21Shares Solana Staking ETF
21Shares Solana Staking ETF is a U.S.-organized grantor trust that provides exchange-traded exposure to solana through shares listed on Cboe BZX Exchange under the symbol TSOL. The Trust holds solana with custodians, passively tracks a solana pricing benchmark, and may stake a portion of its holdings to generate rewards for shareholders.
Business
Share of revenueThe Trust holds solana as its principal investment to track the asset's U.S.-dollar performance.
A portion of the Trust's solana is delegated to staking providers to generate network rewards.
Listed Shares provide brokerage-account access to solana exposure through a regulated exchange-traded structure.
Customers
The Trust is purchased primarily by investors seeking passive, exchange-traded exposure to solana without directly managing wallets, validators, or blockchain custody. Institutional investors, financial advisers, and individual brokerage customers can use the Shares for digital-asset allocation, while staking rewards provide a potential income component. Authorized participants support the creation and redemption of Shares in baskets, helping connect primary-market activity with secondary-market trading.
Buy listed Shares to obtain solana exposure without directly operating wallets or handling blockchain custody.
Use the ETF structure to incorporate solana exposure into managed client portfolios and model allocations.
Access spot solana through an exchange-traded U.S. investment vehicle with defined custody and valuation processes.
Create or redeem baskets of Shares and facilitate the primary-market liquidity mechanism.
Seek exposure to staking rewards distributed by the Trust when rewards are earned.
Strategy
The Trust's strategy is to maintain passive spot exposure to solana while using staking to enhance shareholder returns when legal, tax, liquidity, and operational conditions permit. It seeks to stake a high proportion of holdings while retaining sufficient unstaked solana for redemptions and other liquidity needs. The structure also prioritizes reliable benchmark-based valuation, regulated exchange access, and periodic distribution of earned staking rewards.
Higher staking participation can increase rewards, but excessive staking can constrain redemption liquidity.
Accurate benchmark pricing is central to daily NAV calculation and the Trust's passive tracking objective.
Staking activities must remain compatible with U.S. tax treatment and applicable securities and digital-asset regulation.
The ETF format broadens access for investors that prefer brokerage accounts over direct digital-asset custody.
Geography
The Trust is organized and listed in the United States, with Shares traded on Cboe BZX Exchange. Its underlying asset is the globally operated Solana network rather than a country-specific operating business, and the available reports do not disclose revenue by country or geographic operating regions. Geographic exposure therefore follows the global trading, custody, validator, and regulatory environment for solana.
Risks
The Trust's results are primarily exposed to solana price volatility, which directly changes NAV and can amplify the effects of creations and redemptions. Staking introduces liquidity, provider, operational, regulatory, and tax risks, while benchmark, custody, and digital-asset market infrastructure failures could impair valuation or access to assets. Shareholders also face uncertain distribution levels and legal limitations under the Trust Agreement.
- Solana market volatilityImpact: Critical
The Trust holds solana as its principal asset, so price changes flow directly into NAV and returns.
Exposure: Spot solana holdings
- Grantor-trust tax classificationImpact: HighLikelihood: Low
If staking activities fall outside permitted treatment, the Trust could face partnership or corporate taxation.
Exposure: Staking activities and shareholder tax reporting
- Staking liquidity riskImpact: High
Staked solana may not be immediately available for redemptions, requiring liquidity planning or asset sales.
Exposure: Staked holdings and redemptions
- Custodian and staking-provider failureImpact: High
Loss, interruption, or operational errors at service providers could restrict access to Trust-held solana or rewards.
Exposure: Custody and delegated staking
- Shareholder legal limitationsImpact: MediumLikelihood: Low
Exclusive-jurisdiction, jury-waiver, and derivative-action provisions may restrict available legal remedies.
Exposure: Trust Agreement and shareholder claims
- Benchmark disruptionImpact: Medium
Errors or interruptions in the pricing benchmark could affect NAV calculation and tracking performance.
Exposure: Solana valuation process
Accounting
Judgemental itemsSolana is valued at the principal-market price under ASC 820, directly affecting NAV and unrealized gains or losses.
Impact: Large price movements can dominate reported net asset changes.
NAV uses a Pricing Benchmark while GAAP financial statements use principal-market fair value, creating a valuation basis distinction.
Impact: Benchmark methodology and provider changes can affect tracking and reported valuation.
Rewards depend on staking levels, network conditions, validator performance, and protocol rates.
Impact: Investment income and shareholder distributions fluctuate between periods.
Provider consideration and the Sponsor Fee are deducted from staking-related rewards.
Impact: Fees reduce net investment income and distributable rewards.
Solana sold for redemptions, distributions, and expenses can generate realized results in addition to market-value changes.
Impact: Transaction activity can increase earnings volatility and tax reporting complexity.
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Last updated: 24/09/2026