SOLC 10-K & 10-Q changes, risk factors and insider trading
Canary Marinade Solana ETF · Nasdaq · Commodity Contracts Brokers & Dealers · CIK 2041869 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
Not applicable to Smaller Reporting Companies.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Three Months Ended June 30, 2026”
New heading “Six Months Ended June 30, 2026”
Largest changes
“● other world economic and political developments, including, without limitation, global pandemics and the societal and government responses thereto; and”see in full comparison
“● changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies;”see in full comparison
“The Trust’s net asset value decreased from $1,926,808 at December 31, 2025, to $1,470,635 at June 30, 2026. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 80,000 at December 31, 2025, to 100,000 at June 30, 2026, as a result of 40,000 Shares being created and 20,000 Shares being redeemed during the six-month period, and a decrease in the value of SOL, which depreciated -40.75% from $124.26 at December 31, 2025, to $73.62 at June 30, 2026.”see in full comparison
The Trust’s net asset valuesee in full comparisondecreasedincreased from$1,926,808 at December 31, 2025, to$1,145,618 at March 31, 2026, to $1,470,635 at June 30, 2026. The change in the Trust’s net assets resulted fromaandecreaseincrease in outstanding Shares, whichfellrose from80,000 at December 31, 2025, to70,000 at March 31, 2026, to 100,000 at June 30, 2026, as a result ofof 10,00030,000 Shares being created and20,000no Shares being redeemed during the quarter, and a decrease in the value of SOL, which depreciated -11.42%-33.12%from$124.26 at December 31, 2025, to$83.11 at March 31, 2026, to $73.62 at June 30, 2026.
Full comparison: every changed paragraph (19)
● the special considerations discussed in this Quarterly
Report;
● general economic, market and business conditions;
● technology developments
regarding the use of SOL and other digital assets, including the systems used by the Sponsor and the Trust’s custodians in their
provision of services to the Trust;
● changes in laws or regulations,
including those concerning taxes, made by governmental authorities or regulatory bodies;
● other world economic and
political developments, including, without limitation, global pandemics and the societal and government responses thereto; and
● any additional factors
discussed in this Quarterly Report, as well as those described from time to time in the Trust’s future reports filed with the SEC.
Results of Operations for the Three Months
Ended March 31, 2026*
Three Months Ended June 30, 2026
The Trust’s
net asset value decreasedincreased from $1,926,808 at December 31, 2025, to $1,145,618 at March 31, 2026, to $1,470,635 at June 30, 2026. The change in the Trust’s net assets
resulted from aan decreaseincrease in outstanding Shares, which fellrose from 80,000 at December 31, 2025, to 70,000 at March 31, 2026, to 100,000 at June 30, 2026, as a result of
of 10,00030,000 Shares being created and 20,000no Shares being redeemed during the quarter, and a decrease in the value of SOL, which depreciated -11.42%
-33.12% from $124.26 at December 31, 2025, to $83.11 at March 31, 2026, to $73.62 at June 30, 2026.
The net asset
value per Share decreased -32.05%-10.14% from $24.09 at December 31, 2025, to $16.37 at March 31, 2026, to $14.71 at June 30, 2026.
The net asset
value per Share of $28.62$19.38 at JanuaryMay 14,11, 20262026, was the highest during the quarter, compared with a low of $15.07$12.44 at FebruaryJune 12,5, 2026.
The decrease
in net assets from operations for the quarter ended MarchJune 31,30, 2026, was $(551,958126,890), resulting from a decrease in unrealized gain on the
Trust’s SOL investment of $(539,756), realized losses on the disposition of SOL of $(34,177144,536), and staking income of $21,975.$17,646.
Six Months Ended June 30, 2026
The Trust’s net asset value decreased from $1,926,808 at December 31, 2025, to $1,470,635 at June 30, 2026. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 80,000 at December 31, 2025, to 100,000 at June 30, 2026, as a result of 40,000 Shares being created and 20,000 Shares being redeemed during the six-month period, and a decrease in the value of SOL, which depreciated -40.75% from $124.26 at December 31, 2025, to $73.62 at June 30, 2026.
The net asset value per Share decreased -38.92% from $24.09 at December 31, 2025, to $14.71 at June 30, 2026.
The net asset value per Share of $28.62 at January 14, 2026, was the highest during the six-month period, compared with a low of $12.44 at June 5, 2026.
The decrease in net assets from operations for the six months ended June 30, 2026, was $(678,848), resulting from a decrease in unrealized gain on the Trust’s SOL investment of $(684,292), realized losses on the disposition of SOL of $(34,177), and staking income of $39,621.
* No comparative prior-year periods have been presented as the initial share purchase date of the Trust was November 17, 2025.
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.
SOLC insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding SOLC (13F)
None of the 59 investors we track reported a position in their latest 13F.