Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 107

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 107
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 SOL at the time of contribution to the Trust. The SOL cost basis recorded by the Trust may differ from the value of the proceeds collected by the Sponsor from the sale of the corresponding Shares to investors.

Investment Company Considerations

The Trust is an investment company for GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies. The Trust uses fair value as its method of accounting for SOL in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material.

Review of Financial Results

The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included elsewhere in this registration statement, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those set forth under “Risk Factors” starting on page 15 of this registration statement.

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Financial Highlights for the Three and Six Months Ended June 30, 2025 and 2024

Net realized and unrealized gain on investment in SOL for the three months ended June 30, 2025 was $6,523,773. This amount includes a realized loss of $18,399 from the transfers of SOL to pay the Management Fee and other expenses, and a net change in unrealized appreciation on investment in SOL of $6,542,172. The gain was primarily driven by an increase in the price of SOL, from $125.23 per SOL as of March 31, 2025, to $157.80 per SOL as of June 30, 2025. Net increase in net assets resulting from operations was $6,326,285 for the three months ended June 30, 2025. This increase consisted of the net realized and unrealized gain on investment in SOL, the Management Fee of $186,101, and other expenses of $11,387. Net assets increased to $31,483,940 as of June 30, 202