21Shares Solana ETF Launches with $100 Net Assets, $2 Unrealized Loss

TL;DR

**TSOL is live but tiny, showing an immediate $2 unrealized loss on its initial SOL holdings – watch for real volume and staking rewards to kick in.**

AI Summary

The 21Shares Solana ETF (TSOL) commenced operations on September 17, 2025, with an initial seed creation of 2 shares at $50.00 per share, totaling $100 in contributions. As of September 30, 2025, the Trust held 0.5000 Solana (SOL) with a fair value of $104, reflecting a net change in unrealized depreciation of $2 from its cost basis of $106. The Trust reported total assets of $500,104, primarily consisting of $500,000 in cash and the SOL investment. Liabilities totaled $500,004, including a $499,900 contribution received in advance and a $104 related party payable. Net assets stood at $100, with a net asset value per share of $50.00 for the 2 shares outstanding. The Trust incurred no expenses during this initial period due to waivers and reimbursements, resulting in a net increase in net assets from operations of $0. The Trust is classified as an 'emerging growth company' and intends to leverage the extended transition period for new accounting standards.

Why It Matters

This filing marks the operational debut of the 21Shares Solana ETF (TSOL), offering investors a new regulated avenue to gain exposure to Solana's price movements. The initial seed capital and subsequent valuation provide a baseline for future performance, crucial for investors assessing the fund's viability and tracking accuracy against the CME CF Solana-Dollar Reference Rate. Its 'emerging growth company' status means reduced reporting requirements, which could impact transparency compared to more established ETFs. In a competitive crypto ETF market, TSOL's ability to effectively track SOL and potentially offer staking rewards will be key to attracting and retaining investors, while its operational efficiency will be scrutinized by the broader market.

Risk Assessment

Risk Level: medium — The Trust is an 'emerging growth company,' which means it benefits from reduced public company reporting requirements, including not needing an auditor's attestation report on internal controls (Sarbanes-Oxley Act Section 404(b)). This reduced oversight, coupled with the inherent volatility of digital assets like Solana, presents a medium risk. The initial unrealized depreciation of $2 on its SOL investment, though small, highlights immediate market price fluctuations.

Analyst Insight

Investors should monitor TSOL's trading volume and its ability to accurately track the CME CF Solana-Dollar Reference Rate as it scales. Given its nascent stage and 'emerging growth company' status, a cautious approach is warranted; consider it a speculative play on Solana's price rather than a fully mature, transparent investment vehicle at this point.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$500,104

total Debt

$499,900

net Income

$0

eps

$0.00

gross Margin

N/A

cash Position

$500,000

revenue Growth

N/A

Key Numbers

• $100 — Net Assets (As of September 30, 2025, representing the Trust's initial capital.)
• 2 — Shares Issued and Outstanding (As of September 30, 2025, from the initial seed creation.)
• $50.00 — Net Asset Value per Share (As of September 30, 2025, based on initial seed price.)
• 0.5000 — Quantity of Solana (Held by the Trust as of September 30, 2025.)
• $104 — Fair Value of Solana (As of September 30, 2025, reflecting a $2 unrealized depreciation.)
• $106 — Cost of Solana (Initial cost basis of the Solana investment.)
• $500,000 — Cash (Held by the Trust as of September 30, 2025, a significant portion of total assets.)
• $499,900 — Contribution received in advance (A major liability as of September 30, 2025.)
• $2 — Net change in unrealized depreciation on investment in solana (For the period ended September 30, 2025.)
• September 17, 2025 — Initial Seed Creation Date (When the Trust commenced operations.)

