Nasdaq Seeks Approval To List VanEck JitoSOL ETF Giving U.S. Investors Direct Exposure To Solana-Based Liquid Staking Token

Nasdaq has taken a significant step toward expanding cryptocurrency investment options by filing a proposed rule change to list the VanEck JitoSOL ETF, a fund designed to hold the Solana-based liquid staking token JitoSOL.

This filing, if approved, would mark a new chapter in U.S. ETFs by introducing direct exposure to liquid staking products.

Understanding Liquid Staking and JitoSOL

Liquid staking allows investors to stake tokens to help secure proof-of-stake networks while still retaining liquidity through a transferable token.

In this case, JitoSOL represents staked SOL along with accrued rewards.

Unlike traditional staking, where rewards are paid separately, the VanEck JitoSOL ETF would reflect staking yield directly in the fund’s net asset value, according to Brian Smith, president of the Jito Foundation.

This structure ensures each JitoSOL token automatically compounds rewards, meaning that every token in the trust would represent both the original SOL deposited and any staking yield generated on the Solana network.

For investors, this simplifies exposure to staking rewards without the need to operate validators or manage complex on-chain operations.

The Mechanics Behind the ETF

Nasdaq submitted the proposal under Rule 5711(d), which governs commodity-based trust shares.

The trust would hold JitoSOL directly and value its shares using the MarketVector JitoSol VWAP Close Index, which aggregates pricing data from multiple trading platforms.

The fund would allow both cash and in-kind creations and redemptions.

The filing cites prior SEC approvals for spot Bitcoin and Ether ETPs as precedent, arguing that JitoSOL satisfies fraud, manipulation, and surveillance standards, even without a regulated futures market.

Furthermore, the proposal positions JitoSOL as economically comparable to SOL, supporting the idea that a liquid staking token can be treated similarly to the underlying asset for listing purposes.

U.S. Market and Liquid Staking ETFs

Currently, no liquid staking token ETF trades in the U.S., though other staking-related products exist.

For example, REX-Osprey Solana + Staking ETF (SSK) combines SOL price exposure with on-chain staking rewards, and REX-Osprey ETH + Staking ETF (ESK) offers spot ETH exposure plus monthly staking payouts.

Grayscale has also expanded staking across its exchange-traded offerings, including Ethereum and Solana-focused trusts.

Despite SEC guidance indicating that certain staking activities do not constitute the offer or sale of securities, these statements are not formal rulemaking and do not automatically authorize new ETFs.

This leaves the VanEck JitoSOL ETF under review, awaiting official SEC approval.

International Developments

Europe has already explored liquid staking ETFs.

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

This international precedent demonstrates investor interest and market feasibility for liquid staking-based ETFs.

Jito Network Metrics

The Jito Network, which created JitoSOL, has experienced fluctuations in total value locked (TVL).

From a peak of over $3.0 billion in 2025, TVL has retraced to around $1.1 billion as of early 2026, according to DefiLlama.

This context shows both the potential and volatility of staking assets, emphasizing the importance of proper investor education when considering liquid staking exposure.

Impact and Consequences

Approval of the VanEck JitoSOL ETF could significantly impact both the crypto and traditional investment landscapes.

• It would provide U.S. investors direct, regulated access to liquid staking products without managing on-chain operations.

• The fund could attract institutional interest, boosting liquidity for JitoSOL and the Solana network.

• However, integrating staking rewards into an ETF could raise valuation complexities and risk assessments for regulators and investors alike.

• A successful launch may pave the way for additional liquid staking ETFs, further blurring lines between traditional finance and decentralized networks.

What’s Next

The SEC has 45 days from the Federal Register publication to approve or disapprove the proposal, with the option to extend up to 90 days.

Market watchers will be closely monitoring the review process for signals on how the SEC approaches liquid staking products.

Meanwhile, existing ETFs like REX-Osprey’s and Grayscale’s staking offerings will continue to serve as benchmarks for how regulated exposure to staking can function in the U.S. market.

Investors should also track Jito Network metrics, including token supply and TVL, as these could influence ETF performance once listed.

Summary

Nasdaq has filed to list the VanEck JitoSOL ETF, offering U.S. investors exposure to the Solana-based liquid staking token JitoSOL.

This ETF would integrate staking rewards into its net asset value, differentiating it from traditional staking or crypto funds.

With SEC review underway, approval would create a first-of-its-kind liquid staking ETF in the United States, following precedents set by international markets and other U.S. staking-related ETFs.

Bulleted Takeaways

• Nasdaq has proposed listing the VanEck JitoSOL ETF, holding the Solana-based liquid staking token JitoSOL.

• JitoSOL represents staked SOL plus automatically compounded staking rewards.

• The ETF would reflect staking yield in net asset value instead of separate payouts.

• The fund would value shares using the MarketVector JitoSol VWAP Close Index.

• No liquid staking ETFs currently trade in the U.S., though other staking-related ETFs exist.

• Europe has launched similar products, including the 21Shares Jito-staked Solana ETP.

• Approval could attract institutional investment, increase liquidity, and set a precedent for additional liquid staking ETFs.

• The SEC has 45–90 days to review the listing proposal.

• Jito Network’s TVL stands at $1.1 billion, down from a $3.0 billion peak in 2025.