SOLC Reports Zero Activity Pre-Launch, 80K Shares Outstanding

TL;DR

**SOLC was a ghost town last quarter, but its November 17th launch means the real action for Solana exposure and staking yield is just beginning.**

AI Summary

Canary Marinade Solana ETF (SOLC) reported no operational activity for the period ended September 30, 2025, other than organizational and registration matters. The Statement of Assets and Liabilities shows zero for Investment in SOL, Cash, Total assets, Sponsor Fee payable, and Total liabilities, resulting in $0 Net Assets. Similarly, the Statement of Changes in Net Assets for the period August 27, 2025, through September 30, 2025, indicates zero for Net investment loss, Net realized gain (loss), Net change in unrealized appreciation (depreciation), Creations for Shares issued, and Redemptions for Shares redeemed. The Trust, formed on October 17, 2024, aims to provide exposure to Solana (SOL) and earn additional SOL through proof-of-stake validation. Its operations officially commenced on November 17, 2025, after the reporting period. The Sponsor, Canary Capital Group LLC, is responsible for an annual unified fee of 0.50% of the Trust's SOL Holdings and covers most ordinary course expenses, excluding taxes and extraordinary expenses. As of December 8, 2025, the Registrant had 80,000 outstanding Shares.

Why It Matters

This filing indicates that Canary Marinade Solana ETF (SOLC) was in a pre-operational phase during the reported quarter, meaning investors had no exposure to Solana's price movements or staking rewards through this ETF yet. For investors, this highlights the importance of understanding the actual commencement date of operations, November 17, 2025, as the financial statements reflect a dormant period. Employees and customers are not directly impacted by this pre-operational status, but the broader market for crypto ETFs will watch SOLC's performance post-launch, especially given its dual objective of SOL exposure and staking yield, which could intensify competition with other digital asset investment vehicles.

Risk Assessment

Risk Level: low — The risk level is low for the reported period because the Trust had no operational activity, investments, or liabilities as of September 30, 2025. All financial figures, including assets, liabilities, and changes in net assets, were $0, indicating no financial exposure or risk during this organizational phase.

Analyst Insight

Investors should monitor SOLC's performance and asset accumulation post-November 17, 2025, as the reported period reflects a pre-operational state. Evaluate the actual SOL holdings, staking yields, and expense ratios once operational data becomes available to make informed investment decisions.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0.00

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• $0 — Total Assets (As of September 30, 2025, reflecting pre-operational status)
• $0 — Net Assets (As of September 30, 2025, indicating no investments or liabilities)
• 0.50% — Annual Sponsor Fee (Percentage of the Trust's SOL Holdings paid to the Sponsor)
• 80,000 — Outstanding Shares (As of December 8, 2025, after the reporting period)
• October 17, 2024 — Trust Formation Date (Date Canary Marinade Solana ETF was formed)
• November 17, 2025 — Operations Commencement Date (Date the Trust's operations officially began)
• 10,000 — Shares per Basket (Block size for creation and redemption of Shares)

Key Players & Entities

• Canary Marinade Solana ETF (company) — Registrant and issuer of SOLC shares
• SOLC (company) — Trading symbol for Canary Marinade Solana ETF
• Canary Capital Group LLC (company) — Sponsor and manager of the Trust
• Nasdaq Stock Market, LLC (company) — Exchange where SOLC shares are listed and traded
• Solana (company) — Underlying digital asset for the ETF's investment objective
• CoinDesk Solana CCIXber 60m New York Rate (company) — Pricing Benchmark for the Trust's net asset value
• U.S. Bancorp Fund Services, LLC (company) — Administrator and Transfer Agent of the Trust
• BitGo Trust Company, Inc. (company) — Custodian responsible for safekeeping the Trust's SOL
• Paralel Distributors LLC (company) — Marketing Agent of the Trust
• PINE Advisors LLC (company) — Provides principal financial officers for the Trust

FAQ

Risk Factors

• Digital Asset Market Volatility [high — market]: The Trust's performance is directly tied to the price of Solana (SOL). The digital asset market is highly volatile, and the price of SOL can experience significant fluctuations. This volatility could materially impact the Trust's net asset value and its ability to achieve its investment objectives.
• Evolving Regulatory Landscape [high — regulatory]: Changes in laws or regulations concerning digital assets, taxes, or financial services made by governmental authorities or regulatory bodies could adversely affect the Trust's operations and financial condition. The regulatory environment for digital assets is still developing and subject to uncertainty.
• Technology and Custodian Risks [medium — operational]: The Trust's operations rely on technology developments related to SOL and the systems used by the Sponsor and the Trust's custodian. Any disruptions or failures in these technological systems could negatively impact the Trust's ability to function and manage its assets.
• Sponsor Fee Impact [medium — financial]: The Trust pays an annual unified fee of 0.50% of its SOL Holdings to the Sponsor. While the Sponsor covers most ordinary course expenses, this fee directly reduces the Trust's net assets and could impact its overall returns, especially during periods of low or negative SOL performance.
• General Economic Conditions [medium — market]: Broader economic, market, and business conditions can influence the performance of digital assets like SOL. Adverse economic developments could lead to decreased investor demand for digital assets and negatively affect the Trust's value.

