Nasdaq has submitted a proposal to list the VanEck JitoSOL ETF, marking a potential first in U.S. liquid staking token exchange-traded products. The filing marks the first attempt to list a US product directly backed by a liquid staking token rather than a base cryptocurrency. If regulators approve the proposal, the VanEck JitoSOL ETF would give investors regulated exposure to both Solana’s price action and its staking yield through a single security.
First US Filing for Liquid Staking Token ETF
Nasdaq submitted the proposal under Rule 5711(d), which governs commodity-based trust shares. The exchange seeks approval to list shares of a trust that would hold JitoSOL directly.
JitoSOL represents SOL deposited into a staking pool on the Solana network. In return, holders receive a transferable token that accrues staking rewards automatically.
Liquid staking allows token holders to support network security while keeping liquidity. Instead of locking assets in a validator, investors hold a derivative token.
Consequently, they can trade or transfer exposure without managing onchain operations. Moreover, JitoSOL compounds rewards directly into its balance. As a result, the fund’s net asset value would reflect both deposited SOL and accumulated yield.
The proposal references prior approvals of spot Bitcoin and Ether exchange-traded products. Specifically, it points to orders covering Bitcoin and Ethereum ETPs.
Nasdaq argues that similar surveillance and anti-manipulation standards apply. However, JitoSOL does not have a regulated futures market, which could draw scrutiny during review.
How the Fund Would Operate
The trust would price its holdings using the MarketVector JitoSol VWAP Close Index. That benchmark aggregates pricing data from multiple trading venues. Additionally, the structure would allow both cash and in-kind creations and redemptions. This mechanism aims to improve liquidity and reduce tracking error.
The filing also claims JitoSOL closely tracks the economics of SOL. Therefore, the exchange contends regulators can treat it as analogous to the underlying asset.
The US Securities and Exchange Commission now has 45 days to act after publication. The agency may extend that timeline to 90 days.
Staking ETFs Expand, Liquid Staking Lags
Several US funds already combine spot exposure with staking rewards. The REX-Osprey Solana + Staking ETF and its Ether counterpart distribute staking income to shareholders.
Additionally, Grayscale has expanded staking across its Ethereum and Solana products. However, no US-listed ETF currently holds a liquid staking token directly.
Significantly, Europe has moved ahead in this niche. 21Shares launched a Jito-staked Solana product earlier this year. Hence, the VanEck filing could test whether US regulators will extend ETF approvals deeper into blockchain yield strategies.
Source: https://coinpaper.com/14978/sec-review-begins-for-solana-based-jito-sol-liquid-staking-etf
