Bitwise Solana Staking ETF (BSOL)

What the Trust does

• BSOL is a Delaware Statutory Trust structured as an exchange-traded product listed on NYSE Arca (ticker: BSOL).
• Primary objective: provide exposure to the value of Solana (SOL) held by the Trust, net of operating expenses.
• Secondary objective: earn additional SOL through staking of the SOL holdings.
• The Trust’s sole asset is SOL. It uses in-kind or cash creation/redemption processes in blocks of 10,000 Shares (Baskets) and relies on staking arrangements to earn additional SOL.
• Valuation and NAV: the Trust calculates a Principal Market NAV daily using a principal market price for SOL with inputs from a third‑party pricing vendor. As of December 31, 2025, the principal market was Coinbase (SOL price $123.96) and the SOLUSD_NY reference price was $123.88.

Key asset and staking mechanics

• Holdings: 5,154,309.1029 SOL as of December 31, 2025.
• SOL market value: approximately $638,398,000 (SOLUSD_NY reference price) and $638,928,000 (principal market value using Coinbase price).
• Staking: SOL is staked via a staking program with Bitwise Onchain Solutions and related staking agents, earning Staking Rewards in SOL.
• The Trust records receivables for staked rewards and in-kind creations in addition to SOL holdings.
• Creation/redemption: Shares are created/redemed in Baskets of 10,000 Shares. For the period, Creations totaled 852,463 thousand shares and Redemptions totaled (4,594) thousand shares, yielding a net increase of 847,869 thousand shares. The Trust ended the period with 39,180,000 shares outstanding.

Financial snapshot (Oct 23, 2025 — Dec 31, 2025)

• Net assets, end of period: $641,326,000.
• Shares outstanding: 39,180,000.
• NAV per share: $16.37 (end of period); $25.00 (beginning of period).
• Net investment income (Staking Rewards): $6,009,000.
• Expenses (period):
  • Sponsor Fee: $193,000
  • Staking Fee: $361,000
  • Total Expenses: $554,000
  • Waivers and Reimbursement: $(554,000)
  • Net Expenses: $0
  • Net investment income after expenses: $6,009,000
• Net realized and unrealized gain (loss) on SOL:
  • Net realized loss on SOL sold for redemptions: $(2,803,000)
  • Net change in unrealized depreciation on SOL: $(209,749,000)
  • Net realized and unrealized gain (loss): $(212,552,000)
• Net decrease in net assets from operations: $(206,543,000)
• Net increase in net assets from capital share transactions:
  • Creations: $852,463,000
  • Redemptions: $(4,594,000)
  • Net increase: $847,869,000

Per-share performance (for a Share outstanding throughout the period)

• Principal Market NAV per share, beginning of period: $25.00
• Net investment income per share: $0.20
• Net realized and change in unrealized gain (loss) on SOL per share: $(8.83)
• Net change in net assets from operations per share: $(8.63)
• Principal Market NAV per share, end of period: $16.37
• Total return, at net asset value: (34.52)%

Expense and fee context

• Sponsor Fee: 0.20% per annum of the Trust’s SOL holdings; waived on the first $1 billion of Trust assets through January 27, 2026.
• For the reporting period, the Sponsor waived the Sponsor Fee on the first $1 billion of assets and reimbursed staking-related expenses on the same basis through January 27, 2026. No Sponsor Fee was accrued or paid for the period ended December 31, 2025.
• Staking expenses represent costs shared with staking agents and the Sponsor. For the period Oct 28, 2025 through Dec 31, 2025, staking expenses totaled $180,283 to Bitwise Onchain Solutions and $180,283 to the Sponsor (in thousands; i.e., $180.283 million each, per the notes).
• Staking fees are included in the presented expense disclosures.

Key personnel and governance

• Sponsor: Bitwise Investment Advisers, LLC (a subsidiary of Bitwise Asset Management, Inc.).
• The Sponsor handles day-to-day administration, investment decisions, creation/redemption processing, and oversight of service providers.
• The Trust has no employees or directors; management responsibilities are delegated to the Sponsor.
• Sponsor employees and leadership are listed as officers in the report. The Sponsor had 93 employees as of December 31, 2025.

Other information

• The Trust’s primary asset is SOL, concentrating exposure in a single cryptocurrency asset class.
• The Trust applies fair value measurements (ASC 820) and designates a principal market for NAV calculations; Coinbase was identified as the principal market as of December 31, 2025. Pricing inputs also included CME reference data and Lukka pricing.
• Tax status: the Trust is treated as a grantor trust for U.S. federal income tax purposes; income and gains flow through to shareholders.
• Organization and ongoing costs are primarily borne by the Sponsor, except for certain extraordinary expenses; the Sponsor may advance or reimburse costs as described in the Offering/Trust documents.
• Seed capital: prior to commencement of operations, BAM purchased 8 Seed Shares, which were redeemed on October 23, 2025. After commencement, BIM purchased the initial 100,000 Seed Baskets.

Summary

BSOL holds SOL and stakes those holdings to generate additional SOL while providing exchange-traded exposure to SOL’s market value net of expenses. As of December 31, 2025, the Trust held about 5.15 million SOL, reported net assets of $641.3 million, a principal market NAV per share of $16.37, and staking-related income of $6.009 million for the period. Sponsor fee waivers and reimbursements resulted in no net accrued sponsor fees for the period. The period’s operating results reflected a large unrealized depreciation in SOL, producing a net decrease in net assets from operations of $(206,543,000).