Invesco Galaxy Solana 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 | N/A |
| Liquid Liquidation Value | $0 | N/A |
| Operating Liquidation Value | $0 | N/A |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $0 |
| Accounts Receivable | N/A |
| Inventory | N/A |
| Current Liabilities (total reported; current not separately disclosed) | $1,056 |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | N/A |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2025-12-31 | $500 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2025-10-15 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SEC Filings
AI Insights
Invesco Galaxy Solana ETF (QSOL) is a Delaware statutory trust grantor structure that holds spot Solana (SOL) as its sole asset. The trust commenced trading December 15, 2025 and this is its first 10-Q filing. Under a liquidation lens, the recovery posture is straightforward: total assets consist entirely of SOL held at fair value ($5.57M) with de minimis cash ($0 at period end) and liabilities of $1,056 (accrued sponsor fee). Net asset value per share is $8.37 on 665,000 shares outstanding. Liquidation value approximates NAV less a haircut on SOL marketability. SOL is classified as Level 1 under ASC 820 and is valued via the Lukka Prime Solana Reference Rate — a market-observable benchmark. The asset is liquid but highly volatile. Applying a conservative haircut of 5–15% to the SOL position (reflecting bid-ask spread, block liquidation discount, and custody transfer timing risk on a $5.57M book) yields an estimated liquidation recovery of approximately $4.7M–$5.3M against effectively zero liabilities, implying positive equity recovery. This is atypical for the liquidation lens but expected for a pass-through grantor trust with no fixed liabilities, no debt, no leases, and no operational overhead borne by the trust. The liability stack consists solely of $1,056 accrued sponsor fee — immaterial. The dominant risk factor under liquidation is SOL price volatility: NAV declined 32.67% during Q1 2026 (from $12.45 to $8.37/share), driven by a $961,856 unrealized loss. Share count grew 269% during the quarter (180,000 to 665,000 shares) via 485,000 new shares issued at $4.29M proceeds, with zero redemptions. The trust's cumulative cost basis in SOL is $6.78M against fair value of $5.57M, implying $1.21M of unrealized depreciation on the investment book. No debt, no pension, no leases, no off-balance-sheet commitments. The staking income mechanism ($19,853 gross in Q1) adds modest SOL accretion but was more than offset by SOL price decline. Filing discusses staking tax treatment uncertainty in MD&A but does not separately tag contingent tax liability in XBRL — that exposure is disclosed narratively only.
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