Concentration Risk

3 Months Ended

Mar. 31, 2026

Risks and Uncertainties [Abstract]

Concentration Risk

Note 8: Concentration Risk

Unlike other funds that may invest in diversified assets, the Trust’s investment strategy is concentrated in a single asset within a single asset class. This concentration maximizes the degree of the Trust’s exposure to a variety of market risks associated with SOL and digital assets. By concentrating its investment strategy solely in SOL, any losses suffered as a result of a decrease in the value of SOL can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

The Trust relies on the resources of a limited number of node operators to facilitate the Sponsor’s staking activities through the custodians. Disruptions in the execution of staking activities by one or more of these service providers could adversely impact the Trust’s operations. Inadequate hardware and software utilized by a node operator may result in missed staking rewards, penalization or slashing of staked SOL, a forced exit from performing validator duties, or a loss of SOL.