Grayscale Solana Trust ETF (GSOL) is a digital asset investment trust that holds Solana (SOL) tokens on behalf of shareholders seeking exposure to the Solana blockchain network without directly holding the underlying cryptocurrency. The Trust generates revenue through a Sponsor's Fee and a Sponsor's Staking Fee, both charged as ongoing expenses against Trust assets, as disclosed in the 10-K filed March 12, 2026. The Trust is sponsored by Grayscale Investments Sponsors, LLC (GSIS), a Delaware limited liability company and a consolidated subsidiary of Grayscale Operating, LLC, which is itself a subsidiary of Digital Currency Group (DCG). Barry Silbert, Founder and CEO of DCG, serves as Chairman of the Board as of August 2025. The Trust's SOL holdings are valued at fair value, with the principal market NAV per share calculated as of each trading day. The CoinDesk Solana Benchmark Rate serves as the Index for pricing purposes as of October 1, 2025. KPMG LLP serves as the Trust's independent auditor for fiscal years 2025 and 2024.

Revenue model

The Trust charges shareholders a Sponsor's Fee and a Sponsor's Staking Fee, both payable to the Sponsor (GSIS) and accrued as liabilities against Trust assets. These fees are the Trust's primary cost structure and the Sponsor's primary revenue mechanism. The Trust itself holds SOL and accrues staking rewards, with staking reward receivables carried at fair value on the balance sheet as of December 31, 2025 and December 31, 2024.

Products and services

The Trust offers a single product: shares representing a proportional ownership interest in a pool of SOL tokens held in custody. The Trust does not actively trade SOL; it holds SOL and participates in Solana network staking to earn staking rewards. Shares are listed on an exchange under the ticker GSOL.

Customers and end markets

The Trust's end investors are shareholders seeking passive exposure to SOL price movements through a regulated, exchange-traded vehicle rather than through direct cryptocurrency ownership. The filing does not disclose customer counts, concentration data, or institutional versus retail share breakdowns.

Value-chain role

The Trust acts as a passive custodial wrapper, acquiring and holding SOL tokens and issuing shares that track the value of those holdings. Grayscale Securities, LLC served as the Authorized Participant through October 28, 2025, with Grayscale Operating, LLC taking over that role thereafter. The CoinDesk Solana Benchmark Rate (formerly CoinDesk SOL CCIXber Reference Rate) provides the pricing index under a license agreement dated February 1, 2022.

Geographic exposure

The Trust is incorporated in Delaware and files with the SEC as a U.S.-domiciled entity. The filing does not disclose geographic revenue or investor distribution breakdowns.

Source: SEC 10-K, filed 2026-03-12

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