Industry Context

The ETF sector for digital assets, particularly cryptocurrencies like Solana, is rapidly evolving. Competition exists from other crypto-focused ETFs, direct cryptocurrency investments, and other digital asset investment vehicles. The industry faces ongoing scrutiny regarding regulatory clarity, market manipulation, and investor protection, while also benefiting from increasing institutional adoption and technological advancements in blockchain.

Regulatory Implications

The Trust operates within a dynamic regulatory environment. Potential changes in U.S. securities laws, tax regulations, or specific rules governing digital assets could significantly impact the Trust's structure, operations, and the value of its holdings. Compliance with evolving regulations is critical for continued operation and investor confidence.

What Investors Should Do

1. Monitor Operations Commencement
2. Review Sponsor Fee Impact
3. Assess Digital Asset Market Risks
4. Stay Informed on Regulatory Developments

Key Dates

• 2024-10-17: Trust Formation Date — Marks the legal establishment of the Canary Marinade Solana ETF.
• 2025-08-27: Start of Reporting Period — Beginning of the period covered by the unaudited financial statements.
• 2025-09-30: End of Reporting Period — End of the period covered by the unaudited financial statements; reflects pre-operational status.
• 2025-11-17: Operations Commencement Date — The date the Trust officially began its operational activities, after the reporting period.
• 2025-12-08: Outstanding Shares Reported — Indicates the number of shares outstanding after the reporting period.

Glossary

Solana (SOL)

A cryptocurrency and blockchain platform designed for decentralized applications and smart contracts, aiming for high transaction speeds and low costs. (The primary digital asset the ETF seeks to provide exposure to.)

Proof-of-Stake (PoS)

A consensus mechanism used by blockchain networks to validate transactions and create new units of cryptocurrency, where validators are chosen based on the number of coins they hold and stake. (The Trust aims to earn additional SOL through this process via validation.)

Net Asset Value (NAV)

The per-share market value of a fund, calculated by taking the total value of its assets, subtracting its liabilities, and dividing by the number of outstanding shares. (The Trust establishes its NAV daily by reference to the CoinDesk Solana Price Benchmark.)

Sponsor Fee

A fee paid to the entity that manages and promotes the ETF, typically a percentage of the fund's assets. (Canary Capital Group LLC charges an annual fee of 0.50% of the Trust's SOL Holdings.)

Creation and Redemption Basket

A specified block of shares and corresponding assets used by authorized participants to create or redeem ETF shares. (This is the mechanism for issuing and redeeming shares, though no activity occurred in this period.)

CoinDesk Solana Price Benchmark

A benchmark rate used to determine the value of Solana (SOL), calculated by CoinDesk Indices based on aggregated trading data from major SOL platforms. (The Trust uses this benchmark to establish its daily Net Asset Value.)

Year-Over-Year Comparison

As this is the initial 10-Q filing for the period ending September 30, 2025, there are no prior period comparative financial statements available. The Trust was formed on October 17, 2024, and its operations commenced on November 17, 2025, meaning the reported period reflects only organizational and registration activities with zero assets, liabilities, or net assets. Therefore, year-over-year comparisons of revenue, margins, or asset levels are not applicable at this stage.

Filing Documents

• solc-10q_093025.htm (10-Q) — 183KB
• ex10-9.htm (EX-10.9) — 88KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 4KB
• ex109001.jpg (GRAPHIC) — 6KB
• ex109002.jpg (GRAPHIC) — 5KB
• ex109003.jpg (GRAPHIC) — 4KB
• 0001999371-25-019915.txt ( ) — 1348KB
• solc-20250930.xsd (EX-101.SCH) — 12KB
• solc-20250930_pre.xml (EX-101.PRE) — 94KB
• solc-20250930_cal.xml (EX-101.CAL) — 13KB
• solc-20250930_def.xml (EX-101.DEF) — 16KB
• solc-20250930_lab.xml (EX-101.LAB) — 129KB
• solc-10q_093025_htm.xml (XML) — 77KB

Financial Statements

Financial Statements 1 1 2

Notes to Financial Statements (unaudited)

Notes to Financial Statements (unaudited) 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 9 Item 4.

