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S-1 Osprey Solana Trust DE 87-6353054 c/o Osprey Funds, LLC 777 Brickell Avenue Suite 500 Miami FL 33131 (914) 214-4697 Gregory D. King Osprey Funds, LLC 777 Brickell Avenue Suite 500 Miami FL 33131 (912) 214-4697 Non-accelerated Filer true true false

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Organization</td></tr></table> Osprey Solana Trust (the “Trust”) is a Delaware Statutory Trust that was formed on June 8, 2021 and commenced operations on September 8, 2021. The Trust is governed by the Amended and Restated Declaration of Trust and Trust Agreement dated June 1, 2022, as amended by the Amendment No. 1 dated December 1, 2022, and Amendment No. 2 dated March 15, 2023 (the “Trust Agreement”). In general, the Trust holds the cryptocurrency Solana (“SOL”) and, from time to time, issues common shares of fractional undivided beneficial interest (“Shares”) in exchange for SOL. The investment objective of the Trust is solely for the Shares to realize long-term capital appreciation by tracking the price of SOL tokens, the native token to the Solana Network, less liabilities and expenses of the Trust. The Shares are designed as a method for investors to gain investment exposure to SOL, similar to a direct investment in SOL. Osprey Funds, LLC (the “Sponsor”) acts as the sponsor of the Trust. Other funds under the Osprey name are also managed by the Sponsor. The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. The Sponsor is responsible for preparing and providing annual reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As partial consideration for the Sponsor’s services, the Trust assigns staking rewards to the Sponsor and expects to pay the Sponsor a management fee (collectively, “Sponsor’s Fee”) as discussed in Notes 2 and 5. Pursuant to agreements between REX Services, LLC (“REX Services”) and the Sponsor, REX Services provides legal, compliance, general administrative, operational, and marketing support to the Sponsor. REX Financial, Inc. is the parent company of REX Services and REX Financial, LLC is the parent of REX Financial, Inc. Coinbase Custody Trust Company, LLC, the custodian of the Trust (the “Custodian”), is responsible for safeguarding the SOL held by the Trust. The Custodian (directly, or through an affiliate) is also responsible for administering the coordination, execution, and reward management associated with Staking services to the Trust. Delaware Trust Company serves as the trustee (the “Trustee”) of the Trust. The transfer agent for the Trust (the “Transfer Agent”) is Continental Stock Transfer & Trust Company.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Summary of Significant Accounting Policies</td></tr></table> Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust is not registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940. Recently Issued Accounting Pronouncement In this reporting period, the Trust adopted FASB Accounting Standards 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the enhanced standard impacted financial statement disclosures only and did not affect the Trust’s financial position or results of operations. The Trust is deemed to be an individual reporting segment and the Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s chief operating decision maker (“CODM”). The CODM monitors the operating results of the Trust as a whole and the Trust’s investment objective is pre-determined in accordance with the terms of the Trust Agreement. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust’s financial statements. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023 Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The most significant estimate in the financial statements is the fair value of investments. Actual results could differ from those estimates and these differences could be material. Cash Cash is received by the Trust and held for investment in SOL. At times, bank deposits may be in excess of federally insured limits. Pursuant to the Statement of Cash Flows Topic of the Codification, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. Subscriptions and Redemptions of Shares Proceeds received by the Trust from the issuance and sale of Shares consist of SOL deposits, or their respective U.S. dollar cash equivalents. Such SOL (or cash equivalent) will only be (1) owned by the Trust and held by the Custodian (or, if cash, used by the Sponsor to purchase SOL to be held by the Custodian); (2) disbursed (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses; (3) distributed to Shareholders; or (4) liquidated in the event that the Trust terminates or as otherwise required by law or regulation. During September 2021, the Trust began a continuous offering of an unlimited number of Shares with no par value, pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933 (the “Rule 506(c) Offering”). All the Shares issued pursuant to this offering are “restricted securities,” subject to a minimum holding period of twelve months, unless the Trust becomes an SEC reporting entity, in which case the minimum holding period could be reduced to six months. The Trust sold 4,952,693 of the Rule 506(c) Offering Shares. In October 2021 and January 2024, the Trust offered the Shares registered in Connecticut and qualified in New York, pursuant to Rule 504 of Regulation D under the Securities Act of 1933 (the “Rule 504 Offering”), to accredited investors for up to $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20211001__20211031__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zn8quiJwV2S" title="Units sold in offering"><span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240101__20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zhOaln800YGj" title="Units sold in offering">10,000,000 in each offering. The Trust sold 1,410,051 of the Rule 504 Offering Shares. On June 15, 2022, the Trust’s Shares began trading on the OTCQB Market, operated by OTC Markets Group, Inc., under the ticker symbol “OSOL”, and subsequently moved up to the OTCQX Best Market. On March 24, 2023, the Sponsor effected a 1-for-20 reverse stock split, where Shareholders received one Share of the Trust for every twenty Shares held as of the conversion date. Shareholders who would have otherwise been entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. Fractional shares redemptions amounted to 330 Shares with a value of $237. On June 5, 2024, the Sponsor effected a 15-for-1 stock split, where Shareholders received fifteen Shares of the Trust for every one Share held as of the conversion date. The Shares in these financial statements were adjusted retroactively to reflect the aforementioned stock splits. As of December 31, 2024, there were 6,362,414 Shares issued and outstanding. Of these Shares, 348,128 are restricted securities that may not be resold and 6,014,286 are unrestricted securities. The Trust conducts its transactions in SOL, including receiving SOL for the creation of Shares, and delivering SOL in connection with the redemption of Shares (if a redemption program were to be established), and for the payment of the Sponsor’s Fee. The Trust does not buy or sell SOL for the purpose of seeking trading profits. The Trust is currently not redeeming Shares. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023 Investment Transactions and Revenue Recognition The Trust identifies SOL as an “other investment” in accordance with ASC 946. The Trust records investment transactions on a trade date basis and changes in fair value are reflected as the net change in unrealized appreciation or depreciation on investment. Realized gains and losses are calculated using a specific identification method. Realized gains and losses are recognized in connection with transactions, including settling obligations for the Sponsor’s Fee in SOL. Management Fees In consideration for the management services provided to the Trust, the Sponsor receives from the Trust a management fee (the “Management Fee”) payable monthly in arrears in an amount equal to 1/12th of 2.5% (2.5% per annum) of the Trust assets. Staked SOL and Staking Rewards The Sponsor is committed to supporting the Solana community and ecosystem. To this end, the Sponsor will ensure that substantially all of the SOL held by the Trust will be a bonded by the Custodian to the Solana Network (“staked”) for purposes of running a node or multiple nodes on the network. SOL staked to the Solana Network receives network inflation and transaction fees in the form of SOL (“Staking Rewards”). Staking Rewards are variable and will accrue to the benefit of the Sponsor only (i.e., paid entirely and promptly by the Trust to the Sponsor as received) and will be used, in part, to cover expenses related to operating the Trust. Under current Solana network protocols, staked SOL is subject to a “cooldown” period that generally lasts between 2 and 8 days, and an additional 2-day lock-up period, known as “unbonding” and, therefore, cannot be immediately withdrawn. Staking rewards are earned by the Trust in SOL, which is non-cash consideration, as the validator with whom the Trust has staked its SOL validates transactions on the Solana Network. The Trust has concluded that the validator is the principal to the validation activities giving rise to the staking rewards and, therefore, the Trust recognizes only the net amount (i.e., net of the staking rewards retained by the validator) of SOL to which it is entitled for staking its SOL with the validator. SOL staking rewards are measured at fair value on the date received, which does not materially differ from the fair value at contract inception. The SOL is concurrently recognized as an expense equal to the amount of revenue recorded and a payable to the Sponsor. The liability is paid to the Sponsor on a date determined by the Sponsor at its discretion. Trust Expenses In accordance with its Trust Agreement, the Sponsor will bear the routine operational, administrative and other ordinary fees, and expenses of the Trust (the “Assumed Expenses”) provided, however, that the Trust shall be responsible for any non-routine and extraordinary expenses, including, in addition to the Sponsor’s Fee, fees and expenses such as, but not limited to, taxes and governmental charges, expenses and indemnities related to any extraordinary services performed by the Sponsor (or any other Service Provider, including the Trustee) on behalf of the Trust to protect the Trust or the interests of Shareholders, indemnification expenses, fees, and expenses related to public trading on OTC Markets (“Extraordinary Expenses”). Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023 Fair Value Measurements The Trust’s investment in SOL is stated at fair value in accordance with ASC 820-10 “Fair Value Measurements”, which outlines the application of fair value accounting. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. ASC 820-10 requires the Trust to assume that SOL is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. A principal market is the market with the greatest volume and level of activity for SOL, and the most advantageous market is defined as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs. The principal market is generally selected based on the most liquid and reliable exchange (including consideration of the ability for the Trust to access the specific market, either directly or through an intermediary, at the end of each period). GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: ● Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. ● Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. ● Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust. Definition of Net Asset Value The net asset value (“NAV”) of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities (which include accrued but unpaid fees and expenses, both estimated and finally determined), based on the SOL market price. In calculating the value of the SOL held by the Trust on any business day, the Trust will use the market price as of 4:00 p.m. New York time. The Trust will also calculate the NAV per Share of the Trust daily, which equals the NAV of the Trust divided by the number of outstanding Shares (the “NAV per Share”). Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023

Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust is not registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940.

Recently Issued Accounting Pronouncement In this reporting period, the Trust adopted FASB Accounting Standards 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the enhanced standard impacted financial statement disclosures only and did not affect the Trust’s financial position or results of operations. The Trust is deemed to be an individual reporting segment and the Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s chief operating decision maker (“CODM”). The CODM monitors the operating results of the Trust as a whole and the Trust’s investment objective is pre-determined in accordance with the terms of the Trust Agreement. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust’s financial statements. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023

Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The most significant estimate in the financial statements is the fair value of investments. Actual results could differ from those estimates and these differences could be material.

Cash Cash is received by the Trust and held for investment in SOL. At times, bank deposits may be in excess of federally insured limits. Pursuant to the Statement of Cash Flows Topic of the Codification, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows.

Subscriptions and Redemptions of Shares Proceeds received by the Trust from the issuance and sale of Shares consist of SOL deposits, or their respective U.S. dollar cash equivalents. Such SOL (or cash equivalent) will only be (1) owned by the Trust and held by the Custodian (or, if cash, used by the Sponsor to purchase SOL to be held by the Custodian); (2) disbursed (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses; (3) distributed to Shareholders; or (4) liquidated in the event that the Trust terminates or as otherwise required by law or regulation. During September 2021, the Trust began a continuous offering of an unlimited number of Shares with no par value, pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933 (the “Rule 506(c) Offering”). All the Shares issued pursuant to this offering are “restricted securities,” subject to a minimum holding period of twelve months, unless the Trust becomes an SEC reporting entity, in which case the minimum holding period could be reduced to six months. The Trust sold 4,952,693 of the Rule 506(c) Offering Shares. In October 2021 and January 2024, the Trust offered the Shares registered in Connecticut and qualified in New York, pursuant to Rule 504 of Regulation D under the Securities Act of 1933 (the “Rule 504 Offering”), to accredited investors for up to $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20211001__20211031__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zn8quiJwV2S" title="Units sold in offering"><span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240101__20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zhOaln800YGj" title="Units sold in offering">10,000,000 in each offering. The Trust sold 1,410,051 of the Rule 504 Offering Shares. On June 15, 2022, the Trust’s Shares began trading on the OTCQB Market, operated by OTC Markets Group, Inc., under the ticker symbol “OSOL”, and subsequently moved up to the OTCQX Best Market. On March 24, 2023, the Sponsor effected a 1-for-20 reverse stock split, where Shareholders received one Share of the Trust for every twenty Shares held as of the conversion date. Shareholders who would have otherwise been entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. Fractional shares redemptions amounted to 330 Shares with a value of $237. On June 5, 2024, the Sponsor effected a 15-for-1 stock split, where Shareholders received fifteen Shares of the Trust for every one Share held as of the conversion date. The Shares in these financial statements were adjusted retroactively to reflect the aforementioned stock splits. As of December 31, 2024, there were 6,362,414 Shares issued and outstanding. Of these Shares, 348,128 are restricted securities that may not be resold and 6,014,286 are unrestricted securities. The Trust conducts its transactions in SOL, including receiving SOL for the creation of Shares, and delivering SOL in connection with the redemption of Shares (if a redemption program were to be established), and for the payment of the Sponsor’s Fee. The Trust does not buy or sell SOL for the purpose of seeking trading profits. The Trust is currently not redeeming Shares. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023

4952693

10000000

1410051

the Sponsor effected a 1-for-20 reverse stock split, where Shareholders received one Share of the Trust for every twenty Shares held as of the conversion date

330

237

the Sponsor effected a 15-for-1 stock split, where Shareholders received fifteen Shares of the Trust for every one Share held as of the conversion date

6362414

348128

6014286

Investment Transactions and Revenue Recognition The Trust identifies SOL as an “other investment” in accordance with ASC 946. The Trust records investment transactions on a trade date basis and changes in fair value are reflected as the net change in unrealized appreciation or depreciation on investment. Realized gains and losses are calculated using a specific identification method. Realized gains and losses are recognized in connection with transactions, including settling obligations for the Sponsor’s Fee in SOL.

