Nasdaq has filed an application to list the VanEck JitoSOL ETF, which could become the first exchange-traded product in the US based on a liquid staking token. This is the first attempt to bring to the US market an ETF directly backed not by a base cryptocurrency, but by a liquid staking token.
If approved by the regulator, the VanEck JitoSOL ETF will give investors regulated access to both the price dynamics of Solana and staking yield.
First US Application for an ETF With a Liquid Staking Token
Nasdaq filed the proposal under Rule 5711(d), which governs the listing of commodity trust shares. The exchange expects to receive approval to list shares of a trust that will directly own JitoSOL.
JitoSOL represents SOL placed in a staking pool on the Solana network. In return, holders receive a transferable token that automatically accumulates staking rewards.
The liquid staking mechanism allows the network’s security to be maintained without locking assets with a validator. The investor owns a derivative token and retains the ability to freely manage their position without having to handle on-chain operations. At the same time, JitoSOL automatically reinvests earned rewards, increasing the balance.
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If the fund is launched, its net asset value will take into account both the staked SOL and the accumulated yield.
In its application, Nasdaq refers to previous approvals of spot products for bitcoin and Ethereum. The exchange claims that similar monitoring and anti-manipulation standards can be applied to the new product. However, JitoSOL lacks a regulated futures market, which may attract additional regulatory scrutiny.
How the Fund Will Work
The trust plans to value assets based on the MarketVector JitoSol VWAP Close index. This index aggregates price data from multiple trading venues, which should provide a more objective valuation.
The fund’s structure provides for both cash and in-kind creation and redemption of shares. This mechanism is designed to improve liquidity and reduce the fund’s price deviation from the underlying asset’s value.
The application also states that JitoSOL generally mirrors the economics of SOL. Based on this, the exchange believes it is possible to consider the token as an analogue of the underlying asset from a regulatory perspective.
After the document is published, the US Securities and Exchange Commission has 45 days to make a decision. If necessary, the regulator may extend the review period to 90 days.
ETFs With Staking Are Expanding, but Liquid Staking Still Lags Behind
There are already funds in the US that combine spot exposure and staking yield. For example, the REX Osprey Solana + Staking ETF and a similar product based on Ethereum distribute staking income among share holders.
Grayscale has also expanded the use of staking in its products for Ethereum and Solana. However, there is still no ETF on the US market that directly holds a liquid staking token.
In Europe, this segment is developing faster. Earlier this year, 21Shares launched a product based on Jito with Solana staking. Against this backdrop, the VanEck application could be a test of US regulators’ readiness to approve an ETF with more complex yield strategies in the blockchain sector.
Why the SEC Decision Will Set a Precedent for the Entire Market
The review of an ETF based on JitoSOL goes beyond a single product. The question is whether the US regulator is ready to recognize liquid staking as a full-fledged investment instrument within the structure of exchange-traded funds. Unlike classic spot ETFs, where the asset is passively held on the trust’s balance sheet, the model with JitoSOL implies built-in yield and a more complex asset management architecture.
If the SEC approves such a product, it will effectively confirm that the regulator allows the use of derivative forms of underlying crypto assets within public investment instruments. This could open the door to similar solutions based on other networks, including Ethereum, where the liquid staking market is already significantly scaled.
At the same time, interest in infrastructure protocols that provide liquid staking will increase. If the ETF succeeds, demand may shift not only to base tokens like SOL but also to staking solutions themselves as a separate market segment. This will intensify competition among liquid staking providers and could lead to the standardization of their models in the context of public fund requirements.
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On the other hand, a rejection by the SEC will also be telling. It will mark the boundary of what is permissible and demonstrate that the regulator remains cautious about products with built-in yield, especially if the underlying asset lacks a regulated derivatives market. In this scenario, the development of ETFs with staking elements in the US may slow down, ceding the initiative to European platforms.