Controls and Procedures

Controls and Procedures 9 PART II. OTHER INFORMATION 10 Item 1.

Legal Proceedings

Legal Proceedings 10 Item 1A.

Risk Factors

Risk Factors 10 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10 Item 3. Defaults Upon Senior Securities 10 Item 4. Mine Safety Disclosures 10 Item 5. Other Information 10 Item 6. Exhibits 10 i PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Canary Marinade Solana ETF of Assets and Liabilities (Unaudited) September 30, 2025 ASSETS Investment in SOL, at fair value (cost $ 0 ) $ 0 Cash $ 0 Total assets $ 0 LIABILITIES Sponsor Fee payable $ 0 Total liabilities $ 0 Commitments and Contingent Liabilities (Note 6) — NET ASSETS $ 0 Shares issued and outstanding as of September 30, 2025 (par value $ 0.00 per share; Unlimited number of shares authorized) 0 Net asset value per share $ 0.00 See accompanying Notes to Financial Statements 1 Canary Marinade Solana ETF of Changes in Net Assets (Unaudited) For the period August 27, 2025 Through September 30, 2025 Increase (decrease) in net assets resulting from operations Net investment loss — Net realized gain (loss) on investment in SOL transferred to pay Sponsor Fee — Net change in unrealized appreciation (depreciation) — Net increase (decrease) in net assets resulting from operations — Increase (decrease) in net assets resulting from capital share transactions Creations for Shares issued — Redemptions for Shares redeemed — Net increase (decrease) in net assets resulting from capital share transactions — Total increase(decrease) in net assets from operations and capital share transactions — Net assets Beginning of period — End of period — Shares issued and redeemed Shares issued — Shares redeemed — Net increase (decrease) in Shares issued and outstanding — Shares outstanding at end of period — *No comparative financial statements have been provided as the Trust's operations commenced on November 17, 2025 See accompanying Notes to

Financial Statements

Financial Statements 2 Canary Marinade Solana ETF

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 1. Organization The Canary Marinade Solana ETF (the "Trust") is a Delaware statutory trust, formed on October 17, 2024, pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust that may be purchased and sold on the Nasdaq Stock Market, LLC (the "Exchange") under the symbol "SOLC." The Trust operates pursuant to a Trust Agreement, as amended and/or restated from time to time (the "Trust Agreement"). CSC Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the "Trustee"). The Trust is managed and controlled by Canary Capital Group LLC (the "Sponsor"). The Trust is an exchange-traded fund that issues shares of beneficial interest (the "Shares") that are listed and trade on the Exchange. The Trust's investment objective is to seek to provide exposure to the price of Solana ("SOL") held by the Trust, less the expenses of the Trust's operations and other liabilities. A secondary investment objective is for the Trust to earn additional SOL through the validation of transactions in the SOL network's (the "Solana Network") proof-of-stake ("PoS") process. In seeking to achieve its investment objectives, the Trust will hold SOL and establish its net asset value ("NAV") on each business day by reference to the CoinDesk Solana CCIXber 60m New York Rate (the "Pricing Benchmark"). The Pricing Benchmark is calculated by CoinDesk Indices (the "Benchmark Provider") based on a 60-minute time-weighted average price of the SOL-USD CCIXber Reference Rate (the "Underlying Index"), which is an aggregation of executed trade flow of major SOL trading platforms ("Constituent Platforms"). The Benchmark Provider publishes the Pricing Benchmark. The Trust is sponsored by the Sponsor. As of September 30, 2025, the Trust has had no operations other than those actions relating to organizational and r

Management's

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the Trust's financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, the Trust's unaudited financial statements and related notes included elsewhere in this Quarterly Report, which have been prepared in accordance with GAAP. This Quarterly Report on Form 10-Q (the "Quarterly Report") includes "forward-looking statements" with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Canary Marinade Solana ETF (the "Trust"). In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Quarterly Report that address activities, events, or developments that will or may occur in the future, including such matters as movements in the digital asset markets, the Trust's operations, the plans of Canary Capital Group LLC (the "Sponsor"), and references to the Trust's future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions, and expected future developments, as well as other factors appropriate in the circumstances. Factors which could have a material adverse effect on the Trust's business, financial condition or results of operations and future prospects or which could cause actual results to differ materially from the Trust's expectations include, but are not limited to: the special considerations disc

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