Management Fees In consideration for the management services provided to the Trust, the Sponsor receives from the Trust a management fee (the “Management Fee”) payable monthly in arrears in an amount equal to 1/12th of 2.5% (2.5% per annum) of the Trust assets.

Staked SOL and Staking Rewards The Sponsor is committed to supporting the Solana community and ecosystem. To this end, the Sponsor will ensure that substantially all of the SOL held by the Trust will be a bonded by the Custodian to the Solana Network (“staked”) for purposes of running a node or multiple nodes on the network. SOL staked to the Solana Network receives network inflation and transaction fees in the form of SOL (“Staking Rewards”). Staking Rewards are variable and will accrue to the benefit of the Sponsor only (i.e., paid entirely and promptly by the Trust to the Sponsor as received) and will be used, in part, to cover expenses related to operating the Trust. Under current Solana network protocols, staked SOL is subject to a “cooldown” period that generally lasts between 2 and 8 days, and an additional 2-day lock-up period, known as “unbonding” and, therefore, cannot be immediately withdrawn. Staking rewards are earned by the Trust in SOL, which is non-cash consideration, as the validator with whom the Trust has staked its SOL validates transactions on the Solana Network. The Trust has concluded that the validator is the principal to the validation activities giving rise to the staking rewards and, therefore, the Trust recognizes only the net amount (i.e., net of the staking rewards retained by the validator) of SOL to which it is entitled for staking its SOL with the validator. SOL staking rewards are measured at fair value on the date received, which does not materially differ from the fair value at contract inception. The SOL is concurrently recognized as an expense equal to the amount of revenue recorded and a payable to the Sponsor. The liability is paid to the Sponsor on a date determined by the Sponsor at its discretion. Trust Expenses In accordance with its Trust Agreement, the Sponsor will bear the routine operational, administrative and other ordinary fees, and expenses of the Trust (the “Assumed Expenses”) provided, however, that the Trust shall be responsible for any non-routine and extraordinary expenses, including, in addition to the Sponsor’s Fee, fees and expenses such as, but not limited to, taxes and governmental charges, expenses and indemnities related to any extraordinary services performed by the Sponsor (or any other Service Provider, including the Trustee) on behalf of the Trust to protect the Trust or the interests of Shareholders, indemnification expenses, fees, and expenses related to public trading on OTC Markets (“Extraordinary Expenses”).

Fair Value Measurements The Trust’s investment in SOL is stated at fair value in accordance with ASC 820-10 “Fair Value Measurements”, which outlines the application of fair value accounting. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. ASC 820-10 requires the Trust to assume that SOL is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. A principal market is the market with the greatest volume and level of activity for SOL, and the most advantageous market is defined as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs. The principal market is generally selected based on the most liquid and reliable exchange (including consideration of the ability for the Trust to access the specific market, either directly or through an intermediary, at the end of each period). GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: ● Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. ● Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. ● Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust.

Definition of Net Asset Value The net asset value (“NAV”) of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities (which include accrued but unpaid fees and expenses, both estimated and finally determined), based on the SOL market price. In calculating the value of the SOL held by the Trust on any business day, the Trust will use the market price as of 4:00 p.m. New York time. The Trust will also calculate the NAV per Share of the Trust daily, which equals the NAV of the Trust divided by the number of outstanding Shares (the “NAV per Share”).

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">3.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fair Value of SOL</td></tr></table> The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of December 31, 2024 and December 31, 2023: Schedule of Fair Value, Assets Measured on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20240101__20241231_zExCl0PiJQO3" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">200,936.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20240101__20241231_z8B2UxqJyzs6" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">193.69</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231_zFS9WyvG2Mc7" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zLhcGIpzoKih" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z7wa6Q9hrMzf" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zF0x0Mh2D6tk" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20230101__20231231_zPfRZ0LuX5o2" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">194,403.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20230101__20231231_zquCPa7erEwb" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">104.82</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231_zteMJ1OWXBhi" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">20,377,364</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4LxxTxntR33" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z7uLsPGlW9Jk" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">20,377,364</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zeXa1Ffj5d7a" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Trust determined the fair value per SOL using the price provided at 4:00 p.m., New York time, by the principal market. As of December 31, 2024 and December 31, 2023, approximately 200,449 SOL, and 187,410 SOL was staked and valued at $38,824,984, and $19,644,274, respectively. Staking rewards and Management fee payable are recorded in SOL and converted into U.S. dollars using the fair value of SOL as of the reporting date. The fluctuations arising from the effect of changes in liability denominated in SOL are included with the net realized or unrealized appreciation or depreciation on investment in SOL in the statements of operations. <p id="xdx_893_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_gL3IHSOITTB-OQORP_zj0oru5lyVik" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The following represents the changes in quantity and the respective fair value of SOL for the year ended December 31, 2024: Schedule of Investment Holdings of Investments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 62%"> </td><td style="font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 15%">SOL</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 15%">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20240101__20241231_zkeqDr4BQNAh" style="text-align: right" title="Beginning balance, SOL">194,403.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--InvestmentOwnedAtFairValue_iS_c20240101__20241231_zzMrbMGZ9AVb" style="text-align: right" title="Beginning balance, Fair Value">20,377,364</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_iI_pp2d_uPure_c20240101__20241231_zXVScq25aMo6" style="text-align: right" title="SOL received for Staking Rewards">15,017.95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20240101__20241231_zpasRov16Jhe" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">2,369,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_iI_pp2d_uPure_c20240101__20241231_zrJ5Swzfqkjg" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(14,333.63</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20240101__20241231_zhACjN9ntnYk" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(2,200,337</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_iI_pp2d_uPure_c20240101__20241231_zyXHMKXnTfpc" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(4,840.77</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20240101__20241231_zvCZU8tQAPfa" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(732,320</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_iI_pp2d_uPure_c20240101__20241231_zxRCGvN66mQi" style="text-align: right" title="SOL distributed for other fees, SOL">(523.67</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20240101__20241231_zklqUltxjAlc" style="text-align: right" title="SOL distributed for other fees, Fair Value">(86,829</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_iI_pp2d_uPure_c20240101__20241231_zAjXY4QDCn7c" style="text-align: right" title="SOL received for subscriptions, SOL">11,213.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20240101__20241231_zK8Y0zFyDf65" style="text-align: right" title="SOL received for subscriptions, Fair Value">1,674,214</td><td style="text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptions_pp2d_uPure_c20230101__20231231_zEdqfqzUJyMl" style="text-align: right" title="SOL distributed for redemptions, SOL">(11.62</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptionsFairValue_c20230101__20231231_zSH7qCvoWjV6" style="text-align: right" title="SOL distributed for redemptions, Fair Value">(237</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net realized gain on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zZfJyYgtjnT3" style="text-align: right" title="Net realized loss on investment in SOL, Fair Value">51,285</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20240101__20241231_zN98IfMGvZh4" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized appreciation on investment in SOL, Fair Value">17,466,870</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20240101__20241231_z7CbB9ByZw77" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">200,936.83</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentOwnedAtFairValue_iE_c20240101__20241231_zN7eGKyiI3bi" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">38,919,454</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> Net realized loss on the transfer of SOL to pay expenses for the year ended December 31, 2024, was $42,142, which includes $51,285 net realized gain on investment in SOL, and $<span id="xdx_90B_eus-gaap--RealizedInvestmentGainsLosses_di_c20240101__20241231__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_zXOQSZvp6ZPd" title="Realized investment gains (loss)">93,427 net realized loss resulted from the changes in liabilities denominated in SOL. Net change in unrealized appreciation on investment in SOL for the year ended December 31, 2024, was $17,519,388, which includes net change in unrealized appreciation on investment in SOL of $17,466,871, and $<span id="xdx_90B_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciation_iI_c20241231__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_zRsUxiupYcm6" title="Investment owned, unrecognized unrealized appreciation (depreciation), net">52,517 net unrealized appreciation due to changes in value of liabilities denominated in SOL. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023 <div id="xdx_C00_gL3IHSOITTB-OQORP_zLqJb6g92uJe">The following represents the changes in quantity and the respective fair value of SOL for the year ended December 31, 2023: <table cellpadding="0" cellspacing="0" id="xdx_30D_134_zfanEy0EZmw7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Schedule of Investment Holdings of Investments (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; font-weight: bold">Balance at January 1, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20230101__20231231_zBPscYZtJs3l" style="width: 15%; text-align: right" title="Beginning balance, SOL">129,925.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentOwnedAtFairValue_iS_c20230101__20231231_zknpWg4bjHu1" style="width: 15%; text-align: right" title="Beginning balance, Fair Value">1,281,064</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_pp2d_uPure_c20230101__20231231_zW3WGk6WRkOl" style="text-align: right" title="SOL received for Staking Rewards">7,925.56</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20230101__20231231_zgma9ib4z9r3" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">235,170</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_pp2d_uPure_c20230101__20231231_zMYkMjvJKFPe" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(8,023.33</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20230101__20231231_zFsecZ4A6E7f" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(205,603</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_pp2d_uPure_c20230101__20231231_zRRxzvmeo3lh" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(2,863.65</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20230101__20231231_zdHPVrMudlIa" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(76,141</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_pp2d_uPure_c20230101__20231231_zCxNsfV9QI5b" style="text-align: right" title="SOL distributed for other fees, SOL">(3,797.16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20230101__20231231_zuQzXTxwD2E6" style="text-align: right" title="SOL distributed for other fees, Fair Value">(79,122</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_pp2d_uPure_c20230101__20231231_zlJw7ibX9TE7" style="text-align: right" title="SOL received for subscriptions, SOL">71,248.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20230101__20231231_zTbos5grUUf3" style="text-align: right" title="SOL received for subscriptions, Fair Value">5,950,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptions_iI_pp2d_uPure_c20230101__20231231_zYA3AZHMO3X1" style="text-align: right" title="SOL distributed for redemptions, SOL">(11.62</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptionsFairValue_c20230101__20231231_zyBAIoeOAl68" style="text-align: right" title="SOL distributed for redemptions, Fair Value">(237</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net realized loss on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--RealizedInvestmentGainsLosses_c20230101__20231231__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zGcLtt8I7yqc" style="text-align: right" title="Net realized loss on investment in SOL, Fair Value">(1,071,656</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20230101__20231231_zmi1FjsOMxRd" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized appreciation on investment in SOL, Fair Value">14,343,889</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20230101__20231231_z4HhgmJOJyol" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">194,403.40</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentOwnedAtFairValue_iE_c20230101__20231231_z4ockIDbd6ni" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">20,377,364</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> </div> Net realized loss on the transfer of SOL to pay expenses for the year ended December 31, 2023, was $1,100,014, which includes $1,071,656 net realized loss on investment in SOL, and $<span id="xdx_90C_eus-gaap--RealizedInvestmentGainsLosses_di_c20230101__20231231__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_zG2eS4JUtAkb" title="Realized investment gains (loss)">28,358 net realized loss due to changes in liabilities denominated in SOL. Net change in unrealized appreciation on investment in SOL for the year ended December 31, 2023, was $14,321,181, which includes net change in unrealized appreciation on investment in SOL of $14,343,889, and $<span id="xdx_905_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciation_iI_c20231231__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_zJNUjglPbKsh" title="Investment owned, unrecognized unrealized appreciation (depreciation), net">22,708 net unrealized depreciation due to changes in value of liabilities denominated in SOL.

