21Shares Solana ETF (TSOL) plans 2026 quarterly staking distributions

Rhea-AI Filing Summary

21Shares Solana ETF reported that it has entered into a new authorized participant agreement with Macquarie Capital (USA) Inc.. Under this agreement, Macquarie can create and redeem blocks of 10,000 shares, called “Baskets,” and the process can involve in-kind delivery of solana rather than only cash. The agreement also permits the Sponsor, 21Shares US LLC, to charge a transaction fee on each creation or redemption order and includes indemnification of Macquarie and certain affiliates by the Trust in specified circumstances.

The Trust also stated that, beginning in 2026, it intends to pay cash distributions at least quarterly to shareholders to distribute staking rewards earned by the Trust. Any distribution will depend on the staking rewards actually earned, which in turn will vary with factors such as the amount of solana held and staked, network participation, reward rates on the Solana network, and overall network conditions. The Trust emphasized that there is no assurance any particular amount will be distributed in a given quarter, and some quarters may see no distributions; timing of any distributions will be announced via press release.

Insights

ETF structure and digital assets analyst

New AP deal adds in-kind flexibility; ETF targets quarterly staking payouts.

The update shows 21Shares Solana ETF expanding its trading infrastructure and clarifying how it may share staking economics with shareholders. The new authorized participant agreement with Macquarie Capital (USA) Inc. enables creation and redemption of 10,000-share Baskets and explicitly allows in-kind solana transfers, which can support more direct interaction with the underlying asset. The Sponsor may charge a transaction fee on each order, aligning compensation with primary-market activity.

The agreement also includes standard features such as indefinite duration unless terminated under its terms, amendment mechanics, and indemnification of Macquarie and affiliates for certain losses tied to offering documents, breaches, or legal violations. Separately, the Trust states an intention, beginning in 2026, to pay at least quarterly cash distributions funded by staking rewards. However, it highlights that distributions depend on actual rewards, which vary with solana held and staked, network reward rates, and conditions, so amounts are uncertain and may be zero in some quarters.

For investors evaluating TSOL, these developments mainly clarify operational details rather than fundamentally changing the vehicle. The Macquarie agreement broadens the set of authorized participants and methods for primary-market activity, while the stated distribution intention links potential cash payouts to on-chain staking performance without guaranteeing specific levels. Future press releases on actual distributions will provide more concrete data on realized staking rewards and payout patterns.

8-K Event Classification

3 items: 1.01, 8.01, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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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): December 12, 2025

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.)

477 Madison Avenue, 6th Floor
New York, New York		10022
(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
Common 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 1.01 Entry into a Material Definitive Agreement.

On December 16, 2025, 21Shares Solana ETF (the “Trust”) entered into a new authorized participant agreement (the “Authorized Participant Agreement”) with Macquarie Capital (USA) Inc. (“Macquarie”), pursuant to which Macquarie has agreed to act as an authorized participant of the Trust. The Authorized Participant Agreement provides the procedures for the creation and redemption of blocks of 10,000 shares (“Baskets”) and for the delivery of the solana required for such creation and redemption. The Authorized Participant Agreement differs from the Trust’s agreements with other authorized participants in that it allows for in-kind creation and redemption orders. In connection with each order by Macquarie to create or redeem one or more Baskets, unless waived by the sponsor of the Trust, 21Shares US LLC (the “Sponsor”), the Sponsor shall charge a transaction fee. The Authorized Participant Agreement may be amended as mutually agreed by the parties, without the consent of any shareholder of the Trust (“Shareholder”). The procedures governing the order entry system may be amended by the Trust without the consent of Macquarie or any Shareholder. The Authorized Participant Agreement requires the Trust to indemnify Macquarie and certain of its affiliates in certain situations, including against certain losses arising or related to untrue or alleged untrue statements of material fact under the Registration Statement and Prospectus (as defined therein), breach of the Authorized Participant Agreement or violation of applicable law. The Authorized Participant Agreement continues indefinitely, unless earlier terminated in accordance with its terms.

The foregoing description is a summary, and does not purport to be a complete description, of the Authorized Participant Agreement, and is qualified in its entirety by reference to the Form of Master Authorized Participant Agreement, which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.

Item 8.01 Other Events.

Beginning in 2026, the Trust intends to pay cash distributions at least quarterly to Shareholders to distribute staking rewards earned by the Trust. The amount of any distribution, if any, will depend on the staking rewards actually earned by the Trust during each quarter and cannot be predicted with certainty. The amount of staking rewards earned will vary based on factors including, but not limited to, the amount of solana held by the Trust, the percentage of the Trust’s solana that is staked, network staking participation rates, protocol reward rates on the Solana network, and network conditions. Accordingly, there can be no assurance as to the amount of distributions that will be paid in any quarter, and it is possible that no distributions will be paid in a given quarter if insufficient staking rewards are earned. The Trust will notify shareholders of the timing of any distributions via press release.

Item 9.01 Financial Statements and Exhibits.

10.1		Form of Master Authorized Participant Agreement.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

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: December 18, 2025	21SHARES SOLANA ETF
	21Shares US LLC, as Sponsor of 21Shares Solana ETF
	By:	/s/ Duncan Moir
	Name	Duncan Moir
	Title:	President

2

FAQ

What new agreement did 21Shares Solana ETF (TSOL) enter into?

21Shares Solana ETF entered into a new Authorized Participant Agreement with Macquarie Capital (USA) Inc.. Under this agreement, Macquarie acts as an authorized participant, creating and redeeming blocks of 10,000 shares, known as Baskets, under procedures set by the Trust.

How are creations and redemptions structured for TSOL under the Macquarie agreement?

The agreement sets procedures for creating and redeeming 10,000-share Baskets and provides for delivery of solana required for those transactions. It differs from other authorized participant agreements by allowing in-kind creation and redemption orders, rather than limiting activity to cash-only processes.

Will 21Shares Solana ETF (TSOL) pay cash distributions from staking rewards?

Beginning in 2026, the Trust states that it intends to pay cash distributions at least quarterly to shareholders to distribute staking rewards earned by the Trust. These distributions are not guaranteed and depend on the level of staking rewards actually generated each quarter.

What factors affect the size of staking reward distributions for TSOL?

The size of any distribution will vary with factors including the amount of solana held by the Trust, the percentage staked, overall network staking participation, protocol reward rates on the Solana network, and broader network conditions. Because of this variability, the Trust cannot predict distribution amounts with certainty.

Is there any guarantee that TSOL shareholders will receive a distribution every quarter?

No. The Trust explicitly states there can be no assurance as to the amount of distributions in any quarter, and it is possible that no distributions will be paid in a given quarter if the Trust earns insufficient staking rewards.

How will 21Shares Solana ETF inform shareholders about upcoming distributions?

The Trust states that it will notify shareholders of the timing of any distributions via press release. This applies to the cash distributions it intends to pay beginning in 2026 that are funded by staking rewards.

Does the Macquarie Authorized Participant Agreement include indemnification provisions?

Yes. The agreement requires the Trust to indemnify Macquarie and certain affiliates in specific situations, including losses related to untrue or alleged untrue statements of material fact in the registration statement and prospectus, breaches of the agreement, or violations of applicable law.