Key Players & Entities

• 21Shares Solana ETF (company) — Registrant and passive investment vehicle
• 21Shares US LLC (company) — Sponsor of the Trust
• Solana (company) — Native digital asset tracked by the ETF
• Cboe BZX Exchange, Inc. (company) — Exchange where TSOL shares are traded
• Coinbase Custody Trust Company, LLC (company) — Custodian for the Trust's SOL
• Anchorage Digital Bank N.A. (company) — Custodian for the Trust's SOL
• BitGo Bank & Trust N.A. (company) — Custodian for the Trust's SOL
• Bank of New York Mellon (company) — Transfer Agent, Administrator, and Cash Custodian
• Jura Pentium Inc. (company) — Wholly owned subsidiary and parent of the Sponsor
• FalconX Holdings Limited (company) — Ultimate parent company of the Sponsor as of November 2025

FAQ

Risk Factors

• Volatility of Solana Price [high — market]: The Trust's performance is directly tied to the price of Solana (SOL). As of September 30, 2025, the Trust held 0.5000 SOL with a fair value of $104, which represented an unrealized depreciation of $2 from its cost basis of $106. Significant price fluctuations in SOL could materially impact the Trust's net asset value.
• Evolving Digital Asset Regulation [medium — regulatory]: The regulatory landscape for digital assets, including cryptocurrencies like Solana, is still developing. Changes in regulations could impact the Trust's ability to operate, hold assets, or could affect the value of Solana itself. The Trust is classified as an 'emerging growth company' and may leverage extended transition periods for new accounting standards.
• Custody and Security Risks [high — operational]: The Trust's holdings of Solana are subject to custody and security risks. While not detailed in this initial filing, the safekeeping of digital assets requires robust security measures to prevent loss or theft, which could have a catastrophic impact on the Trust's assets.
• Limited Operating History [medium — financial]: The Trust commenced operations on September 17, 2025, and this report covers the period up to September 30, 2025. This extremely limited operating history means there is no track record to assess the Trust's ability to manage its assets and liabilities effectively over time.
• Reliance on Seed Capital and Waivers [low — financial]: The Trust's initial net assets of $100 were derived from a seed creation of 2 shares at $50.00 per share. Furthermore, the Trust incurred no expenses during this initial period due to waivers and reimbursements, indicating a reliance on external support rather than operational revenue for cost coverage.

Industry Context

The digital asset ETF market is rapidly evolving, with increasing institutional interest in regulated products offering exposure to cryptocurrencies like Solana. Competitors include other digital asset ETFs and direct investment vehicles. Key trends involve the development of diverse crypto-based investment products and the ongoing debate around regulatory clarity and investor protection.

Regulatory Implications

The classification as an 'emerging growth company' allows TSOL to utilize extended transition periods for adopting new accounting standards, potentially delaying the implementation of complex rules. However, the evolving regulatory landscape for digital assets globally presents ongoing compliance challenges and risks that could impact operations and asset valuation.

What Investors Should Do

1. Monitor Solana (SOL) price volatility closely, as it directly impacts the Trust's NAV and performance.
2. Review future filings for expense structures, as current lack of expenses is due to waivers, which may not be permanent.
3. Stay informed about regulatory developments concerning digital assets in major jurisdictions, as these could affect the Trust's operational viability and asset value.
4. Assess the Trust's strategy for managing its Solana holdings and mitigating custody risks as operations mature.

Key Dates

• 2025-09-17: Initial Seed Creation — Marks the commencement of the 21Shares Solana ETF's operations with an initial contribution of $100.
• 2025-09-30: Reporting Period End — The date as of which the Trust's initial financial statements (Statement of Assets and Liabilities, Statement of Operations) are reported.

Glossary

Seed Creation

The initial purchase of shares by the sponsor or initial investors to establish the ETF and provide initial capital. (This filing details the initial seed creation of 2 shares for $100, establishing the Trust's starting point.)

Net Asset Value (NAV)

The per-share market value of a fund, calculated by taking the total value of its assets, subtracting liabilities, and dividing by the number of outstanding shares. (The Trust reported a NAV per share of $50.00 as of September 30, 2025.)

Unrealized Depreciation

A decrease in the fair value of an asset that has not yet been sold. It represents a paper loss. (The Trust experienced $2 in unrealized depreciation on its Solana investment as of September 30, 2025.)

Contribution Received in Advance

Funds received by an entity before the goods or services are provided or earned. It is a liability until earned. (The Trust reported a significant liability of $499,900 under this category as of September 30, 2025.)