The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of December 31, 2024 and December 31, 2023: Schedule of Fair Value, Assets Measured on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20240101__20241231_zExCl0PiJQO3" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">200,936.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20240101__20241231_z8B2UxqJyzs6" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">193.69</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231_zFS9WyvG2Mc7" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zLhcGIpzoKih" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z7wa6Q9hrMzf" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zF0x0Mh2D6tk" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20230101__20231231_zPfRZ0LuX5o2" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">194,403.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20230101__20231231_zquCPa7erEwb" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">104.82</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231_zteMJ1OWXBhi" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">20,377,364</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4LxxTxntR33" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z7uLsPGlW9Jk" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">20,377,364</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--InvestmentOwnedAtFairValue_iI_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zeXa1Ffj5d7a" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

200936.83 193.69

38919454

194403.40 104.82

20377364

200449 187410 38824984 19644274

<p id="xdx_893_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_gL3IHSOITTB-OQORP_zj0oru5lyVik" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The following represents the changes in quantity and the respective fair value of SOL for the year ended December 31, 2024: Schedule of Investment Holdings of Investments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; width: 62%"> </td><td style="font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 15%">SOL</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td><td style="font-weight: bold; padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 15%">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20240101__20241231_zkeqDr4BQNAh" style="text-align: right" title="Beginning balance, SOL">194,403.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--InvestmentOwnedAtFairValue_iS_c20240101__20241231_zzMrbMGZ9AVb" style="text-align: right" title="Beginning balance, Fair Value">20,377,364</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_iI_pp2d_uPure_c20240101__20241231_zXVScq25aMo6" style="text-align: right" title="SOL received for Staking Rewards">15,017.95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20240101__20241231_zpasRov16Jhe" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">2,369,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_iI_pp2d_uPure_c20240101__20241231_zrJ5Swzfqkjg" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(14,333.63</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20240101__20241231_zhACjN9ntnYk" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(2,200,337</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_iI_pp2d_uPure_c20240101__20241231_zyXHMKXnTfpc" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(4,840.77</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20240101__20241231_zvCZU8tQAPfa" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(732,320</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_iI_pp2d_uPure_c20240101__20241231_zxRCGvN66mQi" style="text-align: right" title="SOL distributed for other fees, SOL">(523.67</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20240101__20241231_zklqUltxjAlc" style="text-align: right" title="SOL distributed for other fees, Fair Value">(86,829</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_iI_pp2d_uPure_c20240101__20241231_zAjXY4QDCn7c" style="text-align: right" title="SOL received for subscriptions, SOL">11,213.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20240101__20241231_zK8Y0zFyDf65" style="text-align: right" title="SOL received for subscriptions, Fair Value">1,674,214</td><td style="text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptions_pp2d_uPure_c20230101__20231231_zEdqfqzUJyMl" style="text-align: right" title="SOL distributed for redemptions, SOL">(11.62</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptionsFairValue_c20230101__20231231_zSH7qCvoWjV6" style="text-align: right" title="SOL distributed for redemptions, Fair Value">(237</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net realized gain on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zZfJyYgtjnT3" style="text-align: right" title="Net realized loss on investment in SOL, Fair Value">51,285</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20240101__20241231_zN98IfMGvZh4" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized appreciation on investment in SOL, Fair Value">17,466,870</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20240101__20241231_z7CbB9ByZw77" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">200,936.83</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentOwnedAtFairValue_iE_c20240101__20241231_zN7eGKyiI3bi" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">38,919,454</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> The following represents the changes in quantity and the respective fair value of SOL for the year ended December 31, 2023: <table cellpadding="0" cellspacing="0" id="xdx_30D_134_zfanEy0EZmw7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Schedule of Investment Holdings of Investments (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; font-weight: bold">Balance at January 1, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20230101__20231231_zBPscYZtJs3l" style="width: 15%; text-align: right" title="Beginning balance, SOL">129,925.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentOwnedAtFairValue_iS_c20230101__20231231_zknpWg4bjHu1" style="width: 15%; text-align: right" title="Beginning balance, Fair Value">1,281,064</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_pp2d_uPure_c20230101__20231231_zW3WGk6WRkOl" style="text-align: right" title="SOL received for Staking Rewards">7,925.56</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20230101__20231231_zgma9ib4z9r3" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">235,170</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_pp2d_uPure_c20230101__20231231_zMYkMjvJKFPe" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(8,023.33</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20230101__20231231_zFsecZ4A6E7f" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(205,603</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_pp2d_uPure_c20230101__20231231_zRRxzvmeo3lh" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(2,863.65</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20230101__20231231_zdHPVrMudlIa" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(76,141</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_pp2d_uPure_c20230101__20231231_zCxNsfV9QI5b" style="text-align: right" title="SOL distributed for other fees, SOL">(3,797.16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20230101__20231231_zuQzXTxwD2E6" style="text-align: right" title="SOL distributed for other fees, Fair Value">(79,122</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_pp2d_uPure_c20230101__20231231_zlJw7ibX9TE7" style="text-align: right" title="SOL received for subscriptions, SOL">71,248.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20230101__20231231_zTbos5grUUf3" style="text-align: right" title="SOL received for subscriptions, Fair Value">5,950,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptions_iI_pp2d_uPure_c20230101__20231231_zYA3AZHMO3X1" style="text-align: right" title="SOL distributed for redemptions, SOL">(11.62</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForRedemptionsFairValue_c20230101__20231231_zyBAIoeOAl68" style="text-align: right" title="SOL distributed for redemptions, Fair Value">(237</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net realized loss on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--RealizedInvestmentGainsLosses_c20230101__20231231__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zGcLtt8I7yqc" style="text-align: right" title="Net realized loss on investment in SOL, Fair Value">(1,071,656</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20230101__20231231_zmi1FjsOMxRd" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized appreciation on investment in SOL, Fair Value">14,343,889</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20230101__20231231_z4HhgmJOJyol" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">194,403.40</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentOwnedAtFairValue_iE_c20230101__20231231_z4ockIDbd6ni" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">20,377,364</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

194403.40

20377364

15017.95 2369207 -14333.63 -2200337 -4840.77 -732320 -523.67 -86829 11213.55 1674214 -11.62 -237

51285

17466870

200936.83

38919454

-42142

51285

-93427

17519388

17466871 52517

129925.40

1281064

7925.56 235170 -8023.33 -205603 -2863.65 -76141 -3797.16 -79122 71248.20 5950000 -11.62 -237

-1071656

14343889

194403.40

20377364

-1100014

-1071656

-28358

14321181

14343889 22708

4. Income Taxes The Trust is a grantor trust for U.S. federal income tax purposes. Accordingly, the Trust will not be subject to U.S. federal income tax. Rather, each beneficial owner of Shares will be treated as directly owning its pro rata share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses, and deductions will “flow through” to each beneficial owner of Shares. In accordance with GAAP, the Trust has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. As of December 31, 2024 and December 31, 2023, the Trust did not have a liability for any unrecognized tax amounts for uncertain tax positions related to federal, state, and local income taxes. However, the conclusions concerning the determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and on-going analyses of and changes to tax laws, regulations, and interpretations thereof. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state, and local income taxes existed as of December 31, 2024 or December 31, 2023. The tax years 2024, 2023, and 2022 are subject to examination by taxing authorities.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">5.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Related Parties</td></tr></table> The Sponsor pays certain expenses on behalf of, and is reimbursed by, the Trust. For the year ended December 31, 2024, and 2023 the Trust reimbursed the Sponsor the expenses in the amount of $86,829 and $79,122 respectively. As of December 31, 2024 and December 31, 2023, $856 and $370 of expenses remain payable to the Sponsor, respectively, which are recorded as due to the Sponsor in the accompanying statements of assets and liabilities. For the year ended December 31, 2024, and 2023, the Trust incurred Management Fees of $766,095 and $96,532, respectively. As of December 31, 2024 and December 31, 2023, there were unpaid Management Fees of $81,961 and $34,301, respectively, which are recorded as management fee payable in the accompanying statements of assets and liabilities. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023 For the year ended December 31, 2024, and 2023 the Trust received Staking Rewards in the amount of 15,018 SOL, and 7,926 SOL, respectively; and distributed 14,334 SOL and 8,023 SOL to the Sponsor, respectively. As of December 31, 2024 and December 31, 2023, 1,397 SOL and 713 SOL remains payable, respectively, and is valued at $270,612 and $74,717 in the statement of assets and liabilities, respectively. Certain shareholders are related parties of the Trust. The aggregate number of Shares owned by related parties is <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z6t2zjKUa0Sl" title="Number of shares owned">1,005, valued at $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zRXkVRq38Kj8" title="Number of shares owned, value">6,098, and <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zKEDu499I6tk" title="Number of shares owned">1,005, valued at $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z1Zs6uYy2lS4" title="Number of shares owned, value">3,391 at December 31, 2024 and December 31, 2023, respectively.

