SOEZMEDIUM SIGNALOPERATIONAL10-Q
Franklin Solana Trust has transitioned from pre-launch status to active operations, with the filing now reflecting operational details including full staking of Solana tokens and established cost basis reporting.
The removal of inception-related language and addition of operational metrics indicates SOEZ has successfully launched and begun normal business activities. The disclosure that 100% of Solana tokens are staked with third-party counterparties represents a key operational risk factor that investors should monitor, as staking introduces counterparty risk while potentially generating yield for the trust.
Comparing 2026-02-17 vs 2025-12-17View on EDGAR →
LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-12-17
ADDED
1 STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q includes statements which relate to future events or future performance.
The Trust intends to take advantage of the benefits of the extended transition period.
(a) Cost of investment in Solana: $ 3,456,108 at December 31, 2025.
(a) As of December 31, 2025, 100 % of Solana tokens are staked with third party counterparties.
(a) Net increase (decrease) in net assets per Share based on average shares outstanding during the period.
ORGANIZATION The Franklin Solana Trust (the Trust ) was formed as a Delaware statutory trust on February 10, 2025 and is governed by the provisions of the Third Amended and Restated Agreement and Declaration of Trust executed as of November 21, 2025 (the "Declaration of Trust").
The accompanying financial statements relate to the Trust, as registrant, and the one series that it currently offers, Franklin Solana ETF (the Fund ).
The Fund issues shares (the Shares ), representing fractional undivided beneficial interests in its net assets.
The Trust had no operations prior to the Fund's launch, other than matters relating to its organization and the registration of the Fund under the Securities Act of 1933, as amended (the "Securities Act").
Coinbase Crypto Services, LLC ( Coinbase Crypto or Staking Provider ) serves as the Staking Provider for the Fund.
REMOVED
* No comparative period presented as Fund inception was September 22, 2025.
* No comparative period presented as Fund inception was September 22, 2025.
The accompanying financial statements relate to the Trust, as registrant, and the one series that it currently offers, Franklin Solana ETF (the Fund ) presented on a combined basis.
At launch, the Fund will issue shares ( Shares ) representing fractional undivided beneficial interests in its net assets.
The Fund issues Shares only in Creation Units of 50,000 or multiples thereof.
Individual Shares will not be redeemed by the Fund but will be listed and traded on NYSE Arca under the ticker symbol "SOEZ." The Fund issues Shares in Creation Units on a continuous basis at the applicable NAV per Share on the creation order date.
The accompanying combined statement of assets and liabilities and combined schedule of investments on September 30, 2025, and the combined statement of changes in net assets and the combined statement of cash flows for the period September 22, 2025 through September 30, 2025, have been prepared on behalf of the Trust, as registrant, combined with its one currently offered series, the Fund, and for the Fund separately (included below in a separate section of this report), and are unaudited.
The Trust had not commenced operations as of September 30, 2025, and hence the combined statement of operations is not prepared.
In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to state fairly the financial position as of and for the period ended September 30, 2025, have been made.
In addition, interim period results are not necessarily indicative of results for a full year period.
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