Grayscale Solana Staking ETF Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Current Liabilities: not reported
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Liquid Liquidation Value
- Accounts Receivable: not reported
- Current Liabilities: not reported
- Finance Lease Liability: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Operating Liquidation Value
- Accounts Receivable: not reported
- Current Liabilities: not reported
- Finance Lease Liability: not reported
- Inventory: not reported
- Long-Term Debt: not reported
- Operating Lease Liability: not reported
Build your own liquidation scenario
Adjust asset discounts and liability assumptions to see how assumptions affect the numbers.
Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $0 | $0.00 |
| Liquid Liquidation Value | $0 | $0.00 |
| Operating Liquidation Value | $0 | $0.00 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $0 |
| Accounts Receivable | N/A |
| Inventory | N/A |
| Current Liabilities (total reported; current not separately disclosed) | $71,000 |
| Long-term Debt | N/A |
| Op. Lease Liability | N/A |
| Finance Lease | N/A |
| Shares Outstanding | 17.6M |
Explore all 63 XBRL tags and build your own scenario → Open Calculator
Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-08 | View |
| 2025-12-31 | 10-K | 2026-03-12 | View |
| 2025-09-30 | 10-Q | 2025-11-25 | View |
AI Insights
Grayscale Solana Staking ETF (GSOL) is a Delaware grantor trust holding SOL as its sole asset, structured to pass through SOL exposure to shareholders. The liquidation analysis is structurally straightforward: the Trust has no PP&E, no inventory, no trade receivables in the conventional sense, and no long-term debt. Recovery to equity under a liquidation scenario is essentially the mark-to-market value of the SOL vault balance less the trivial accrued liability stack.
As of December 31, 2025, total assets were $160.4M, comprised almost entirely of SOL held at fair value ($160.4M), with a negligible staking reward receivable ($43K). Total liabilities were $71K (accrued sponsor staking fee payable), yielding net assets of $160.4M. Under the liquidation lens, SOL is a liquid digital asset with an active spot market; a recovery haircut in the range of 5-15% is appropriate given exchange execution risk, block-size constraints at scale, and market depth uncertainty. At a 10% liquidation haircut on the $160.4M SOL position, estimated recovery to equity is approximately $144M, or roughly $8.17 per share against a period-end NAV of $9.09.
Material change from prior period (10-Q for Q3 2025): The Trust uplisted to NYSE Arca on October 29, 2025, triggering a substantial creation activity. Shares outstanding grew from approximately 7.2M (implied from prior filings) to 17.6M, and SOL AUM expanded materially via $107M in new share issuances during FY2025. The Sponsor's Fee was reduced from 2.50% to 0.35% effective October 29, 2025, and staking commenced October 6, 2025, adding a Sponsor's Staking Fee layer (23% of gross staking rewards post-waiver). The full-year net loss was $49.3M, driven almost entirely by a $49.5M unrealized depreciation on SOL (SOL declined roughly 37% in principal market NAV per share, $14.33 to $9.09). No redemptions occurred during FY2025. There are no operating leases, pension obligations, debt instruments, or derivatives. Liability stack remains immaterial at $71K. The SOL classification-as-security risk and staking slashing risk are the primary contingent liabilities not reflected on the balance sheet; the filing discloses these in MD&A but does not separately tag or quantify them in XBRL.
▼ Community Notes