Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 131

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 131
---
 Baskets and will have no binding effect upon the Trust, the Trust Administrator, [●], the SOL Custodian or any other party.

The Basket Amount necessary for the creation of a Basket changes from day to day. As of [●], 2025, a Basket requires delivery of $[●]. On each day that the Listing Exchange is open for regular trading, the Trust Administrator will adjust the cash amount constituting the Basket Amount and the quantity of SOL constituting the Basket SOL Amount as appropriate to reflect sales of SOL, any loss of SOL that may occur, and accrued expenses. The computation is made by the Trust as promptly as practicable after 4:00 p.m., New York time. [●] will determine the Basket Amount for a given day by multiplying the NAV by the number of Shares in each Basket (10,000) and determine the Basket SOL Amount for a given day by dividing the Basket Amount for that day by that day’s SOL Market Price. The Basket Amount and the Basket SOL Amount so determined will be made available to all Authorized Participants and Liquidity Providers and will be made available on the Sponsor’s website for the Shares.

| 72 |

On the date of the Cash Order Cutoff Time, the Trust will choose, in its sole discretion, to enter into a transaction with a Liquidity Provider or the Prime Execution Agent to buy SOL in exchange for the cash proceeds from such purchase order. For settlement of a cash creation, the Trust delivers Shares to the Authorized Participant in exchange for cash received from the Authorized Participant. Meanwhile, the Liquidity Provider or Prime Execution Agent, as applicable, delivers the required SOL pursuant to its trade with the Trust into the Trust’s Trading Balance with the Prime Execution Agent in exchange for cash. In the event the Trust has not been able to successfully execute and complete settlement of a SOL transaction by the settlement date of the purchase order, the Authorized Participant will be given the option to (1) cancel the purchase order; or (2) accept that the Trust will continue to attempt to complete the execution, which will delay the settlement date of the purchase order. With respect to a purchase order, as between the Trust and the Authorized Participant, the Authorized Participant is responsible for the dollar cost of the difference between the SOL price utilized in calculating NAV on the trade date and the price at which the Trust acquires the SOL to the extent the price realized in buying the SOL is higher than the SOL price utilized in the NAV. To the extent the price realized in buying the SOL is lower than