Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 123

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 123
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 reported and disseminated by CF Benchmarks Ltd., as the SRTI calculation agent. The Order Books are aggregated into one consolidated order book by the SRTI calculation agent. The mid-price volume curve, which is the average of the bid price-volume curve (which maps transaction volume to the marginal price per cryptocurrency unit a seller is required to accept in order to sell this volume to the consolidated order book) and the ask price-volume curve (which maps a transaction volume to the marginal price per cryptocurrency unit a buyer is required to pay in order to purchase this volume from the consolidated order book). The mid-price-volume curve is weighted by the normalized probability density of the exponential distribution up to the utilized depth (utilized depth being calculated as the maximum cumulative volume for which the mid spread-volume curve does not exceed a certain percentage deviation from the mid-price). The SRTI is then given by the sum of the weighted mid-price-volume curve obtained in the previous step.

Creation and Redemption

The Trust creates and redeems Shares on a continuous basis but only in Baskets. Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Trustee, can place orders to receive or redeem Baskets.

In connection with cash creations and redemptions, the Trust will engage in SOL transactions for converting cash into SOL (in association with purchase orders) and SOL into cash (in association with redemption orders). The Trust will conduct its SOL purchase and sale transactions by, in its sole discretion, choosing to trade directly with third parties (each, a “Liquidity Provider”), pursuant to written agreements between such Liquidity Providers and the Trust, or choosing to trade through the Prime Execution Agent through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement. The Trust’s criteria for engaging one or more Liquidity Providers includes the completion of due diligence that considers each such Liquidity Provider’s SOL trading capabilities, organizational structure, operating history, lines of business, controls, and other details necessary to evaluate their ability to facilitate Cash Orders. As of the date of this prospectus, the Liquidity Providers are [●]. Liquidity Providers may be added at any time, subject to the discretion of the Sponsor. The Sponsor will notify investors whether and when it has engaged additional Liquidity Providers by filing a current report on Form 8-K or via a posting on the Trust’s website.

In connection with cash creations and redemptions, the Trust is not aware of any other affiliation or material relationship between a Liquidity Provider and the Authorized