Grayscale Solana Staking ETF (NYSE Arca:GSOL) filed its Form 10-Q for the quarterly period ended September 30, 2026, disclosing net assets of $213,466 thousand and 24,014,135 shares outstanding as of that date.

Key Highlights

  • Net assets of $213,466 thousand at September 30, 2026, up from $160,357 thousand at December 31, 2025, according to the filing.
  • Principal Market NAV per Share was $8.89 at September 30, 2026, compared with $9.09 at December 31, 2025.
  • Staking Reward Income totaled $1,798 thousand for the three months ended September 30, 2026, and $5,559 thousand for the nine months ended September 30, 2026.
  • Net increase in net assets from operations was $62,576 thousand for the three months ended September 30, 2026, while the nine-month figure showed a net decrease of $3,695 thousand.
  • Shares outstanding rose to 24,014,135 at September 30, 2026, from 17,634,135 at December 31, 2025, reflecting net issuance of 6,380,000 shares over the nine-month period.
  • SOL holdings stood at 1,821,062.63014355 SOL at fair value of $213,410 thousand, with $213,272 thousand of that amount held as staked SOL.
  • Distributions to shareholders of $606 thousand were recorded for both the three- and nine-month periods ended September 30, 2026.

Grayscale Solana Staking ETF: Financial Condition and Operations Through September 30, 2026

According to the filing, the Trust held 1,821,062.63014355 SOL at September 30, 2026, carried at a fair value of $213,410 thousand against a cost basis of $217,179 thousand. Of that total, $213,272 thousand represented staked SOL. Staking Rewards receivable at fair value were $58 thousand, bringing total assets to $213,468 thousand. Total liabilities were $2 thousand, consisting entirely of Sponsor's Staking Fee payable to a related party, leaving net assets of $213,466 thousand.

For the three months ended September 30, 2026, the Trust reported total investment income of $1,798 thousand, all from Staking Reward Income, and net expenses of $138 thousand, producing net investment income of $1,660 thousand. The Trust also recorded a net change in unrealized appreciation of $69,829 thousand and net realized losses of $8,913 thousand for the same period, the filing stated. For the nine months ended September 30, 2026, net investment income was $4,722 thousand, while net realized losses of $19,236 thousand and net change in unrealized appreciation of $10,819 thousand combined to produce a net decrease in net assets from operations of $3,695 thousand.

The filing disclosed that capital share transactions for the nine months ended September 30, 2026, resulted in a net increase in net assets of $57,410 thousand, reflecting $98,004 thousand in shares issued and $40,594 thousand in shares redeemed. The Sponsor's Fee Waiver for the nine-month period reduced expenses by $59 thousand. As of November 6, 2026, shares outstanding were reported as 19,224,135, the filing noted. The Trust is classified as a non-accelerated filer, smaller reporting company, and emerging growth company, and has elected not to use the extended transition period for new accounting standards.

What Was Disclosed

The Trust filed its quarterly report covering the period ended September 30, 2026, disclosing SOL holdings, net assets, staking reward income, share activity, and fee arrangements, as well as comparisons with the period ended December 31, 2025.