Grayscale Solana Staking ETF Financials

GSOL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Grayscale Solana Staking ETF (GSOL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GSOL FY2025 2026-05-08

This fund scales through equity subscriptions, leaving a near-unlevered balance sheet where shareholder returns mirror asset value swings.

In FY2025, assets still expanded to $160.4M even though net income turned negative at -$49.3M, so balance-sheet growth was not coming from retained earnings. The bridge was financing cash, which matched the operating outflow at $106.9M; with liabilities only $71K, the economics look much more like unlevered asset exposure than a business compounding through operations.

Because liabilities are negligible, ROE and ROA move almost together: each sat near 31.5% in FY2024 and near -30.8% in FY2025. For a non-expert, that means shareholder outcomes are being driven mainly by changes in portfolio value, not by borrowed money magnifying the result.

Across the last two fiscal years, shares outstanding kept rising while cash stayed at $0, which is a clue that new share issuance is the main way this vehicle grows and that assets are kept largely deployed rather than buffered in cash. That structure also makes the income statement a weaker guide to operating health than the balance sheet and funding flows.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Grayscale Solana Staking ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Grayscale Solana Staking ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Grayscale Solana Staking ETF generates a -30.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 31.5% the prior year.

Piotroski F-Score Weak

0/9

Grayscale Solana Staking ETF passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

2.17x

For every $1 of reported earnings, Grayscale Solana Staking ETF generates $2.17 in operating cash flow (-$106.9M OCF vs -$49.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$49.3M

YoY-252.7%

Grayscale Solana Staking ETF reported -$49.3M in net income in fiscal year 2025. This represents a decrease of 252.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

Grayscale Solana Staking ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+54.0%

Grayscale Solana Staking ETF had 11M shares outstanding in fiscal year 2025. This represents an increase of 54.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-30.8%

YoY-62.2pp

Grayscale Solana Staking ETF's ROE was -30.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 62.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

GSOL Income Statement

Metric	FY25	FY24	FY23
Revenue	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A
Net Income	-$49.3M-252.7%	$32.3M+115.4%	$15.0M
EPS (Diluted)	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$54.7M	N/A	$26.3M+170.7%	-$37.2M	N/A	$4.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

GSOL Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$160.4M+56.3%	$102.6M	N/A
Current Assets	N/A	N/A	N/A
Cash & Equivalents	$0	$0	N/A
Inventory	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A
Total Liabilities	$71K	$0	N/A
Current Liabilities	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A
Total Equity	$160.4M+56.2%	$102.6M	N/A
Retained Earnings	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Total Assets	$105.1M-34.5%	$160.4M+46.2%	$109.7M	N/A	$102.6M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	$0	N/A	N/A	$0	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$7K-90.1%	$71K	$0	N/A	$0	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$105.1M-34.4%	$160.4M+46.1%	$109.7M	N/A	$102.6M	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

GSOL Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	-$106.9M	N/A	N/A
Capital Expenditures	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A
Financing Cash Flow	$106.9M	N/A	N/A
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

GSOL Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A
Return on Equity	-30.8%-62.2pp	31.5%	N/A
Return on Assets	-30.8%-62.2pp	31.5%	N/A
Current Ratio	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.00	N/A
FCF Margin	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-52.0%	N/A	24.0%	N/A	N/A	N/A
Return on Assets	-52.0%	N/A	24.0%	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.00	N/A	0.00	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Grayscale Solana Staking ETF profitable?

No, Grayscale Solana Staking ETF (GSOL) reported a net income of -$49.3M in fiscal year 2025.

What is Grayscale Solana Staking ETF's return on equity (ROE)?

Grayscale Solana Staking ETF (GSOL) has a return on equity of -30.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Grayscale Solana Staking ETF's operating cash flow?

Grayscale Solana Staking ETF (GSOL) generated -$106.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Grayscale Solana Staking ETF's total assets?

Grayscale Solana Staking ETF (GSOL) had $160.4M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Grayscale Solana Staking ETF have outstanding?

Grayscale Solana Staking ETF (GSOL) had 11M shares outstanding as of fiscal year 2025.

What is Grayscale Solana Staking ETF's debt-to-equity ratio?

Grayscale Solana Staking ETF (GSOL) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Grayscale Solana Staking ETF's return on assets (ROA)?

Grayscale Solana Staking ETF (GSOL) had a return on assets of -30.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Grayscale Solana Staking ETF's cash runway?

Based on fiscal year 2025 data, Grayscale Solana Staking ETF (GSOL) had $0 in cash against an annual operating cash burn of $106.9M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Grayscale Solana Staking ETF's Piotroski F-Score?

Grayscale Solana Staking ETF (GSOL) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Grayscale Solana Staking ETF's earnings high quality?

Grayscale Solana Staking ETF (GSOL) has an earnings quality ratio of 2.17x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Grayscale Solana Staking ETF?

Grayscale Solana Staking ETF (GSOL) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.