86829

79122

856

370

766095

96532

81961

34301

15018 7926 14334 8023 1397 713 270612 74717

1005

6098

1005

3391

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">6.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Risks and Uncertainties</td></tr></table> Investment in SOL The Trust is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in a single asset, SOL. Investments in SOL are currently unregulated, highly speculative, and subject to volatility. The net asset value of the Trust relates primarily to the value of SOL held by the Trust and fluctuations in the price of SOL could materially and adversely affect the value of the Shares of the Trust. The price of SOL has a limited history. During such history, SOL prices have been volatile and subject to influence by many factors including the levels of liquidity. If SOL exchanges continue to experience significant price fluctuations, the Trust may experience losses. Several factors may affect the price of SOL, including, but not limited to, global SOL supply and demand, theft of SOL from global exchanges or vaults, and competition from other forms of digital currency or payment services. At any given time, substantially all of the SOL held by the Trust will be staked. Staking is a discretionary activity that supports the operation and governance of the Solana Network. Staking has a low but inherent risk of permanent loss of SOL held by the Trust which would have a negative impact on the value of the Shares. Loss, known as “slashing”, can occur due to a failure by the Custodian (or its affiliated staking provider) to properly manage the staked SOL. The Custodian has agreed to fully compensate the Trust for the amount of slashing of the Trust’s SOL bonded to the Solana Network by the Custodian or the Custodian’s affiliated staking provider by providing, at the Custodian’s discretion, the Trust with the equivalent number of slashed digital assets or the fair market value of such slashed assets in U.S. dollars. The Trust’s Shareholders have no specific rights to any specific SOL held by the Trust. In the event of the insolvency of the Trust, its assets may be inadequate to satisfy a claim by its Shareholders. There is currently no clearing house for SOL, nor is there a central or major depository for the custody of SOL. There is a risk that some or all of the Trust’s SOL could be lost or stolen, which would adversely impact Shareholders of the Trust. The Trust does not have insurance protection on its SOL which exposes the Trust and its Shareholders to the risk of loss of the Trust’s SOL. Further, SOL transactions are irrevocable. Stolen or incorrectly transferred SOL may be irretrievable. As a result, any incorrectly executed SOL transactions could adversely affect an investment in the Trust. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023 Cryptocurrencies such as SOL use private keys to authorize transactions and prove ownership of the asset. To the extent private keys for SOL addresses are lost, destroyed, or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the SOL held in the associated addresses and the private keys will not be capable of being restored. The processes by which SOL transactions are settled are dependent on the SOL peer-to-peer network, and as such, the Trust is subject to operational risk. Unknown technical vulnerabilities, unanticipated disruptions to the Trust’s operations or the operations of its service providers, and cybersecurity events also may also adversely affect the value of SOL. As digital assets like SOL have grown in popularity and market size, various countries and jurisdictions have begun to develop regulations governing the digital assets industry. Regulators are concerned such a large unregulated person-to-person global economy could be exploited by bad actors and used to evade taxes or launder money. To the extent future regulatory actions or policies limit the ability to exchange SOL or utilize SOL for payments, the demand for SOL could be reduced. Furthermore, regulatory actions may limit the ability of end-users to convert SOL into fiat currency or use SOL to pay for goods and services. Such regulatory actions or policies could result in a reduction of demand, and in turn, a decline in the underlying unit price of SOL. The effect of any future regulatory change on the Trust or SOL in general is not possible to predict, but such change could be substantial and adverse to the Trust and the value of the Trust’s investments in SOL. The Custodian The digital assets owned by the Trust are controlled by the Custodian and secured in a segregated custody account. The segregated custody account allows for the transfer of ownership or control of the Trust’s digital assets, on the Trust’s behalf, including the withdrawal of digital assets to pay the Trust’s expenses. All digital asset private keys are stored in offline storage, or “cold” storage. “Cold” storage is a safeguarding method by which the private keys corresponding to digital assets are disconnected and/or deleted entirely from the internet. As a result of digital assets being stored in “cold” storage, any withdrawal and subsequent transaction request to the Custodian by the Trust requires up to twenty-four (24) hour notice to process. Such time delay between the withdrawal request and processing of the withdrawal may negatively impact the price of the digital asset upon sale. The Custodian provides the Trust with monthly account statements. The Custodian is independent from the Sponsor.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Indemnifications</td></tr></table> In the normal course of business, the Trust enters into contracts with service providers that contain a variety of representations and warranties and which provide general indemnifications. It is not possible to determine the maximum potential exposure or amount under these agreements due to the Trust having no prior claims. Osprey Solana Trust Notes to the Financial Statements December 31, 2024 and December 31, 2023

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">8.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial Highlights</td></tr></table> Schedule of Investment Company Financial Highlights <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Per Share Performance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">(for a share outstanding throughout the year) (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 62%; padding-bottom: 1pt">Net asset value per share at beginning of year</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--NetAssetValuePerShare_iS_pip0_c20240101__20241231_fKDEp_zvM1iK4Dxdqj" style="border-bottom: Black 1pt solid; width: 15%; text-align: right" title="Net asset value per share at beginning of period">3.37</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--NetAssetValuePerShare_iS_pip0_c20230101__20231231_fKDEp_zD27DUtAHL5e" style="border-bottom: Black 1pt solid; width: 15%; text-align: right" title="Net asset value per unit at beginning of year">0.33</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-style: italic; text-align: left">Net increase in net assets resulting from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Net investment loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20240101__20241231_fKDEp_zTm6F2U53rId" style="text-align: right" title="Net investment loss">(0.12</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20230101__20231231_fKDEp_ziBow8hRSaLh" style="text-align: right" title="Net investment loss">(0.01</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Net change in realized and unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20240101__20241231_fKDEp_zkb01ngMttA2" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">2.82</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20230101__20231231_fKDEp_znsrVkxh4mL" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation on investment in SOL">3.05</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1pt">Net increase in net assets resulting from operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20240101__20241231_fKDEp_zR2YkW3o5Tec" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">2.70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20230101__20231231_fKDEp_ziEIGgREz2O" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase in net assets resulting from operations">3.04</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net asset value per share at end of year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetAssetValuePerShare_iE_pip0_c20240101__20241231_fKDEp_zCXU34MPs9bi" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">6.07</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--NetAssetValuePerShare_iE_pip0_c20230101__20231231_fKDEp_zdrq619wXfi1" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of year">3.37</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total return</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20240101__20241231_fKDEp_zNyQwYvc7UH2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">80.12</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20230101__20231231_fKDEp_zEycahT5c41e" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">922.42</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ratios to average net asset value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20240101__20241231_fKDEp_zCfaWnkQNB71" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.38</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20230101__20231231_fKDEp_zHAbYyuSJaj1" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">7.79</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net investment loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20240101__20241231_fKDEp_zUl4NE6OZBQ5" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.68</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20230101__20231231_fKDEp_zCoNZ0CxZ6R4" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.99</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">Shares have been adjusted retroactively to reflect the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVzdG1lbnQgQ29tcGFueSBGaW5hbmNpYWwgSGlnaGxpZ2h0cyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--StockholdersEquityNoteStockSplit_c20240605__20240605_z5XnUurtPOV" title="Stock split">15:1 stock split effective June 5, 2024 and the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVzdG1lbnQgQ29tcGFueSBGaW5hbmNpYWwgSGlnaGxpZ2h0cyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--StockholdersEquityReverseStockSplit_c20230324__20230324_zGZxMG84vSlj" title="Reverse stock split">1:20 reverse stock split effective March 24, 2023. See Note 2.</td> </tr></table> An individual Shareholder’s return, ratios, and per Share performance may vary from those presented above based on the timing of Share transactions. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and assuming redemption on the last day of the year.

Schedule of Investment Company Financial Highlights <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Per Share Performance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">(for a share outstanding throughout the year) (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 62%; padding-bottom: 1pt">Net asset value per share at beginning of year</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--NetAssetValuePerShare_iS_pip0_c20240101__20241231_fKDEp_zvM1iK4Dxdqj" style="border-bottom: Black 1pt solid; width: 15%; text-align: right" title="Net asset value per share at beginning of period">3.37</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--NetAssetValuePerShare_iS_pip0_c20230101__20231231_fKDEp_zD27DUtAHL5e" style="border-bottom: Black 1pt solid; width: 15%; text-align: right" title="Net asset value per unit at beginning of year">0.33</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-style: italic; text-align: left">Net increase in net assets resulting from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Net investment loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20240101__20241231_fKDEp_zTm6F2U53rId" style="text-align: right" title="Net investment loss">(0.12</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20230101__20231231_fKDEp_ziBow8hRSaLh" style="text-align: right" title="Net investment loss">(0.01</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Net change in realized and unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20240101__20241231_fKDEp_zkb01ngMttA2" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">2.82</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20230101__20231231_fKDEp_znsrVkxh4mL" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation on investment in SOL">3.05</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1pt">Net increase in net assets resulting from operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20240101__20241231_fKDEp_zR2YkW3o5Tec" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">2.70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20230101__20231231_fKDEp_ziEIGgREz2O" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase in net assets resulting from operations">3.04</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net asset value per share at end of year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetAssetValuePerShare_iE_pip0_c20240101__20241231_fKDEp_zCXU34MPs9bi" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">6.07</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--NetAssetValuePerShare_iE_pip0_c20230101__20231231_fKDEp_zdrq619wXfi1" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of year">3.37</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total return</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20240101__20241231_fKDEp_zNyQwYvc7UH2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">80.12</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20230101__20231231_fKDEp_zEycahT5c41e" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">922.42</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ratios to average net asset value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20240101__20241231_fKDEp_zCfaWnkQNB71" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.38</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20230101__20231231_fKDEp_zHAbYyuSJaj1" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">7.79</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net investment loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20240101__20241231_fKDEp_zUl4NE6OZBQ5" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.68</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20230101__20231231_fKDEp_zCoNZ0CxZ6R4" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.99</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">Shares have been adjusted retroactively to reflect the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVzdG1lbnQgQ29tcGFueSBGaW5hbmNpYWwgSGlnaGxpZ2h0cyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--StockholdersEquityNoteStockSplit_c20240605__20240605_z5XnUurtPOV" title="Stock split">15:1 stock split effective June 5, 2024 and the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVzdG1lbnQgQ29tcGFueSBGaW5hbmNpYWwgSGlnaGxpZ2h0cyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--StockholdersEquityReverseStockSplit_c20230324__20230324_zGZxMG84vSlj" title="Reverse stock split">1:20 reverse stock split effective March 24, 2023. See Note 2.</td> </tr></table>

3.37

0.33

-0.12

-0.01

2.82

3.05

2.70

3.04

6.07

3.37

0.8012

9.2242

0.1038

0.0779

-0.0268

-0.0299

15:1 stock split

1:20 reverse stock split

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">9.</td><td style="text-align: justify">Subsequent Events</td> </tr></table> On October 22, 2025, the Sponsor filed with the SEC a registration statement on Form S-1 (the “Form S-1”) to register the Shares of the Trust under the Securities Act of 1933. There are no other events that have occurred through October 22, 2025, the date the financial statements were available to be issued, that require disclosure other than that which has already been disclosed in these notes to the financial statements.

