Recent news highlights a recovering crypto market environment and growing interest in crypto ETFs, providing context for the Trust's operating environment.

• Crypto market conditions are discussed as potentially rebounding, with selected crypto picks noted for recovery potential [N1].
• Passive income generation from crypto investments, including staking, is a topic of investor interest [N2].
• Alternative ETFs are gaining attention amid Bitcoin market slumps, relevant to crypto-focused ETFs like BSOL [N3].
• Morgan Stanley's entry into the crypto ETF space signals increasing institutional participation [N4].
• General interest in cryptocurrencies as investment options continues, with discussions on best buys and market cycles [N5][N6].

The Trust offers investors a convenient and regulated vehicle to gain exposure to Solana cryptocurrency, including the benefit of staking rewards that can enhance returns. The Sponsor's management and fee structure, including fee waivers, support cost efficiency. The Trust's listing on NYSE Arca provides liquidity and transparency. Positive developments in the Solana network and broader crypto market could support the Trust's asset value and investor interest [N1][N3][N4].

The Trust's performance is directly tied to the volatile price of Solana, which experienced significant depreciation during its initial operating period, leading to substantial net losses. The Trust does not pay dividends and may face liquidity challenges if Solana prices decline sharply. Conflicts of interest may arise from Sponsor and affiliate trading activities. Regulatory and technological risks in the crypto space could adversely affect the Trust's assets and operations [S1][N6].

The Trust's moat lies in its specialized structure providing direct exposure to Solana with staking benefits, managed by an experienced Sponsor with established service providers. Its listing on a major exchange offers liquidity and accessibility to investors seeking Solana exposure without direct cryptocurrency custody. However, the Trust's value is highly dependent on Solana's market performance and staking protocols, which are subject to market volatility and technological risks inherent in the crypto asset space.

• Market Volatility: The Trust's net asset value and share price are highly sensitive to fluctuations in Solana's market price, which has shown significant volatility and price depreciation since inception.
• Liquidity Risk: The Trust relies on creation and redemption mechanisms and sale of Solana for liquidity, with no cash reserves or borrowing capacity, which may be challenged during market stress.
• Operational and Regulatory Risks: Risks include potential technological issues with Solana staking, changes in network protocols, and evolving regulatory frameworks affecting crypto assets and ETFs.
• Conflicts of Interest: The Sponsor and affiliates may trade Solana and related derivatives for their own accounts, potentially creating conflicts with the Trust's interests despite policies to manage such conflicts.

• Bitwise Solana Staking ETF (ticker BSOL) is an investment trust organized under Delaware law, launched operations on October 23, 2025, and listed on NYSE Arca on October 28, 2025 [S1].
• The Trust's primary investment objective is to provide exposure to the value of Solana held by the Trust, less expenses, and secondarily to derive additional Solana through staking [S1].
• The Trust's sole asset is Solana cryptocurrency, which it holds and stakes via Bitwise Onchain Solutions and Helius Blockchain Technologies Ltd. as staking agents [S1].
• The Trust issues common shares of beneficial interest (Shares) that trade on the NYSE Arca under ticker BSOL [S1].
• As of December 31, 2025, the Trust held approximately 5.15 million Solana with a market value of about $638,928 thousand based on the principal market price (Coinbase) of $123.96 per Solana [S1].
• The Trust's net assets were approximately $641,326 thousand as of December 31, 2025, with a 34.52% decrease in Principal Market NAV per Share from the commencement of operations to that date [S1].
• The Trust's net decrease in net assets from operations for the period October 23, 2025 to December 31, 2025 was approximately $206,543 thousand, primarily due to net realized and unrealized losses on Solana investments driven by price depreciation [S1].
• The Trust earned staking rewards income of $6,009 thousand during the same period, net of expenses and waivers [S1].
• The Trust pays a unitary Sponsor Fee of 0.20% per annum of the Trust's Solana holdings, which was waived on the first $1 billion of assets through January 27, 2026 [S1].
• The Sponsor assumes and pays normal operating expenses of the Trust, including fees for service providers, exchange listing, audit, and legal fees up to $500,000 per annum [S1].
• The Trust does not hold significant cash balances and does not borrow; liquidity is managed through creation and redemption of Shares and sale of Solana as needed [S1].
• The Trust's financial statements are prepared in accordance with U.S. GAAP and the Trust is classified as an investment company for accounting purposes [S1].
• The Trust uses a third-party vendor to determine the fair value of Solana based on principal market prices, which are Level 1 inputs under ASC Topic 820 [S1].
• As of December 31, 2025, there was one holder of record of the Trust, representing brokers and institutions holding Shares on behalf of investors; the Trust cannot estimate the total number of individual Shareholders [S1].
• The Trust made no distributions to Shareholders during the period ended December 31, 2025 and has no obligation to make periodic distributions [S1].
• The Trust's net asset value per share declined from $25.00 at inception to $16.37 at December 31, 2025, reflecting the decline in Solana prices during the period [S1].
• The Trust's Sponsor and affiliates may trade Solana and related derivatives for their own accounts, which may create conflicts of interest; policies are in place to manage such conflicts [S1].
• Recent news coverage discusses the broader crypto market environment, including potential rebounds, passive income from crypto, alternative ETFs amid Bitcoin slumps, and new entrants like Morgan Stanley in crypto ETFs, which provide context for the Trust's market environment [N1][N2][N3][N4][N5][N6].