Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 7

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 7
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 in exchange for cash, the Trust will redeem shares by delivering SOL to a third-party that is not the Authorized Participant, and the Trust, not the Authorized Participant, is responsible for selecting the third-party to receive the SOL. Further, the third-party will not be acting as an agent of the Authorized Participant with respect to the receipt of the SOL from the Trust or acting at the direction of the Authorized Participant with respect to the receipt of the SOL from the Trust. The third-party will be unaffiliated with the Trust and the Sponsor. When purchasing a Basket in-kind, in exchange for SOL, Authorized Participants deliver SOL to the SOL Custodian. After receipt of the SOL by the SOL Custodian, the Transfer Agent issues a Basket to the creating Authorized Participant in satisfaction of the creation order. When redeeming Baskets for SOL, the Transfer Agent will redeem the Shares and the SOL Custodian will distribute the resulting SOL to the redeeming Authorized Participant in satisfaction of the redemption order.

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The U.S. dollar value of a Basket of Shares at 4:00 p.m., New York time, on the trade date of a creation or redemption order is equal to the Basket Amount, which is the amount of SOL required to create or redeem a Basket of Shares, multiplied by the “Index Price,” which is the U.S. dollar value of a SOL derived from the Constituent Platforms that are reflected in the Index calculated by the Trust Administrator at 4:00 p.m., New York time, on each business day. The Index Price is calculated using non-GAAP methodology and is not used in the Trust’s financial statements. See “Business of the Trust —Overview of the SOL Industry and Market—The Index and the Index Price.”

The Basket Amount on any trade date is determined by dividing (x) the amount of SOL owned by the Trust at 4:00 p.m., New York time, on such trade date, after deducting the amount of SOL representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one SOL (i.e., carried to the eighth decimal place)), and multiplying such quotient by 10,000.

The Shares are neither interests in nor obligations of the Sponsor or the Trustee. As provided under the Trust Agreement, the Trust’s assets will not