25813883

25926578

29309061 38824984

31702130

38919454

31702130

38919454

610

853

25619

34886

31728359

38955193

179037 270612

64769

81961

613

856

244419

353429

31483940

38601764

28136551

27712427

-237 -237 -1425819 -993254 -1100540 -1142156 5873985 13024984

31483940

38601764

6453629

6362414

4.88

6.07

25813883

200900.70

31702130

1.01

-218190 -0.01

31483940

1 29309061

25926578

200936.83

38919454

1.01

-317690 -0.01

38601764

1 38824984 613259 561871 1402482 1006950

106

226

613259 561977 1402512 1007176 613259 561871 1402482 1006950

186101

188155

406400

336396

11387

19199

26195

26382

810747

769225

1835077

1369728

-197488

-207248

-432565

-362552

-18399

296

41616

-58935

6542172

-8872705

-7150999

6975814

6523773

-8872409

-7109383

6916879

6326285

-9079657

-7541948

6554327

-197488

-207248

-432565

-362552

-18399

296

41616

-58935

6542172

-8872705

-7150999

6975814

6326285

-9079657

-7541948

6554327

814064 424124 982947 814064 424124 982947 6326285 -8265593 -7117824 7537274

25157655

36079356

38601764

20276489

31483940

27813763

31483940

27813763

6453629

6057075

6362414

6009450

168425 91215 216050

6453629

6225500

6453629

6225500

15:1 stock split

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Organization</td></tr></table> Osprey Solana Trust (the “Trust”) is a Delaware Statutory Trust that was formed on June 8, 2021 and commenced operations on September 8, 2021. The Trust is governed by the Amended and Restated Declaration of Trust and Trust Agreement dated June 1, 2022, as amended by the Amendment No. 1 dated December 1, 2022, and Amendment No. 2 dated March 15, 2023 (the “Trust Agreement”). In general, the Trust holds the cryptocurrency Solana (“SOL”) and, from time to time, issues common shares of fractional undivided beneficial interest (“Shares”) in exchange for SOL. The investment objective of the Trust is solely for the Shares to realize long-term capital appreciation by tracking the price of SOL tokens, the native token to the Solana Network, less liabilities and expenses of the Trust. The Shares are designed as a method for investors to gain investment exposure to SOL, similar to a direct investment in SOL. Osprey Funds, LLC (the “Sponsor”) acts as the sponsor of the Trust. Other funds under the Osprey name are also managed by the Sponsor. The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. The Sponsor is responsible for preparing and providing annual reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As partial consideration for the Sponsor’s services, the Trust assigns staking rewards to the Sponsor and expects to pay the Sponsor a management fee (collectively, “Sponsor’s Fee”) as discussed in Notes 2 and 5. Pursuant to agreements between REX Services, LLC (“REX Services”) and the Sponsor, REX Services provides legal, compliance, general administrative, operational, and marketing support to the Sponsor. REX Financial, Inc. is the parent company of REX Services and REX Financial, LLC is the parent of REX Financial, Inc. Coinbase Custody Trust Company, LLC, the custodian of the Trust (the “Custodian”), is responsible for safeguarding the SOL held by the Trust. The Custodian (directly, or through an affiliate) is also responsible for administering the coordination, execution, and reward management associated with Staking services to the Trust. Delaware Trust Company serves as the trustee (the “Trustee”) of the Trust. The transfer agent for the Trust (the “Transfer Agent”) is Continental Stock Transfer & Trust Company.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Summary of Significant Accounting Policies</td></tr></table> Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust is not registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940. Segment Reporting The Trust is deemed to be an individual reporting segment and the Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s chief operating decision maker (“CODM”). The CODM monitors the operating results of the Trust as a whole and the Trust’s investment objective is pre-determined in accordance with the terms of the Trust Agreement. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust’s financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The most significant estimate in the financial statements is the fair value of investments. Actual results could differ from those estimates and these differences could be material. Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025 Cash Cash is received by the Trust and held for investment in SOL. At times, bank deposits may be in excess of federally insured limits. Pursuant to the Statement of Cash Flows Topic of the Codification, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. Subscriptions and Redemptions of Shares Proceeds received by the Trust from the issuance and sale of Shares consist of SOL deposits, or their respective U.S. dollar cash equivalents. Such SOL (or cash equivalent) will only be (1) owned by the Trust and held by the Custodian (or, if cash, used by the Sponsor to purchase SOL to be held by the Custodian); (2) disbursed (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses; (3) distributed to Shareholders; or (4) liquidated in the event that the Trust terminates or as otherwise required by law or regulation. During September 2021, the Trust began a continuous offering of an unlimited number of Shares with no par value, pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933 (the “Rule 506(c) Offering”). All the Shares issued pursuant to this offering are “restricted securities,” subject to a minimum holding period of twelve months, unless the Trust becomes an SEC reporting entity, in which case the minimum holding period could be reduced to six months. The Trust sold 4,966,450 of the Rule 506(c) Offering Shares. In October 2021 and January 2024, the Trust offered the Shares registered in Connecticut and qualified in New York, pursuant to Rule 504 of Regulation D under the Securities Act of 1933 (the “Rule 504 Offering”), to accredited investors for up to $<span id="xdx_90D_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20211001__20211031__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zPZqsn3mWP3d" title="Units sold in offering"><span id="xdx_901_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240101__20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zzARIchsvw27" title="Value of shares sold in offering">10,000,000 in each offering. The Trust sold <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211001__20211031__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zGnzIk2keEul" title="Number of units sold in offering"><span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240101__20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zH67F0EItuk7" title="Number of shares sold in offering">1,487,509 of the Rule 504 Offering Shares. On June 15, 2022, the Trust’s Shares began trading on the OTCQB Market, operated by OTC Markets Group, Inc., under the ticker symbol “OSOL”, and subsequently moved up to the OTCQX Best Market. On June 5, 2024, the Sponsor effected a 15-for-1 stock split, where Shareholders received fifteen Shares of the Trust for every one Share held as of the conversion date. The Shares in these financial statements were adjusted retroactively to reflect the stock splits. As of June 30, 2025, there were 6,453,629 Shares issued and outstanding. Of these Shares, 169,262 are restricted securities that may not be resold without registration or an exemption from registration under the Securities Act of 1933, and 6,284,367 are unrestricted securities. The Trust conducts its transactions in SOL, including receiving SOL for the creation of Shares, and delivering SOL in connection with the redemption of Shares (if a redemption program were to be established), and for the payment of the Sponsor’s Fee. The Trust does not buy or sell SOL for the purpose of seeking trading profits. The Trust is currently not redeeming Shares. Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025 Investment Transactions and Revenue Recognition The Trust records investment transactions on a trade date basis and changes in fair value are reflected as the net change in unrealized appreciation or depreciation on investment. Realized gains and losses are calculated using a specific identification method. Realized gains and losses are recognized in connection with transactions, including settling obligations for the Sponsor’s Fee in SOL. Management Fees In consideration for the management services provided to the Trust, the Sponsor receives from the Trust a management fee (the “Management Fee”) payable monthly in arrears in an amount equal to 1/12th of 2.5% (2.5% per annum) of the Trust assets. Staked SOL and Staking Rewards The Sponsor is committed to supporting the Solana community and ecosystem. To this end, the Sponsor will ensure that substantially all of the SOL held by the Trust will be bonded by the Custodian to the Solana Network (“staked”) for purposes of running a node or multiple nodes on the network. SOL staked to the Solana Network receives network inflation and transaction fees in the form of SOL (“Staking Rewards”). Staking Rewards are variable and will accrue to the benefit of the Sponsor only (i.e., paid entirely and promptly by the Trust to the Sponsor as received) and will be used, in part, to cover expenses related to operating the Trust. Under current Solana network protocols, staked SOL is subject to a “cooldown” period that generally lasts between 2 and 8 days, and an additional 2-day lock-up period, known as “unbonding” and, therefore, cannot be immediately withdrawn. Staking rewards are earned by the Trust in SOL, which is non-cash consideration, as the validator with whom the Trust has staked its SOL validates transactions on the Solana Network. The Trust has concluded that the validator is the principal to the validation activities giving rise to the staking rewards and, therefore, the Trust recognizes only the net amount (i.e., net of the staking rewards retained by the validator) of SOL to which it is entitled for staking its SOL with the validator. SOL staking rewards are measured at fair value on the date received, which does not materially differ from the fair value at contract inception. The SOL is concurrently recognized as an expense equal to the amount of revenue recorded and payable to the Sponsor. The liability is paid to the Sponsor on a date determined by the Sponsor at its discretion. Trust Expenses In accordance with its Trust Agreement, the Sponsor will bear the routine operational, administrative and other ordinary fees, and expenses of the Trust (the “Assumed Expenses”) provided, however, that the Trust shall be responsible for any non-routine and extraordinary expenses, including, in addition to the Sponsor’s Fee, fees and expenses such as, but not limited to, taxes and governmental charges, expenses and indemnities related to any extraordinary services performed by the Sponsor (or any other Service Provider, including the Trustee) on behalf of the Trust to protect the Trust or the interests of Shareholders, indemnification expenses, fees, and expenses related to public trading on OTC Markets (“Extraordinary Expenses”). Fair Value Measurements The Trust’s investment in SOL is stated at fair value in accordance with ASC 820-10 “Fair Value Measurements”, which outlines the application of fair value accounting. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. ASC 820-10 requires the Trust to assume that SOL is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. A principal market is the market with the greatest volume and level of activity for SOL, and the most advantageous market is defined as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs. The principal market is generally selected based on the most liquid and reliable exchange (including consideration of the ability for the Trust to access the specific market, either directly or through an intermediary, at the end of each period). Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025 GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: right"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: right"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</td> </tr></table> The availability of valuation techniques and observable inputs can vary by investment. To the extent valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust. Definition of Net Asset Value The net asset value (“NAV”) of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities (which include accrued but unpaid fees and expenses, both estimated and finally determined), based on the SOL market price. In calculating the value of the SOL held by the Trust on any business day, the Trust will use the market price as of 4:00 p.m. New York time. The Trust will also calculate the NAV per Share of the Trust daily, which equals the NAV of the Trust divided by the number of outstanding Shares (the “NAV per Share”).

Basis of Presentation The financial statements are expressed in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust is not registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940.

Segment Reporting The Trust is deemed to be an individual reporting segment and the Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s chief operating decision maker (“CODM”). The CODM monitors the operating results of the Trust as a whole and the Trust’s investment objective is pre-determined in accordance with the terms of the Trust Agreement. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust’s financial statements.

Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The most significant estimate in the financial statements is the fair value of investments. Actual results could differ from those estimates and these differences could be material.

Cash Cash is received by the Trust and held for investment in SOL. At times, bank deposits may be in excess of federally insured limits. Pursuant to the Statement of Cash Flows Topic of the Codification, the Trust qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows.

Subscriptions and Redemptions of Shares Proceeds received by the Trust from the issuance and sale of Shares consist of SOL deposits, or their respective U.S. dollar cash equivalents. Such SOL (or cash equivalent) will only be (1) owned by the Trust and held by the Custodian (or, if cash, used by the Sponsor to purchase SOL to be held by the Custodian); (2) disbursed (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses; (3) distributed to Shareholders; or (4) liquidated in the event that the Trust terminates or as otherwise required by law or regulation. During September 2021, the Trust began a continuous offering of an unlimited number of Shares with no par value, pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933 (the “Rule 506(c) Offering”). All the Shares issued pursuant to this offering are “restricted securities,” subject to a minimum holding period of twelve months, unless the Trust becomes an SEC reporting entity, in which case the minimum holding period could be reduced to six months. The Trust sold 4,966,450 of the Rule 506(c) Offering Shares. In October 2021 and January 2024, the Trust offered the Shares registered in Connecticut and qualified in New York, pursuant to Rule 504 of Regulation D under the Securities Act of 1933 (the “Rule 504 Offering”), to accredited investors for up to $<span id="xdx_90D_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20211001__20211031__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zPZqsn3mWP3d" title="Units sold in offering"><span id="xdx_901_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240101__20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zzARIchsvw27" title="Value of shares sold in offering">10,000,000 in each offering. The Trust sold <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211001__20211031__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zGnzIk2keEul" title="Number of units sold in offering"><span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240101__20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zH67F0EItuk7" title="Number of shares sold in offering">1,487,509 of the Rule 504 Offering Shares. On June 15, 2022, the Trust’s Shares began trading on the OTCQB Market, operated by OTC Markets Group, Inc., under the ticker symbol “OSOL”, and subsequently moved up to the OTCQX Best Market. On June 5, 2024, the Sponsor effected a 15-for-1 stock split, where Shareholders received fifteen Shares of the Trust for every one Share held as of the conversion date. The Shares in these financial statements were adjusted retroactively to reflect the stock splits. As of June 30, 2025, there were 6,453,629 Shares issued and outstanding. Of these Shares, 169,262 are restricted securities that may not be resold without registration or an exemption from registration under the Securities Act of 1933, and 6,284,367 are unrestricted securities. The Trust conducts its transactions in SOL, including receiving SOL for the creation of Shares, and delivering SOL in connection with the redemption of Shares (if a redemption program were to be established), and for the payment of the Sponsor’s Fee. The Trust does not buy or sell SOL for the purpose of seeking trading profits. The Trust is currently not redeeming Shares.

4966450

10000000

1487509

the Sponsor effected a 15-for-1 stock split, where Shareholders received fifteen Shares of the Trust for every one Share held as of the conversion date

6453629

169262

6284367

Investment Transactions and Revenue Recognition The Trust records investment transactions on a trade date basis and changes in fair value are reflected as the net change in unrealized appreciation or depreciation on investment. Realized gains and losses are calculated using a specific identification method. Realized gains and losses are recognized in connection with transactions, including settling obligations for the Sponsor’s Fee in SOL.

Management Fees In consideration for the management services provided to the Trust, the Sponsor receives from the Trust a management fee (the “Management Fee”) payable monthly in arrears in an amount equal to 1/12th of 2.5% (2.5% per annum) of the Trust assets.

