SEC Approval Sought for JitoSOL Solana Liquid Staking ETF

The SEC is now formally reviewing a proposal to list a JitoSOL liquid staking token ETF on a major U.S. exchange. Nasdaq submitted the proposed rule change on behalf of VanEck, seeking permission to trade shares of a trust that would directly hold JitoSOL, the Solana-based liquid staking token built by the Jito Network. If approved, it would be the first exchange-traded product in the United States backed by a liquid staking token.

Nasdaq Files Rule Change for VanEck JitoSOL ETF

The VanEck JitoSOL ETF would be the first liquid staking token fund to reach the SEC's formal exchange review process. Nasdaq submitted the proposal under Rule 5711(d), which governs commodity-based trust shares, requesting authorization to list and trade shares of a trust holding JitoSOL directly. Created by the Jito Network, JitoSOL lets holders earn Solana staking rewards through a transferable token without operating validators or managing onchain staking.

Jito Foundation president Brian Smith told reporters that if the fund receives approval, staking rewards would not be paid out separately to shareholders. Instead, those rewards would be reflected in the fund's net asset value. Because JitoSOL automatically compounds yield, each token within the trust would represent the underlying deposited SOL plus any accrued rewards on the Solana network.

The trust would price its shares using the MarketVector JitoSol VWAP Close Index, derived from pricing data supplied by multiple trading platforms. Both cash and in-kind creations and redemptions would be permitted.

If the fund is approved, staking rewards would not be distributed separately but instead reflected in the fund's net asset value.

— Brian Smith, President of Jito Foundation

How Does the SEC Review Process Work for This Filing?

The SEC has 45 days from the date the proposal appears in the Federal Register to approve or disapprove the filing, with a possible extension to 90 days. The filing cites the agency's prior spot Bitcoin and spot Ether ETP approval orders as precedent, arguing the VanEck JitoSOL ETF meets fraud, manipulation, and surveillance standards even without a regulated futures market for JitoSOL.

The proposal contends approval can proceed through "other means," pointing to the SEC's framework for products that lack corresponding futures markets. It further claims JitoSOL is economically comparable to SOL, citing correlation data, and argues that a properly structured liquid staking token can be treated as analogous to its underlying asset under the generic listing standards the SEC approved in September.

Existing Staking ETFs and Regulatory Context

While no liquid staking token ETF currently trades in the United States, several funds already provide regulated exposure to staking economics. The REX-Osprey Solana + Staking ETF (SSK) began trading on July 2, combining spot Solana price exposure with onchain staking rewards. REX-Osprey followed in September with the ETH + Staking ETF (ESK), offering spot Ether exposure alongside monthly staking yield payouts.

About a month later, Grayscale expanded staking across its exchange-traded lineup, adding staking to the Grayscale Ethereum Mini Trust ETF and Grayscale Ethereum Trust ETF (ETHE). The firm also enabled staking for the Grayscale Solana Trust (GSOL), which is pursuing regulatory approval to uplist as an ETP.

In Europe, 21Shares launched a Jito-staked Solana exchange-traded product in January, providing listed exposure to SOL with staking integrated into the structure.

What Does This Mean for Solana Staking Investors?

Approval of the VanEck JitoSOL ETF would open a new pathway for U.S. investors to access Solana staking yields through a regulated vehicle without interacting directly with DeFi protocols. The SEC's Division of Corporation Finance stated in May that certain protocol staking activities generally do not constitute the offer or sale of securities. In August, the division issued similar staff guidance covering liquid staking and staking receipt tokens.

However, those statements represent staff-level guidance rather than formal rulemaking and do not automatically greenlight specific products. The formal 19b-4 exchange filing now under review requires affirmative SEC action.

Jito's total value locked stands at approximately $1.1 billion, according to DefiLlama data, after peaking above $3.0 billion during 2025 before retracing into early 2026. Whether the SEC grants approval could set a significant precedent for how liquid staking tokens are treated within the broader U.S. regulatory framework.