Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 160

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 160
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 other digital assets. According to publicly available information, Bitcoin represented 58%, 47% and 41% of the assets held or managed in digital wallets on Coinbase’s Global platform, including its custody services, for the years ended December 31, 2024, 2023 and 2022, respectively. The cold storage technology that Coinbase Custody uses to custody digital assets, such as SOL, shares the same framework of the technology that Coinbase Global, and its predecessor, Coinbase, Inc., have used since 2012, which is continuously improved to meet cyber and physical security best practices.

Coinbase Custody is authorized to serve as the Trust’s custodian under the Trust Agreement and pursuant to the terms and provisions of the SOL Custodian Agreement. The Trust’s digital assets are held in segregated cold storage accounts with the SOL Custodian, and as a result, the digital assets are segregated from both (i) the proprietary property of Coinbase Custody and its affiliates, and (ii) the assets of any other Coinbase Custody client.

Information provided about Coinbase Custody and its parent company is primarily derived from Coinbase Global’s publicly available information, including filings it makes with the SEC. Although the Trust believes this information is reliable, the Trust has not independently verified the accuracy of this information.

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Description of the SOL Custodian Agreement

The Custodian Agreement establishes the rights and responsibilities of the SOL Custodian, Sponsor, and the Trust with respect to the digital assets in the Custodial Account (each as defined therein), which is maintained and operated by the SOL Custodian on behalf of the Trust.

The SOL Custodian has been engaged to keep the digital assets in safe custody. The SOL Custodian processes deposits and withdrawals only according to instructions received from the Sponsor. The SOL Custodian requires up to twenty-four hours between any request to withdraw digital assets from the Custodial Account and submission of such withdrawal to the applicable digital asset network. The SOL Custodian stores all digital asset private keys in offline storage, and it may be necessary to retrieve certain information from offline storage in order to facilitate a withdrawal in accordance with the Sponsor’s instructions, which may delay the initiation or crediting of such withdrawal.

While the SOL Custodian will make reasonable efforts to process Sponsor initiated deposits in a timely manner, the SOL Custodian does not guarantee the amount of time needed to complete processing as such processing is dependent upon many factors outside of the SOL Custodian’s control.

The SOL Custodian agrees to exercise the reasonable care of a professional custodian for