Staked SOL and Staking Rewards The Sponsor is committed to supporting the Solana community and ecosystem. To this end, the Sponsor will ensure that substantially all of the SOL held by the Trust will be bonded by the Custodian to the Solana Network (“staked”) for purposes of running a node or multiple nodes on the network. SOL staked to the Solana Network receives network inflation and transaction fees in the form of SOL (“Staking Rewards”). Staking Rewards are variable and will accrue to the benefit of the Sponsor only (i.e., paid entirely and promptly by the Trust to the Sponsor as received) and will be used, in part, to cover expenses related to operating the Trust. Under current Solana network protocols, staked SOL is subject to a “cooldown” period that generally lasts between 2 and 8 days, and an additional 2-day lock-up period, known as “unbonding” and, therefore, cannot be immediately withdrawn. Staking rewards are earned by the Trust in SOL, which is non-cash consideration, as the validator with whom the Trust has staked its SOL validates transactions on the Solana Network. The Trust has concluded that the validator is the principal to the validation activities giving rise to the staking rewards and, therefore, the Trust recognizes only the net amount (i.e., net of the staking rewards retained by the validator) of SOL to which it is entitled for staking its SOL with the validator. SOL staking rewards are measured at fair value on the date received, which does not materially differ from the fair value at contract inception. The SOL is concurrently recognized as an expense equal to the amount of revenue recorded and payable to the Sponsor. The liability is paid to the Sponsor on a date determined by the Sponsor at its discretion. Trust Expenses In accordance with its Trust Agreement, the Sponsor will bear the routine operational, administrative and other ordinary fees, and expenses of the Trust (the “Assumed Expenses”) provided, however, that the Trust shall be responsible for any non-routine and extraordinary expenses, including, in addition to the Sponsor’s Fee, fees and expenses such as, but not limited to, taxes and governmental charges, expenses and indemnities related to any extraordinary services performed by the Sponsor (or any other Service Provider, including the Trustee) on behalf of the Trust to protect the Trust or the interests of Shareholders, indemnification expenses, fees, and expenses related to public trading on OTC Markets (“Extraordinary Expenses”).

Fair Value Measurements The Trust’s investment in SOL is stated at fair value in accordance with ASC 820-10 “Fair Value Measurements”, which outlines the application of fair value accounting. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. ASC 820-10 requires the Trust to assume that SOL is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. A principal market is the market with the greatest volume and level of activity for SOL, and the most advantageous market is defined as the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability, after taking into account transaction costs. The principal market is generally selected based on the most liquid and reliable exchange (including consideration of the ability for the Trust to access the specific market, either directly or through an intermediary, at the end of each period). Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025 GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: right"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: right"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</td> </tr></table> The availability of valuation techniques and observable inputs can vary by investment. To the extent valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust.

Definition of Net Asset Value The net asset value (“NAV”) of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. NAV is calculated on each business day and is equal to the aggregate value of the Trust’s assets less its liabilities (which include accrued but unpaid fees and expenses, both estimated and finally determined), based on the SOL market price. In calculating the value of the SOL held by the Trust on any business day, the Trust will use the market price as of 4:00 p.m. New York time. The Trust will also calculate the NAV per Share of the Trust daily, which equals the NAV of the Trust divided by the number of outstanding Shares (the “NAV per Share”).

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 18pt">3.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fair Value of SOL</td></tr></table> The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of June 30, 2025 and December 31, 2024: Schedule of Fair Value, Assets Measured on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">June 30, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20250101__20250630_zzhB0fjJPs5l" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">200,900.70</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20250101__20250630_zH8h9jLKoWC" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">157.80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630_zUbteC2t4LI1" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">31,702,130</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zNeqHIjM39t8" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">31,702,130</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zvg57wULax37" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zSRj1jr5SDkg" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20240101__20241231_zrHsX9V6kxw9" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">200,936.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20240101__20241231_zJZaXsJIGcM8" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">193.69</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231_zYF3J04crn3i" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zUw2jbQ3r9Bh" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zBFk07W0vpU2" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zPKMDS5WzRy3" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Trust determined the fair value per SOL using the price provided at 4:00 p.m., New York time, by the principal market as of the last business day. As of June 30, 2025 and December 31, 2024, approximately 185,735 SOL, and 200,449 SOL was staked and valued at $29,309,061, and $38,824,984, respectively. Staking rewards and Management Fee payable are recorded in SOL and converted into U.S. dollars using the fair value of SOL as of the reporting date. The fluctuations arising from the effect of changes in liability denominated in SOL are included with the net realized or unrealized appreciation or depreciation on investment in SOL in the statements of operations. Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025 <p id="xdx_89C_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_gL3IHSOITTB-CVINBG_zjjuWisYukfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The following represents the changes in quantity and the respective fair value of SOL for the period ended June 30, 2025: Schedule of Investment Holdings of Investments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; font-weight: bold">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20250101__20250630_zLeBhlwiaIMi" style="width: 15%; text-align: right" title="Beginning balance, SOL">200,936.83</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--InvestmentOwnedAtFairValue_iS_c20250101__20250630_z8DPV7fWBTul" style="width: 15%; text-align: right" title="Beginning balance, Fair Value">38,919,454</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_pp2d_uPure_c20250101__20250630_zH11H54XxLE1" style="text-align: right" title="SOL received for Staking Rewards">8,383.52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20250101__20250630_zSaOjMUnWg4d" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">1,402,482</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_pp2d_uPure_c20250101__20250630_zLiEOpwLjO72" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(8,646.08</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20250101__20250630_zOznvFmNANY4" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(1,445,559</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_pp2d_uPure_c20250101__20250630_zo7WcSf8x8Af" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(2,490.93</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20250101__20250630_zYt778nhbrIl" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(413,156</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_pp2d_uPure_c20250101__20250630_zietrqo9bYRi" style="text-align: right" title="SOL distributed for other fees, SOL">(127.26</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20250101__20250630_zxP0lNeQO6H1" style="text-align: right" title="SOL distributed for other fees, Fair Value">(16,928</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_pp2d_uPure_c20250101__20250630_zfC4W8zOIUF3" style="text-align: right" title="SOL received for subscriptions, SOL">2,844.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20250101__20250630_zWSyusO5Jd7e" style="text-align: right" title="SOL received for subscriptions, Fair Value">424,154</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net realized loss on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20250630__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zQ0N8h1EZsW" style="text-align: right" title="Net realized gain (loss) on investment in SOL, Fair Value">(63,688</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized depreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20250101__20250630_zWOaROeqz0A1" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized depreciation on investment in SOL, Fair Value">(7,104,629</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at June 30, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20250101__20250630_zZbShUujR0p8" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">200,900.70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentOwnedAtFairValue_iE_c20250101__20250630_zF65sSgAIfA3" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">31,702,130</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> Net realized gain on the transfer of SOL to pay expenses for the six months ended June 30, 2025, was $41,616, which includes $63,688 net realized loss on investment in SOL, and $<span id="xdx_903_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20250630__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_zfb2uWbxRujh" title="Realized investment gains (loss)">105,304 net realized gain due to changes in liabilities denominated in SOL. Net change in unrealized depreciation on investment in SOL for the six months ended June 30, 2025, was $7,150,999, which includes net change in unrealized depreciation on investment in SOL of $7,104,629, and $<span id="xdx_900_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciation_iI_c20250630__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_z1X9GWruzQTj" title="Investment owned, unrecognized unrealized appreciation (depreciation), net">46,370 net unrealized depreciation due to changes in value of liabilities denominated in SOL. <div id="xdx_C06_gL3IHSOITTB-CVINBG_zZFC5r2e1mkh"><div>The following represents the changes in quantity and the respective fair value of SOL for the year ended December 31, 2024: <table cellpadding="0" cellspacing="0" id="xdx_308_134_zU2qoIo7uLTd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Schedule of Investment Holdings of Investments (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; font-weight: bold">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20240101__20241231_zilizcZYvLA3" style="width: 15%; text-align: right" title="Beginning balance, SOL">194,403.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--InvestmentOwnedAtFairValue_iS_c20240101__20241231_zFe1VR1YvbF4" style="width: 15%; text-align: right" title="Beginning balance, Fair Value">20,377,364</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_iI_pp2d_uPure_c20240101__20241231_zxUgbBvsomG7" style="text-align: right" title="SOL received for Staking Rewards">15,017.95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20240101__20241231_zgbfOZcrYJ11" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">2,369,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_iI_pp2d_uPure_c20240101__20241231_zuOLMJMfSG48" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(14,333.63</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20240101__20241231_zaubMfsxwh4a" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(2,200,337</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_iI_pp2d_uPure_c20240101__20241231_zAulreCcHsEb" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(4,840.77</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20240101__20241231_zafm6VnUaO5l" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(732,320</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_iI_pp2d_uPure_c20240101__20241231_zltWOABtnFlh" style="text-align: right" title="SOL distributed for other fees, SOL">(523.67</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20240101__20241231_zarsgGNWBqfd" style="text-align: right" title="SOL distributed for other fees, Fair Value">(86,829</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_iI_pp2d_uPure_c20240101__20241231_zfd5JGHUq1y5" style="text-align: right" title="SOL received for subscriptions, SOL">11,213.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20240101__20241231_zNgX7Hfg1ej9" style="text-align: right" title="SOL received for subscriptions, Fair Value">1,674,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net realized gain on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zm3avM7pDndg" style="text-align: right" title="Net realized gain (loss) on investment in SOL, Fair Value">51,285</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20240101__20241231_zrKjNsFSbBr9" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized appreciation on investment in SOL, Fair Value">17,466,870</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20240101__20241231_zMMvUplBLNHk" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">200,936.83</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentOwnedAtFairValue_iE_c20240101__20241231_zkPrcrwsimAa" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">38,919,454</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> </div></div> Net realized loss on the transfer of SOL to pay expenses for the year ended December 31, 2024, was $42,142, which includes $51,285 net realized gain on investment in SOL, and $<span id="xdx_904_eus-gaap--RealizedInvestmentGainsLosses_di_c20240101__20241231__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_zfTPDjyoaU19" title="Realized investment gains (loss)">93,427 net realized loss resulted from the changes in liabilities denominated in SOL. Net change in unrealized appreciation on investment in SOL for the year ended December 31, 2024, was $17,519,388, which includes net change in unrealized appreciation on investment in SOL of $17,466,871, and $<span id="xdx_90E_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciation_iI_c20241231__us-gaap--QualitativeAndQuantitativeInformationTransferorsContinuingInvolvementTransferredFinancialAssetsByTransferOrTransfereeAxis__custom--ResultingFromTheChangeInLiabilitiesDenominatedInSOLMember_zwuB9FcGk3Pg" title="Investment owned, unrecognized unrealized appreciation (depreciation), net">52,517 net unrealized appreciation due to changes in value of liabilities denominated in SOL.

The investment measured at fair value on a recurring basis and categorized using the three levels of fair value hierarchy consisted of the following as of June 30, 2025 and December 31, 2024: Schedule of Fair Value, Assets Measured on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">June 30, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20250101__20250630_zzhB0fjJPs5l" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">200,900.70</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20250101__20250630_zH8h9jLKoWC" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">157.80</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630_zUbteC2t4LI1" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">31,702,130</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zNeqHIjM39t8" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">31,702,130</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zvg57wULax37" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentOwnedAtFairValue_iI_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zSRj1jr5SDkg" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in bitcoin, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Per SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center">Amount at</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement Category</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">December 31, 2024</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">of SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Investment in SOL</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_ecustom--InvestmentInSolanaNumberOfSolana_pp2d_uPure_c20240101__20241231_zrHsX9V6kxw9" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, number of SOL">200,936.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--InvestmentInSolanaPerSolanaFairValue_pp2d_uUSDPShares_c20240101__20241231_zJZaXsJIGcM8" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, per SOL fair value">193.69</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231_zYF3J04crn3i" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zUw2jbQ3r9Bh" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">38,919,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zBFk07W0vpU2" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentOwnedAtFairValue_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zPKMDS5WzRy3" style="border-bottom: Black 2.5pt double; text-align: right" title="Investment in SOL, at fair value, units">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

