Fidelity Solana Fund (FSOL) is a Delaware Statutory Trust that holds Solana (SOL) cryptocurrency and issues shares representing fractional undivided beneficial interest in the Trust's SOL holdings. The Trust generates income through staking rewards earned on the Solana network, with expenses funded by a sponsor fee charged by FD Funds Management LLC. Shares are listed on NYSE Arca. The Trust was formed on March 20, 2025, and began seeding on September 10, 2025. FD Funds Management LLC serves as Sponsor, and CSC Delaware Trust Company serves as Trustee. The Trust creates and redeems shares exclusively in basket units through Authorized Participants, which must be registered broker-dealers or qualifying financial institutions. Income from staking rewards and realized or unrealized gains and losses on SOL holdings flow through to shareholders. The Trust is not a well-known seasoned issuer as of the 10-K filed March 25, 2026.

Revenue model

The Trust earns income from staking rewards distributed by the Solana network protocol, funded by inflationary issuance of new SOL tokens and transaction fees collected on the network. The Sponsor charges a sponsor fee against Trust assets, partially waived during the period from September 10, 2025 through December 31, 2025.

Products and services

Shares of beneficial interest in the Fidelity Solana Fund, listed on NYSE Arca, representing fractional ownership of SOL holdings held by the Trust. Shares are created and redeemed in basket units by Authorized Participants in exchange for SOL or cash.

Customers and end markets

Authorized Participants (registered broker-dealers and qualifying financial institutions) access the Trust directly for basket creation and redemption. Secondary market investors, including both private and professional investors, purchase and sell Shares on NYSE Arca.

Value-chain role

The Trust acts as a passive holding vehicle and intermediary, holding SOL on behalf of shareholders, delegating SOL for staking on the Solana network, and passing staking rewards and price exposure through to shareholders via listed shares.

Geographic exposure

Organized as a Delaware Statutory Trust; Shares listed on NYSE Arca in the United States. The Solana network operates as a global decentralized blockchain.

Source: SEC 10-K, filed 2026-03-25

Industry: Commodity Contracts Brokers & Dealers