Emerging Growth Company

A designation under the JOBS Act for companies with less than $1.235 billion in annual gross revenues, allowing for scaled disclosure requirements. (The Trust is classified as an 'emerging growth company', impacting its reporting and compliance obligations.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the 21Shares Solana ETF, covering the period from its commencement on September 17, 2025, to September 30, 2025. Therefore, no comparative data from a prior period is available. All metrics reflect the Trust's foundational state, including initial seed capital, minimal asset holdings, and a lack of operational expenses due to waivers.

Key Financial Figures

• $1.235 billion — ny" upon the earliest of: (i) it having $1.235 billion or more in annual gross revenues, (ii)
• $1.0 billion — ated filer," (iii) it issuing more than $1.0 billion of non-convertible debt over a three-ye

Filing Documents

• ea0270077-10q_21shares.htm (10-Q) — 264KB
• ea027007701ex3-1_21shares.htm (EX-3.1) — 287KB
• ea027007701ex31-1_21shares.htm (EX-31.1) — 15KB
• ea027007701ex31-2_21shares.htm (EX-31.2) — 15KB
• ea027007701ex32-1_21shares.htm (EX-32.1) — 7KB
• ea027007701ex32-2_21shares.htm (EX-32.2) — 7KB
• 0001213900-25-127100.txt ( ) — 2228KB
• tsol-20250930.xsd (EX-101.SCH) — 24KB
• tsol-20250930_cal.xml (EX-101.CAL) — 8KB
• tsol-20250930_def.xml (EX-101.DEF) — 42KB
• tsol-20250930_lab.xml (EX-101.LAB) — 129KB
• tsol-20250930_pre.xml (EX-101.PRE) — 106KB
• ea0270077-10q_21shares_htm.xml (XML) — 158KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 1 Schedule of Investment at September 30, 2025 (Unaudited) 2 of Operations for the period September 17, 2025 (initial seed creation date) through September 30, 2025 (Unaudited) 3 of Changes in Net Assets for the period September 17, 2025 (initial seed creation date) through September 30, 2025 (Unaudited) 4 Notes to Unaudited Financial Statements 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 13

Controls and Procedures

Item 4. Controls and Procedures 13

OTHER INFORMATION

Part II. OTHER INFORMATION 14

Legal Proceedings

Item 1. Legal Proceedings 14

Risk Factors

Item 1A. Risk Factors 14

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 16

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 16

Other Information

Item 5. Other Information 16

Exhibits

Item 6. Exhibits 17

Signatures

Signatures 18 i PART I – FINANCIAL INFORMATION: Item 1. Financial Statements (Unaudited) 21SHARES SOLANA ETF OF ASSETS AND LIABILITIES* September 30, 2025 (Unaudited) Assets Investment in solana, at fair value (cost $ 106 ) $ 104 Cash 500,000 Total assets 500,104 Liabilities Contribution received in advance $ 499,900 Other payable, related party 104 Total liabilities 500,004 Commitments and contingent liabilities (Note 7) Net assets $ 100 Net assets consist of Paid-in-capital $ 100 $ 100 Shares issued and outstanding, no par value, unlimited amount authorized 2 Net asset value per share $ 50.00 * No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2024. The accompanying notes are an integral part of the financial statements. 1 21Shares SOLANA ETF SCHEDULE OF INVESTMENT September 30, 2025* (Unaudited) Quantity of Solana Cost Fair Value % of Net Assets Investment in solana 0.5000 $ 106 $ 104 104.00 % Total investments 0.5000 $ 106 $ 104 104.00 % Liabilities in excess of other assets ( 4 ) ( 4.00 )% Net assets $ 100 100.00 % * No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2024. The accompanying notes are an integral part of financial statements. 2 21Shares SOLANA ETF For the period September 17, 2025 (initial seed creation date) through September 30, 2025* (Unaudited) Expenses Sponsor fee $ – Staking fee – Total expenses – Less waiver and reimbursement – Net expenses – Net investment loss – Realized and change in unrealized gain (loss) Net change in unrealized gain on other payable, related party 2 Net change in unrealized appreciation (depreciation) on investment in solana ( 2 ) Net realized and change in unrealized gain – Net increase in net assets resulting from operations $ – * No comparati

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