was as follows: Shares traded at a low of $7.71$6.40 per Share (-37.87%-22.89%) on FebruaryJune 12,5, 2026, and a high of $14.78$9.90 per Share (+19.10%19.28%) on JanuaryMay 14,11, 2026. The total return for the Trust on a market value basis was -33.01%.-10.30%.

For the three months ended MarchJune 31,30, 2026, the NAV of each Share decreased from $12.40$8.30 per Share to $8.30$7.39 per Share. The falling price of SOL during the three months ended MarchJune 31,30, 2026 contributed to an overall 33.37%10.87% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -32.96%.-10.30%.

Net income (loss) for the three months ended MarchJune 31,30, 2026 was $(1.00.6) million, primarily resulting from net realized gain (loss) of $(0.3) million and net change in unrealized gain (loss) of $(1.00.3) million.

The preparation of financial statements in conformity with U.S. GAAP requires the Sponsor's managementSponsor to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period covered by this report. 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 “Valuation of SOL,” above. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the period ended December 31, 2025, as filed with the SEC on March 6, 2026.