200900.70 157.80

31702130

200936.83 193.69

38919454

185735 200449 29309061 38824984

<p id="xdx_89C_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_gL3IHSOITTB-CVINBG_zjjuWisYukfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The following represents the changes in quantity and the respective fair value of SOL for the period ended June 30, 2025: Schedule of Investment Holdings of Investments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; font-weight: bold">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20250101__20250630_zLeBhlwiaIMi" style="width: 15%; text-align: right" title="Beginning balance, SOL">200,936.83</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--InvestmentOwnedAtFairValue_iS_c20250101__20250630_z8DPV7fWBTul" style="width: 15%; text-align: right" title="Beginning balance, Fair Value">38,919,454</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_pp2d_uPure_c20250101__20250630_zH11H54XxLE1" style="text-align: right" title="SOL received for Staking Rewards">8,383.52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20250101__20250630_zSaOjMUnWg4d" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">1,402,482</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_pp2d_uPure_c20250101__20250630_zLiEOpwLjO72" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(8,646.08</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20250101__20250630_zOznvFmNANY4" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(1,445,559</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_pp2d_uPure_c20250101__20250630_zo7WcSf8x8Af" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(2,490.93</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20250101__20250630_zYt778nhbrIl" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(413,156</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_pp2d_uPure_c20250101__20250630_zietrqo9bYRi" style="text-align: right" title="SOL distributed for other fees, SOL">(127.26</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20250101__20250630_zxP0lNeQO6H1" style="text-align: right" title="SOL distributed for other fees, Fair Value">(16,928</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_pp2d_uPure_c20250101__20250630_zfC4W8zOIUF3" style="text-align: right" title="SOL received for subscriptions, SOL">2,844.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20250101__20250630_zWSyusO5Jd7e" style="text-align: right" title="SOL received for subscriptions, Fair Value">424,154</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net realized loss on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--RealizedInvestmentGainsLosses_c20250101__20250630__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zQ0N8h1EZsW" style="text-align: right" title="Net realized gain (loss) on investment in SOL, Fair Value">(63,688</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized depreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20250101__20250630_zWOaROeqz0A1" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized depreciation on investment in SOL, Fair Value">(7,104,629</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at June 30, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20250101__20250630_zZbShUujR0p8" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">200,900.70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentOwnedAtFairValue_iE_c20250101__20250630_zF65sSgAIfA3" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">31,702,130</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <div>The following represents the changes in quantity and the respective fair value of SOL for the year ended December 31, 2024: <table cellpadding="0" cellspacing="0" id="xdx_308_134_zU2qoIo7uLTd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Schedule of Investment Holdings of Investments (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SOL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; font-weight: bold">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedBalanceContracts_iS_pp2d_uPure_c20240101__20241231_zilizcZYvLA3" style="width: 15%; text-align: right" title="Beginning balance, SOL">194,403.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--InvestmentOwnedAtFairValue_iS_c20240101__20241231_zFe1VR1YvbF4" style="width: 15%; text-align: right" title="Beginning balance, Fair Value">20,377,364</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for Staking Rewards</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewards_iI_pp2d_uPure_c20240101__20241231_zxUgbBvsomG7" style="text-align: right" title="SOL received for Staking Rewards">15,017.95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedBalanceContractsReceivedForStakingRewardsFairValue_uUSD_c20240101__20241231_zgbfOZcrYJ11" style="text-align: right" title="SOL received for Staking Rewards, Fair Value">2,369,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for Staking Rewards, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedParty_iI_pp2d_uPure_c20240101__20241231_zuOLMJMfSG48" style="text-align: right" title="SOL distributed for Staking Rewards, related party, SOL">(14,333.63</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentOwnedBalanceContractsDistributedForStakingRewardsRelatedPartyFairValue_uUSD_c20240101__20241231_zaubMfsxwh4a" style="text-align: right" title="SOL distributed for Staking Rewards, related party, Fair Value">(2,200,337</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL distributed for Management fee, related party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedParty_iI_pp2d_uPure_c20240101__20241231_zAulreCcHsEb" style="text-align: right" title="SOL distributed for Management fee, related party, SOL">(4,840.77</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--InvestmentOwnedBalanceContractsDistributedForManagementFeeRelatedPartyFairValue_c20240101__20241231_zafm6VnUaO5l" style="text-align: right" title="SOL distributed for Management fee, related party, Fair Value">(732,320</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">SOL distributed for other fees</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFees_iI_pp2d_uPure_c20240101__20241231_zltWOABtnFlh" style="text-align: right" title="SOL distributed for other fees, SOL">(523.67</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--InvestmentOwnedBalanceContractsDistributedForOtherFeesFairValue_c20240101__20241231_zarsgGNWBqfd" style="text-align: right" title="SOL distributed for other fees, Fair Value">(86,829</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SOL received for subscriptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptions_iI_pp2d_uPure_c20240101__20241231_zfd5JGHUq1y5" style="text-align: right" title="SOL received for subscriptions, SOL">11,213.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--InvestmentOwnedBalanceContractsReceivedForSubscriptionsFairValue_c20240101__20241231_zNgX7Hfg1ej9" style="text-align: right" title="SOL received for subscriptions, Fair Value">1,674,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net realized gain on investment in SOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--RealizedInvestmentGainsLosses_c20240101__20241231__us-gaap--InvestmentTypeAxis__custom--OnInvestmentInSOLMember_zm3avM7pDndg" style="text-align: right" title="Net realized gain (loss) on investment in SOL, Fair Value">51,285</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net change in unrealized appreciation on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--InvestmentOwnedUnrecognizedUnrealizedAppreciationOnInvestment_c20240101__20241231_zrKjNsFSbBr9" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in unrealized appreciation on investment in SOL, Fair Value">17,466,870</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Balance at December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--InvestmentOwnedBalanceContracts_iE_pp2d_uPure_c20240101__20241231_zMMvUplBLNHk" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, SOL">200,936.83</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentOwnedAtFairValue_iE_c20240101__20241231_zkPrcrwsimAa" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance, Fair Value">38,919,454</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> </div>

200936.83

38919454

8383.52 1402482 -8646.08 -1445559 -2490.93 -413156 -127.26 -16928 2844.62 424154

-63688

-7104629

200900.70

31702130

41616

-63688

105304

-7150999

7104629 46370

194403.40

20377364

15017.95 2369207 -14333.63 -2200337 -4840.77 -732320 -523.67 -86829 11213.55 1674214

51285

17466870

200936.83

38919454

-42142

51285

-93427

17519388

17466871 52517

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">4.</td><td style="text-align: justify">Income Taxes</td> </tr></table> The Trust is a grantor trust for U.S. federal income tax purposes. Accordingly, the Trust will not be subject to U.S. federal income tax. Rather, each beneficial owner of Shares will be treated as directly owning its pro rata share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses, and deductions will “flow through” to each beneficial owner of Shares. In accordance with GAAP, the Trust has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. As of June 30, 2025 and December 31, 2024, the Trust did not have a liability for any unrecognized tax amounts for uncertain tax positions related to federal, state, and local income taxes. Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025 However, the conclusions concerning the determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and on-going analyses of and changes to tax laws, regulations, and interpretations thereof. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state, and local income taxes existed as of June 30, 2025 or December 31, 2024. The tax years 2024, 2023, and 2022 are subject to examination by taxing authorities.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">5.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Related Parties</td></tr></table> The Sponsor pays certain expenses on behalf of, and is reimbursed by, the Trust. For the three months ended June 30, 2025, and 2024 the Trust reimbursed the Sponsor the expenses in the amount of $15,867 and $53,031, respectively. For the six months ended June 30, 2025, and 2024 the Trust reimbursed the Sponsor the expenses in the amount of $16,928 and $54,867, respectively. As of June 30, 2025 and December 31, 2024, $613 and $856 of expenses remain payable to the Sponsor, respectively, which are recorded as due to the Sponsor in the accompanying statements of assets and liabilities. For the three months ended June 30, 2025, and 2024, the Trust incurred Management Fees of $186,101 and $188,155, respectively. For the six months ended June 30, 2025, and 2024, the Trust incurred Management Fees of $406,400 and $336,396, respectively. As of June 30, 2025 and December 31, 2024, there were unpaid Management Fees of $64,769 and $81,961, respectively, which are recorded as management fee payable in the accompanying statements of assets and liabilities. For the three months ended June 30, 2025, and 2024 the Trust received Staking Rewards in the amount of 4,119 SOL, and 3,629 SOL, respectively; and distributed 4,206 SOL and 3,539 SOL to the Sponsor, respectively. For the six months ended June 30, 2025, and 2024 the Trust received Staking Rewards in the amount of 8,384 SOL, and 7,227 SOL, respectively; and distributed 8,646 SOL and 6,553 SOL to the Sponsor, respectively. As of June 30, 2025 and December 31, 2024, 1,135 SOL and 1,397 SOL remains payable, respectively, and is valued at $179,037 and $270,612 in the statement of assets and liabilities, respectively. Certain shareholders are related parties of the Trust. The aggregate number of Shares owned by related parties is <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zL9Lh8M8UEA8" title="Number of shares owned">1,005, valued at $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zPuHIkYpxIib" title="Number of shares owned, value">4,903, and <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zYN2xk9nwzla" title="Number of shares owned">1,005, valued at $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zZhWUVwafBi8" title="Number of shares owned, value">6,098 at June 30, 2025 and December 31, 2024, respectively.

15867

53031

16928

54867

613

856

186101

188155

406400

336396

64769

81961

4119 3629 4206 3539 8384 7227 8646 6553 1135 1397 179037 270612

1005

4903

1005

6098

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">6.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Risks and Uncertainties</td></tr></table> Investment in SOL The Trust is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in a single asset, SOL. Investments in SOL are currently unregulated, highly speculative, and subject to volatility. The net asset value of the Trust relates primarily to the value of SOL held by the Trust and fluctuations in the price of SOL could materially and adversely affect the value of the Shares of the Trust. The price of SOL has a limited history. During such history, SOL prices have been volatile and subject to influence by many factors including the levels of liquidity. If SOL exchanges continue to experience significant price fluctuations, the Trust may experience losses. Several factors may affect the price of SOL, including, but not limited to, global SOL supply and demand, theft of SOL from global exchanges or vaults, and competition from other forms of digital currency or payment services. At any given time, substantially all of the SOL held by the Trust will be staked. Staking is a discretionary activity that supports the operation and governance of the Solana Network. Staking has a low but inherent risk of permanent loss of SOL held by the Trust which would have a negative impact on the value of the Shares. Loss, known as “slashing”, can occur due to a failure by the Custodian (or its affiliated staking provider) to properly manage the staked SOL. The Custodian has agreed to fully compensate the Trust for the amount of slashing of the Trust’s SOL bonded to the Solana Network by the Custodian or the Custodian’s affiliated staking provider by providing, at the Custodian’s discretion, the Trust with the equivalent number of slashed digital assets or the fair market value of such slashed assets in U.S. dollars. Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025 The Trust’s Shareholders have no specific rights to any specific SOL held by the Trust. In the event of the insolvency of the Trust, its assets may be inadequate to satisfy a claim by its Shareholders. There is currently no clearing house for SOL, nor is there a central or major depository for the custody of SOL. There is a risk that some or all of the Trust’s SOL could be lost or stolen, which would adversely impact Shareholders of the Trust. The Trust does not have insurance protection on its SOL which exposes the Trust and its Shareholders to the risk of loss of the Trust’s SOL. Further, SOL transactions are irrevocable. Stolen or incorrectly transferred SOL may be irretrievable. As a result, any incorrectly executed SOL transactions could adversely affect an investment in the Trust. Cryptocurrencies such as SOL use private keys to authorize transactions and prove ownership of the asset. To the extent private keys for SOL addresses are lost, destroyed, or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the SOL held in the associated addresses and the private keys will not be capable of being restored. The processes by which SOL transactions are settled are dependent on the SOL peer-to-peer network, and as such, the Trust is subject to operational risk. Unknown technical vulnerabilities, unanticipated disruptions to the Trust’s operations or the operations of its service providers, and cybersecurity events also may also adversely affect the value of SOL. As digital assets like SOL have grown in popularity and market size, various countries and jurisdictions have begun to develop regulations governing the digital assets industry. Regulators are concerned such a large unregulated person-to-person global economy could be exploited by bad actors and used to evade taxes or launder money. To the extent future regulatory actions or policies limit the ability to exchange SOL or utilize SOL for payments, the demand for SOL could be reduced. Furthermore, regulatory actions may limit the ability of end-users to convert SOL into fiat currency or use SOL to pay for goods and services. Such regulatory actions or policies could result in a reduction of demand, and in turn, a decline in the underlying unit price of SOL. The effect of any future regulatory change on the Trust or SOL in general is not possible to predict, but such change could be substantial and adverse to the Trust and the value of the Trust’s investments in SOL. The Custodian The digital assets owned by the Trust are controlled by the Custodian and secured in a segregated custody account. The segregated custody account allows for the transfer of ownership or control of the Trust’s digital assets, on the Trust’s behalf, including the withdrawal of digital assets to pay the Trust’s expenses. All digital asset private keys are stored in offline storage, or “cold” storage. “Cold” storage is a safeguarding method by which the private keys corresponding to digital assets are disconnected and/or deleted entirely from the internet. As a result of digital assets being stored in “cold” storage, any withdrawal and subsequent transaction request to the Custodian by the Trust requires up to twenty-four (24) hour notice to process. Such time delay between the withdrawal request and processing of the withdrawal may negatively impact the price of the digital asset upon sale. The Custodian provides the Trust with monthly account statements. The Custodian is independent from the Sponsor.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Indemnifications</td></tr></table> In the normal course of business, the Trust enters into contracts with service providers that contain a variety of representations and warranties and which provide general indemnifications. It is not possible to determine the maximum potential exposure or amount under these agreements due to the Trust having no prior claims. Osprey Solana Trust Notes to the Financial Statements (unaudited) As of June 30, 2025

