Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 110

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 110
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,972 during the year.

Net realized and unrealized gain on investment in SOL for the year ended March 31, 2023 was $13,221,167. This amount includes a realized loss of $1,100,014 from transfers of SOL to pay the Management Fee and other expenses, and a net change in unrealized appreciation on investment in SOL of $14,321,181. The gain was primarily driven by an increase in the price of SOL, from $9.86 per SOL as of December 31, 2022, to $104.82 per SOL as of December 31, 2023. Net increase in net assets resulting from operations was $13,074,820 for the year ended December 31, 2023. This increase consisted of the net realized and unrealized gain on investment in SOL, the Management Fee of $96,532, and other expenses of $49,890, partially offset by other income of $75. Net assets increased to $20,276,489 as of December 31, 2023, representing a 1,520% increase for the year. The increase was due to the aforementioned increase resulting from operations, along with net subscriptions totaling $5,949,688 during the year.

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Cash Resources and Liquidity

Historically, the Trust paid the Management Fee in SOL, but upon effectiveness of this registration statement, the Management Fee will be paid in U.S. dollars. When selling SOL to pay expenses, the Sponsor endeavors to sell the exact number of SOL needed to pay expenses in order to minimize the Trust’s holdings of assets other than SOL. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. The prices of digital assets, specifically SOL, have experienced substantial volatility, which may reflect “bubble” type volatility, meaning that high or low prices may have little or no relationship to identifiable market forces, may be subject to rapidly changing investor sentiment, and may be influenced by factors such as technology, regulatory void or changes, fraudulent actors, manipulation, and media reporting. SOL may have value based on various factors, including their acceptance as a means of exchange by consumers and others, scarcity, and market demand.

In exchange for the Management Fee, the Sponsor has agreed to bear the routine operational, administrative and other ordinary fees and expenses incurred by the Trust. The Trust is not aware of any trends, demands, conditions