VSOL — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-14

• The 32.16% decrease in the NAV per Share from $16.23 at December 31, 2025 to $11.01 at March 31, 2026 is directly related to the 33.14% decrease in the price of SOL during this period, minimally offset by income from staking activities.

• The NAV per Share of $19.21 on January 14, 2026, was the highest during the quarter, compared with a low during the quarter of $10.11 on February 12, 2026.

• Net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $9,040,833 resulting from the net change in unrealized depreciation on investment in SOL of $6,060,447, a net realized loss of $1,148,041 on SOL sold for the redemption of Shares, a net realized loss on SO…

Text removed vs the prior filing · source: 10-Q · 2025-12-19

• At September 30, 2025, the Trust had no operations other than a sale to the Seed Capital Investor, the parent of the Sponsor, of 4,000 Shares at a per-Share price of $25.00. Delivery of the Seed Shares was made on June 10, 2025. Total proceeds from the sale of the Seed Shares were $100,000.

• On October 29, 2025, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the Seed Creation Baskets, comprising of a total of 400,000 Shares at a per-Share price of $25.00, which was equal to 51,656 SOL. Delivery of the Seed Creation Baskets was made on October 29, 2025. To…

Text removed vs the prior filing · source: 10-Q · 2025-12-19

• There were no changes in the Trust's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust's internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-05-14

• The Regulatory Landscape Surrounding Staking Activities Is Uncertain.

• The regulatory landscape surrounding Staking Activities is highly uncertain and may expose the Sponsor, the VSOL Custodian, Staking Services Providers, and the Trust and its shareholders to unforeseen litigation or potential SEC enforcement actions. For example, there is a risk that the agreements f…

• Accordingly, there is a risk that a court could disagree with the views expressed in the SEC Staking Statement or the Interpretive Release or that the SEC could withdraw the statement. In that case, or if VSOL were deemed a security, there would also be a risk that a Staking Services Provider could …

• Digital Asset Markets In The United States Exist In A State Of Regulatory Uncertainty, And Adverse Legislative Or Regulatory Developments Could Significantly Harm The Value Of SOL Or The Shares, Such As By Banning, Restricting Or Imposing Onerous Conditions Or Prohibitions On The Use Of SOL, Staking…

• There is a lack of consensus regarding the regulation of digital assets, including SOL, and their markets. As a result of the growth in the size of the digital asset market, as well as the 2022 Events, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, Office o…