Nasdaq seeks SEC OK to list VanEck JitoSOL Solana staking ETF
Nasdaq has submitted a proposed rule change to list the VanEck JitoSOL ETF, an exchange-traded fund that would hold the Solana-based liquid staking token JitoSOL. If approved, it would represent the first U.S. Securities and Exchange Commission (SEC) exchange filing for a liquid staking token exchange-traded product (ETP).
Liquid staking enables users to stake tokens to secure a proof-of-stake network while receiving a transferable token that reflects the staked assets and accrued rewards.
Jito Foundation president Brian Smith said that if the fund is cleared, staking rewards would be reflected in the fund’s net asset value rather than distributed separately. Because JitoSOL automatically compounds rewards, each token held by the trust would represent the deposited SOL plus any staking yield earned on the Solana network.
The exchange filed the proposal under Nasdaq Rule 5711(d), which covers commodity-based trust shares, seeking approval to list and trade shares of a trust that would directly hold JitoSOL.
Developed by the Jito Network, JitoSOL (JTO) is a liquid staking token backed by SOL deposited into a Solana staking pool. It allows holders to earn staking rewards through a transferable token without operating validators or managing on-chain staking.
The filing references the SEC’s prior approvals of spot Bitcoin (BTC) and spot Ether (ETH) ETPs, asserting the proposal meets fraud, manipulation, and surveillance requirements and could be approved “through other means” despite the absence of a regulated futures market for JitoSOL.
Per the proposal, the trust would value its shares using the MarketVector JitoSol VWAP Close Index, which is derived from pricing data contributed by multiple trading venues. The trust would support both cash and in-kind creation and redemption processes.
The filing also states that JitoSOL is economically comparable to SOL (SOL), citing correlation metrics, and argues that a properly structured liquid staking token can be treated as analogous to its underlying asset for purposes of the generic listing standards the SEC approved in September.
Under the SEC’s review timeline, the agency has 45 days from publication in the Federal Register to approve or disapprove the proposal, a period that can be extended to 90 days.
Staking exposure exists, but not liquid staking ETFs
While the VanEck JitoSOL ETF has advanced to the SEC’s exchange review phase, no U.S.-listed ETF currently offers exposure to a liquid staking token. However, there are products providing regulated access to staking economics.
One of the earliest U.S. ETFs to provide direct staking exposure was the REX-Osprey Solana + Staking ETF (SSK), which began trading on July 2 and combines spot Solana price exposure with on-chain staking rewards distributed to shareholders. In September, the firm introduced the REX-Osprey ETH + Staking ETF (ESK), offering spot Ether exposure with monthly payouts linked to staking yield.
About a month later, Grayscale expanded staking across its exchange-traded lineup, adding staking exposure to the Grayscale Ethereum Mini Trust ETF and Grayscale Ethereum Trust ETF (ETHE). The company also enabled staking for the Grayscale Solana Trust (GSOL), which is seeking regulatory approval to uplist as an ETP.
The SEC’s Division of Corporation Finance stated in May that certain protocol staking activities generally do not involve the offer or sale of securities under federal law, and in August issued similar staff guidance on liquid staking and staking receipt tokens. These statements are not formal rulemaking and do not automatically authorize specific products.
In Europe, 21Shares launched a Jito-staked Solana exchange-traded product in January, providing listed exposure to SOL with staking integrated into the product’s structure. Jito’s total value locked (TVL) is approximately $1.1 billion, after surpassing $3.0 billion in 2025 before pulling back into early 2026, according to DefiLlama data.
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