Canary Marinade Solana ETF (SOLC) is a cryptocurrency exchange-traded fund that holds Solana (SOL) tokens as its primary investment. The Trust generates income through staking activity on the Solana network, where held SOL is delegated to validators and earns staking rewards funded by inflationary token issuance and network transaction fees. The Trust is structured as a Delaware statutory trust, with a Sponsor that retains exclusive authority over key operational decisions including NAV determination and pricing benchmark selection. Net asset value is calculated daily by an Administrator using a U.S. dollar-denominated composite reference rate for SOL pricing. Expenses include a sponsor fee, which was partially waived for the period ended December 31, 2025, and potential extraordinary expenses such as brokerage, taxes, and legal costs borne directly by the Trust. Cohen and Company, Ltd. served as the Trust's independent auditor as of the period ended December 31, 2025. The Trust is not required to file as a well-known seasoned issuer under Rule 405 of the Securities Act, per the 10-K filed March 31, 2026.

Revenue model

Staking income from delegating SOL holdings to Solana network validators. Staking rewards are funded by inflationary issuance of new SOL tokens and transaction fees collected on the Solana network, distributed proportionally based on stake share, validator uptime, and network conditions.

Products and services

A single-asset exchange-traded fund holding Solana (SOL) cryptocurrency. The Trust participates in Solana network staking, earning rewards through the proof-of-stake consensus mechanism via the Marinade staking protocol as indicated in the fund name.

Customers and end markets

Shareholders of the Trust, which holds beneficial interests in a Delaware statutory trust structure. End market is investors seeking exchange-traded exposure to Solana (SOL) price performance and staking income.

Value-chain role

Passive holding vehicle and staking participant on the Solana blockchain network. The Trust custodies SOL, delegates stake to validators, and passes through staking income to shareholders, with NAV calculated daily by a third-party Administrator.

Geographic exposure

Registered in the United States, structured under Delaware law. The filing references international regulatory developments including the EU Markets in Crypto-Assets Regulation (MiCA, effective December 2024) and the UK Financial Services and Markets Act 2023, but the Trust itself is a U.S.-domiciled vehicle.

Source: SEC 10-K, filed 2026-03-31

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