Nasdaq Files for First Solana Staking ETF
Nasdaq has filed to list the VanEck JitoSOL ETF, which could become the first US-listed product offering exposure to a liquid staking token. If approved, the ETF would give institutional investors regulated access to both Solana's price and its staking yield. The move marks another step in the mainstreaming of crypto assets and complex DeFi products.
The Nasdaq filing for the VanEck JitoSOL ETF was submitted under Rule 5711(d), which pertains to commodity-based trust shares. The proposal argues that JitoSOL is economically comparable to SOL, citing high price correlations, and therefore should be considered analogous to the underlying asset. This move follows the SEC's prior approvals for spot Bitcoin and Ether ETFs, which the filing references as precedent for meeting fraud and surveillance standards without a dedicated futures market. The proposed ETF would directly hold JitoSOL, a liquid staking token from the Jito Network. This structure means staking rewards are not paid out as dividends but are compounded directly into the token's value, which would then be reflected in the fund's net asset value. The fund's shares would be valued using the MarketVector JitoSol VWAP Close Index, which aggregates pricing data from multiple platforms. JitoSOL allows users to stake their Solana (SOL) and receive a liquid token in return, which can be used in other DeFi applications while still earning staking rewards. The Jito Network enhances these returns by distributing a portion of Maximal Extractable Value (MEV) rewards to JitoSOL holders. MEV refers to the profit validators can make by strategically ordering transactions within a block. The SEC's review process for the filing has a 45-day initial period, which can be extended to 90 days. While no liquid staking token ETF currently trades in the U.S., other products offer exposure to staking yields, such as the REX-Osprey Solana + Staking ETF (SSK). In Europe, 21Shares has already launched a Jito-staked Solana exchange-traded product.
