Revenue: As of FY2026 Q1, the actual value is USD 1.401 M.EBIT: As of FY2026 Q1, the actual value is USD 1.401 M.<h4>Net Assets and SOL Holdings</h4>Total Net Assets for Fidelity Solana Fund decreased from $113.9 million as of December 31, 2025, to $97.4 million as of March 31, 2026. This decrease was primarily due to a 33.16% decrease in the price of SOL, from $124.73 on December 31, 2025, to $83.37 on March 31, 2026. Outstanding Shares increased from 7,775,000 as of December 31, 2025, to 9,900,000 as of March 31, 2026, resulting from 3,425,000 Shares issued and 1,300,000 Shares redeemed. The Quantity of SOL Owned increased from 913,562 as of December 31, 2025, to 1,168,872 as of March 31, 2026, due to net capital share transactions.<h4>Per Share Data</h4>Net Asset Value (NAV) per Share decreased by 32.84% from $14.66 as of December 31, 2025, to $9.84 as of March 31, 2026. The Trust’s NAV per Share also decreased by 33.03% from $14.57 as of December 31, 2025, to $9.76 as of March 31, 2026. During Q1 2026, the NAV per Share ranged from a high of $17.35 on January 14, 2026, to a low of $9.11 on February 12, 2026.<h4>Results from Operations (Three Months Ended March 31, 2026)</h4>Fidelity Solana Fund reported a Net Decrease in Net Assets from Operations of -$50.9 million. This included a Net Unrealized Depreciation on Investment in SOL of -$46.2 million and a Net Realized Loss on Investment in SOL (for redemptions and distributions) of -$6.5 million. The Trust generated Net Investment Income of $1.4 million and a Net Realized Gain on Investment in SOL (distributed for redemptions) of $0.4 million.<h4>Staking Information</h4>As of March 31, 2026, 848,168 SOL with a fair value of $70.7 million was staked. The trailing 30-day average Staked Percentage was 72.50% on January 31, 2026, 72.59% on February 28, 2026, and 72.00% on March 31, 2026. The Annualized trailing 30-day average Gross Staking Reward Rate was 4.49% (January 31, 2026), 5.02% (February 28, 2026), and 5.27% (March 31, 2026). The Net Staking Reward Rate (after fees) mirrored these percentages: 4.49% (January 31, 2026), 5.02% (February 28, 2026), and 5.27% (March 31, 2026). The Trust allocates a staking fee of 15% of staking rewards to the Sponsor, which is then shared among the Sponsor, custodians, and node operators, although the Sponsor contractually waived these fees in their entirety on the first $1.0 billion of Trust assets for the waiver period. A unified Sponsor Fee of 0.25% of the Trust’s SOL Holdings was contractually waived for six months from November 18, 2025, unless extended. The Trust made its initial cash distribution of income generated from staking activities on February 17, 2026.<h4>Future Outlook and Strategy</h4>Fidelity Solana Fund intends to continue making cash distributions from staking activities at least quarterly to maintain compliance with IRS safe harbor conditions for grantor trusts that stake digital assets. The Sponsor manages liquidity risk through a program that keeps a portion of investments readily available for foreseeable redemption requests and expenses, and may establish borrowing arrangements like lines of credit if needed. The contractual waivers for the Sponsor Fee and Staking Fees are in effect for a limited period, with the Staking Fee waiver applying to the first $1.0 billion in assets until May 18, 2026.

Fidelity Solana Fund | 10-Q: FY2026 Q1 Revenue: USD 1.401 M