21Shares Solana ETF (TSOL) is a digital asset investment trust that holds Solana (SOL) tokens and issues exchange-traded shares providing investors with exposure to the spot SOL market. The Trust generates revenue through a Sponsor Fee paid in SOL, which the Sponsor may convert to cash by selling SOL at market prices. Shares listed on the exchange under the ticker TSOL on November 18, 2025, with the Sponsor purchasing two seed shares at $50.00 per share on September 17, 2025, for total initial proceeds of $100. The Trust is sponsored by 21Shares and is not registered as an investment company under the Investment Company Act of 1940. Staking operations are conducted through Twinstake, which earns compensation equal to a low single-digit percentage of staking rewards generated. As of December 31, 2025, there was approximately one DTC participating shareholder of record.

Revenue model

The Trust charges a Sponsor Fee, paid in SOL, which the Sponsor may convert to cash by selling SOL at market prices. Ordinary course legal fees paid by the Sponsor are capped at $100,000 per annum. Staking rewards are generated through Twinstake, which retains a low single-digit percentage of those rewards as compensation.

Products and services

Exchange-traded shares (TSOL) providing spot SOL exposure. SOL staking through Twinstake as staking provider. Creation and redemption of shares via Authorized Participants.

Customers and end markets

Investors seeking exchange-traded exposure to Solana (SOL). Shares are held primarily through brokers and institutions on behalf of end shareholders. Authorized Participants facilitate creations and redemptions. As of December 31, 2025, approximately one DTC participating shareholder of record.

Value-chain role

The Trust sits between the Solana blockchain and public market investors, holding SOL in custody and issuing exchange-traded shares. Custodians hold SOL assets. Twinstake operates as the staking provider. Cohen & Company, Ltd. serves as the independent registered public accounting firm.

Geographic exposure

Registered in the United States, subject to SEC oversight and Exchange Act reporting requirements. No geographic revenue breakdown disclosed in the filing.

Source: SEC 10-K, filed 2026-03-30

Industry: Commodity Contracts Brokers & Dealers