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">8.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial Highlights</td></tr></table> Schedule of Investment Company Financial Highlights <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended June 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended June 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Per Share Performance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">(for a share outstanding throughout the period) (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; padding-bottom: 1pt">Net asset value per share at beginning of period</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iS_pip0_c20250401__20250630_fKDEp_z35siIrwi22k" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">3.90</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--NetAssetValuePerShare_iS_pip0_c20240401__20240630_fKDEp_zByH7yg8rsra" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">5.96</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--NetAssetValuePerShare_iS_pip0_c20250101__20250630_fKDEp_z9O3sRHmJM6f" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">6.07</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetAssetValuePerShare_iS_pip0_c20240101__20240630_fKDEp_zDvToRrdVTok" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">3.37</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-style: italic; text-align: left">Net increase (decrease) in net assets resulting from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Net investment loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20250401__20250630_fKDEp_zrKapUziwZE9" style="text-align: right" title="Net investment loss">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20240401__20240630_fKDEp_zmU07JXfUMWl" style="text-align: right" title="Net investment loss">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20250101__20250630_fKDEp_zaPHPU3Lmet9" style="text-align: right" title="Net investment loss">(0.07</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20240101__20240630_fKDEp_zOgkSXsUi4Af" style="text-align: right" title="Net investment loss">(0.06</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Net change in realized and unrealized appreciation (depreciation) on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20250401__20250630_fKDEp_zAKwq25IMs15" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">1.01</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20240401__20240630_fKDEp_zt5JjYAZ6Ja" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">(1.46</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20250101__20250630_fKDEp_za92YIccKwTh" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">(1.12</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20240101__20240630_fKDEp_zj0P4e6rkGQc" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">1.16</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1pt">Net increase (decrease) in net assets resulting from operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20250401__20250630_fKDEp_z5gUrrrbvokl" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">0.98</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20240401__20240630_fKDEp_zvWP0sHsrfa9" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">(1.49</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20250101__20250630_fKDEp_za4zrp8uP4Cb" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">(1.19</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20240101__20240630_fKDEp_zoW6NjEMkmO5" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">1.10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net asset value per share at end of period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98F_eus-gaap--NetAssetValuePerShare_iE_pip0_c20250401__20250630_fKDEp_zNYFfFaPVVEk" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iE_pip0_c20240401__20240630_fKDEp_zJN7OnP4LnR8" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.47</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iE_pip0_c20250101__20250630_fKDEp_zYRsif6qcA4b" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iE_pip0_c20240101__20240630_fKDEp_z05g699lhya5" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total return (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20250401__20250630_fKDEpKDIp_zLXP6CQMi9I1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">25.13</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20240401__20240630_fKDEpKDIp_zinurE8K8UC7" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">(25.00</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20250101__20250630_fKDEpKDIp_z60PoOersxL4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">(19.60</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20240101__20240630_fKDEpKDIp_z5nJgrA21so5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">32.64</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Ratios to average net asset value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20250401__20250630_fKDEpKDMp_z8uk4aauT9ab" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.99</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20240401__20240630_fKDEpKDMp_zkTfC0j2Bru5" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.17</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20250101__20250630_fKDEpKDMp_zZF0Sjowsqji" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">11.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20240101__20240630_fKDEpKDMp_z1tDUe2mo3qa" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.32</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net investment loss (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20250401__20250630_fKDEpKDMp_zGGF9wEo6Ih9" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.68</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20240401__20240630_fKDEpKDMp_z8CNfoB0b5Rd" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.74</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20250101__20250630_fKDEpKDMp_zdbqLNuTHVfk" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.61</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20240101__20240630_fKDEpKDMp_zHNzvsc3Zs96" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.73</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares have been adjusted retroactively to reflect the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVzdG1lbnQgQ29tcGFueSBGaW5hbmNpYWwgSGlnaGxpZ2h0cyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--StockholdersEquityNoteStockSplit_c20240605__20240605_zulZjoTeL7y9" title="Stock split">15:1 stock split effective June 5, 2024. See Note 2.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Not annualized.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Annualized.</td> </tr></table> An individual Shareholder’s return, ratios, and per Share performance may vary from those presented above based on the timing of Share transactions. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and assuming redemption on the last day of the period.

Schedule of Investment Company Financial Highlights <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended June 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six months ended June 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Per Share Performance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">(for a share outstanding throughout the period) (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; padding-bottom: 1pt">Net asset value per share at beginning of period</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iS_pip0_c20250401__20250630_fKDEp_z35siIrwi22k" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">3.90</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--NetAssetValuePerShare_iS_pip0_c20240401__20240630_fKDEp_zByH7yg8rsra" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">5.96</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--NetAssetValuePerShare_iS_pip0_c20250101__20250630_fKDEp_z9O3sRHmJM6f" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">6.07</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetAssetValuePerShare_iS_pip0_c20240101__20240630_fKDEp_zDvToRrdVTok" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Net asset value per share at beginning of period">3.37</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-style: italic; text-align: left">Net increase (decrease) in net assets resulting from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Net investment loss</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20250401__20250630_fKDEp_zrKapUziwZE9" style="text-align: right" title="Net investment loss">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20240401__20240630_fKDEp_zmU07JXfUMWl" style="text-align: right" title="Net investment loss">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20250101__20250630_fKDEp_zaPHPU3Lmet9" style="text-align: right" title="Net investment loss">(0.07</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pip0_c20240101__20240630_fKDEp_zOgkSXsUi4Af" style="text-align: right" title="Net investment loss">(0.06</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Net change in realized and unrealized appreciation (depreciation) on investment in SOL</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20250401__20250630_fKDEp_zAKwq25IMs15" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">1.01</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20240401__20240630_fKDEp_zt5JjYAZ6Ja" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">(1.46</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20250101__20250630_fKDEp_za92YIccKwTh" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">(1.12</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pip0_c20240101__20240630_fKDEp_zj0P4e6rkGQc" style="border-bottom: Black 1pt solid; text-align: right" title="Net change in realized and unrealized appreciation (depreciation) on investment in SOL">1.16</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1pt">Net increase (decrease) in net assets resulting from operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20250401__20250630_fKDEp_z5gUrrrbvokl" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">0.98</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20240401__20240630_fKDEp_zvWP0sHsrfa9" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">(1.49</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20250101__20250630_fKDEp_za4zrp8uP4Cb" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">(1.19</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare_pip0_c20240101__20240630_fKDEp_zoW6NjEMkmO5" style="border-bottom: Black 1pt solid; text-align: right" title="Net increase (decrease) in net assets resulting from operations">1.10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net asset value per share at end of period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98F_eus-gaap--NetAssetValuePerShare_iE_pip0_c20250401__20250630_fKDEp_zNYFfFaPVVEk" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iE_pip0_c20240401__20240630_fKDEp_zJN7OnP4LnR8" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.47</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iE_pip0_c20250101__20250630_fKDEp_zYRsif6qcA4b" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetAssetValuePerShare_iE_pip0_c20240101__20240630_fKDEp_z05g699lhya5" style="border-bottom: Black 1pt solid; text-align: right" title="Net asset value per share at end of period">4.47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total return (2)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20250401__20250630_fKDEpKDIp_zLXP6CQMi9I1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">25.13</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20240401__20240630_fKDEpKDIp_zinurE8K8UC7" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">(25.00</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20250101__20250630_fKDEpKDIp_z60PoOersxL4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">(19.60</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uPure_c20240101__20240630_fKDEpKDIp_z5nJgrA21so5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total return">32.64</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Ratios to average net asset value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Expenses (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20250401__20250630_fKDEpKDMp_z8uk4aauT9ab" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.99</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20240401__20240630_fKDEpKDMp_zkTfC0j2Bru5" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.17</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20250101__20250630_fKDEpKDMp_zZF0Sjowsqji" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">11.08</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentCompanyExpenseRatioAfterIncentiveAllocation_pid_dp_uPure_c20240101__20240630_fKDEpKDMp_z1tDUe2mo3qa" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, expenses">10.32</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net investment loss (3)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20250401__20250630_fKDEpKDMp_zGGF9wEo6Ih9" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.68</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20240401__20240630_fKDEpKDMp_z8CNfoB0b5Rd" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.74</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20250101__20250630_fKDEpKDMp_zdbqLNuTHVfk" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.61</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uPure_c20240101__20240630_fKDEpKDMp_zHNzvsc3Zs96" style="border-bottom: Black 2.5pt double; text-align: right" title="Ratios to average net asset value, net investment loss">(2.73</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares have been adjusted retroactively to reflect the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEludmVzdG1lbnQgQ29tcGFueSBGaW5hbmNpYWwgSGlnaGxpZ2h0cyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--StockholdersEquityNoteStockSplit_c20240605__20240605_zulZjoTeL7y9" title="Stock split">15:1 stock split effective June 5, 2024. See Note 2.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Not annualized.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Annualized.</td> </tr></table>

3.90

5.96

6.07

3.37

-0.03

-0.07

-0.06

1.01

-1.46

-1.12

1.16

0.98

-1.49

-1.19

1.10

4.88

4.47

4.88

4.47

0.2513

-0.2500

-0.1960

0.3264

0.1099

0.1017

0.1108

0.1032

-0.0268

-0.0274

-0.0261

-0.0273

15:1 stock split

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">9.</td><td style="text-align: justify">Subsequent Events</td> </tr></table> On October 22, 2025, the Sponsor filed with the SEC a registration statement on Form S-1 (the “Form S-1”) to register the Shares of the Trust under the Securities Act of 1933. There are no other events that have occurred through October 22, 2025, the date the financial statements were available to be issued, that require disclosure other than that which has already been disclosed in these notes to the financial statements.

Shares have been adjusted retroactively to reflect the 15:1 stock split effective June 5, 2024. See Note 2. amount includes $38,824,984 of staked SOL as discussed in Notes 2 and 3. amount includes $19,644,274 of staked SOL as discussed in Notes 2 and 3. Shares have been adjusted retroactively to reflect the 15:1 stock split effective June 5, 2024 and the 1:20 reverse stock split effective March 24, 2023. See Note 2. Partial shares redemptions in connection with reverse split. See Note 2. Shares have been adjusted retroactively to reflect the 15:1 stock split effective June 5, 2024 and the 1:20 reverse stock split effective March 24, 2023. See Note 2. amount includes $29,309,061 of staked SOL as discussed in Notes 2 and 3. amount includes $38,824,984 of staked SOL as discussed in Notes 2 and 3. Shares have been adjusted retroactively to reflect the 15:1 stock split effective June 5, 2024. See Note 2. Shares have been adjusted retroactively to reflect the 15:1 stock split effective June 5, 2024. See Note 2. Not annualized. Annualized.