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  4. [8-K] 21Shares Solana ETF Reports Material Event

21Shares Solana ETF to change pricing benchmark

21Shares Solana ETF is changing the benchmark it uses to value its shares.

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
8-K

Rhea-AI Filing Summary

21Shares Solana ETF is changing the benchmark it uses to value its shares. On June 30, 2026, the Sponsor gave notice to terminate its Pricing Benchmark Licensing Agreement with CF Benchmarks Ltd., effective August 31, 2026. That agreement currently allows use of the CME CF Solana-Dollar Reference Rate – New York Variant to calculate the fund’s daily net asset value.

The Sponsor intends to enter a new licensing agreement with FTSE International Limited on or about August 24, 2026, under which FTSE index data would be used to support and market the ETF. The FTSE license is expected to run for one year initially and renew automatically for additional one-year periods unless ended under its terms.

Positive

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Insights

21Shares Solana ETF is replacing its pricing benchmark provider, shifting from CF Benchmarks to FTSE index data under new licensing terms.

The ETF currently relies on the CME CF Solana-Dollar Reference Rate – New York Variant, licensed from CF Benchmarks, to value its shares and calculate net asset value. The Sponsor has issued notice to terminate that agreement effective August 31, 2026, ending a perpetual, non-exclusive license arrangement.

The Sponsor intends to sign a new agreement with FTSE International Limited on or about August 24, 2026, under which FTSE will provide digital asset index data for developing and maintaining the Trust. The new FTSE license is expected to run for an initial one-year term with automatic one-year renewals, so actual impact will depend on how closely FTSE’s Solana index methodology tracks the prior benchmark.

Item 1.02 Termination of a Material Definitive Agreement Business
A significant contract was terminated, which may affect business operations or revenue.
Termination notice date June 30, 2026 Sponsor notified CF Benchmarks of termination
CF Benchmarks agreement end date August 31, 2026 Effective termination date of Pricing Benchmark Licensing Agreement
Intended FTSE agreement date On or about August 24, 2026 Planned execution of new FTSE licensing agreement
Initial FTSE license term One year Expected initial term with automatic one-year renewals
Pricing Benchmark Licensing Agreement financial
"termination, effective August 31, 2026, of the licensing agreement (the “Pricing Benchmark Licensing Agreement”)"
CME CF Solana-Dollar Reference Rate - New York Variant financial
"relating to the use of the CME CF Solana-Dollar Reference Rate - New York Variant (the “Pricing Benchmark”)"
net asset value financial
"used to value the Trust’s shares on a daily basis and to calculate the Trust’s net asset value"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
digital asset indices financial
"FTSE is experienced in calculating and administering digital asset indices"
non-exclusive, non-transferable, non-sub-licensable, perpetual, worldwide license financial
"provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, perpetual, worldwide license"

FAQ

What change did 21Shares Solana ETF (TSOL) disclose regarding its pricing benchmark?
21Shares Solana ETF disclosed that its Sponsor notified CF Benchmarks of terminating their Pricing Benchmark Licensing Agreement, effective August 31, 2026. This agreement currently allows the fund to use the CME CF Solana-Dollar Reference Rate – New York Variant to calculate daily net asset value and value its shares.

When does the CF Benchmarks licensing agreement for TSOL end?
The licensing agreement with CF Benchmarks for the CME CF Solana-Dollar Reference Rate – New York Variant will terminate effective August 31, 2026. Notice of termination was provided on June 30, 2026, ending an arrangement that supplied benchmark data for valuing fund shares and calculating net asset value.

Who is expected to provide index data to 21Shares Solana ETF (TSOL) after CF Benchmarks?
The Sponsor intends to enter a licensing agreement with FTSE International Limited to provide index data. FTSE would grant a non-exclusive, worldwide license for its digital asset index data, supporting the development, calculation, and marketing of the Trust’s products after the CF Benchmarks agreement ends.

What are the key terms of the planned FTSE license for TSOL?
The planned FTSE license is expected to be non-exclusive, non-transferable, non-sub-licensable, perpetual and worldwide in scope. It should have an initial one-year term and automatically renew for successive one-year periods, unless it is terminated in accordance with its contractual provisions by the parties.

How is the current CF Benchmarks pricing benchmark used by 21Shares Solana ETF (TSOL)?
The CME CF Solana-Dollar Reference Rate – New York Variant provided by CF Benchmarks is used to value the Trust’s shares each day and to calculate the Trust’s net asset value. This benchmark rate is calculated and administered by CF Benchmarks, which is independent from the Sponsor and the Trust.

Are CF Benchmarks and FTSE affiliated with the 21Shares Solana ETF Sponsor?
Both CF Benchmarks and FTSE International Limited are described as unaffiliated with the Sponsor. Each acts as an external provider of benchmark or index data, supporting valuation and index calculations for the Trust under separate licensing agreements with the Sponsor and its affiliates.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 30, 2026

 

 

 

21SHARES SOLANA ETF

(Exact name of registrant as specified in its charter)

 

Delaware   001-42904   39-6900299
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)

 

158 W. 27th Street    
New York, New York   10001
(Address of principal executive offices)   (zip code)

 

Registrant’s telephone number, including area code: (646) 370-6016

 

 

 

(Former Name or Former Address, if Changed Since Last Report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Shares of Beneficial Interest of 21Shares Solana ETF   TSOL   Cboe BZX Exchange, Inc.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 1.02 Termination of a Material Definitive Agreement.

 

Benchmark Licensing Agreements

 

On June 30, 2026, 21Shares US LLC (the “Sponsor”) provided notice to CF Benchmarks Ltd. (“CF Benchmarks”) of the termination, effective August 31, 2026, of the licensing agreement (the “Pricing Benchmark Licensing Agreement”) between the Sponsor and CF Benchmarks relating to the use of the CME CF Solana-Dollar Reference Rate - New York Variant (the “Pricing Benchmark”) by the Sponsor, 21Shares Solana ETF (the “Trust”), and their affiliates. Pursuant to the Pricing Benchmark Licensing Agreement, CF Benchmarks provides each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, perpetual, worldwide license to access, view and use the Pricing Benchmark to develop, create, calculate, settle, maintain or support and market the Trust, with the Trust using the Pricing Benchmark pursuant to a sub-licensing arrangement with the Sponsor. The Pricing Benchmark Licensing Agreement has a one-year initial term and automatically renews for successive one-year periods unless terminated pursuant to its terms. The Pricing Benchmark is calculated and administered by CF Benchmarks and is used to value the Trust’s shares on a daily basis and to calculate the Trust’s net asset value. CF Benchmarks is unaffiliated with the Sponsor. The Sponsor has elected to terminate the Pricing Benchmark Licensing Agreement pursuant to its terms in connection with its broader transition to a new benchmark provider, as further described below.

 

The Sponsor intends to enter into a licensing agreement with FTSE International Limited (“FTSE”) on or about August 24, 2026 whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, perpetual, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust. Such license is expected to have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to its terms.

 

FTSE is a company incorporated and registered in England, and its principal offices are located at 10 Paternoster Square, London, EC4M 7LS, United Kingdom. FTSE is experienced in calculating and administering digital asset indices. FTSE is unaffiliated with the Sponsor.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: July 7, 2026 21SHARES SOLANA ETF
   
  21Shares US LLC, as Sponsor of 21Shares Solana ETF
   
  By: /s/ Duncan Moir
  Name: Duncan Moir
  Title: President

 

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Source: View Original Filing on SEC EDGAR

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