Business Description

Summary The VanEck Solana ETF (the “Trust”) was formed as a Delaware statutory trust on November 30, 2021. The Trust operates pursuant to the Fourth Amended and Restated Declaration of Trust and Trust Agreement dated December 9, 2025 (the “Trust Agreement”). The purpose of the Trust is to own Solana (“SOL”) transferred to the Trust in exchange for shares issued by the Trust (the “Shares”). Each Share represents a fractional undivided beneficial interest in and ownership of the Trust. The assets of the Trust consist primarily of SOL held by one or more third-party custodians (the “SOL Custodians”). The Trust is managed and controlled by the sponsor VanEck Digital Assets, LLC (the “Sponsor”), a Delaware limited liability company. The Sponsor is a wholly-owned subsidiary of Van Eck Associates Corporation (“VanEck”). CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the “Trustee”). Gemini Trust Company, LLC (the “SOL Custodian”) and Coinbase Custody Trust Company, LLC (the “Additional SOL Custodian”) are custodians of the Trust. State Street Bank and Trust Company (“State Street”) serves as the Trust’s administrator (the “Administrator”), the transfer agent for the Trust (the “Transfer Agent”) and the cash custodian of the Trust (the “Cash Custodian”). On June 10, 2025, Van Eck Associates Corporation (the “Seed Capital Investor”), the parent of the Sponsor, subject to certain conditions, purchased the “Seed Shares,” comprising 4,000 Shares at a per-Share price of $25.00. Delivery of the Seed Shares was made on June 10, 2025. Total proceeds to the Trust from the sale of the Seed Shares were $100,000. On October 29, 2025, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising a total of 400,000 Shares at a per-Share price of $25.00 which was equal to 51,656 SOL. The price of SOL was determined using the MarketVector™ Solana Benchmark Rate (MarketVector Solana Benchmark Rate or the “Index”) on October 29, 2025. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000. Delivery of the Seed Creation Baskets was made on October 29, 2025. The Trust’s net asset value (“NAV”) was $23,539,566 at December 31, 2025, the Trust’s fiscal year end. Outstanding Shares of the Trust were 1,450,000 at December 31, 2025. The Trust is not actively managed and does not take any actions to take advantage, or mitigate the impacts, of volatility in the price of SOL. The activities of the Trust include (i) selling Shares in blocks of 25,000 Shares (“Baskets”) to financial firms that are registered broker-dealers (“Authorized Participants” or “APs”) in exchange for cash to purchase SOL or SOL (depending on whether the creation is cash or in-kind); (ii) distributing cash or SOL to Authorized Participants redeeming Baskets; (iii) purchasing or receiving the amount of SOL represented by the Basket being created; (iv) selling SOL (as needed) to distribute cash to Authorized Participants redeeming Shares or to pay the Sponsor’s Fee and Trust expenses not assumed by the Sponsor, if any and (v) using a third party to stake a portion of the Trust’s SOL. The Trust sells or redeems its Shares in Baskets that are based on the amount of SOL represented by the Basket being created, the amount of SOL being equal to the combined NAV of the number of Shares included in the Basket (net of the accrued but unpaid remuneration due the Sponsor (“Sponsor Fee”) and any accrued but unpaid expenses or liabilities not assumed by the Sponsor). The Trust conducts subscriptions and redemptions in cash or in-kind. The Sponsor of the Trust maintains a website at https://www.vaneck.com . The information on the Trust’s website is not, and shall not be deemed to be, part of this Report or incorporated into any other filings we make with the SEC.…