VanEck Files for JitoSOL Liquid Staking ETF
Asset manager VanEck has filed for a JitoSOL ETF, which would provide U.S. investors with exchange-traded exposure to Solana's native liquid staking token. If approved, the ETF could serve as a significant liquidity catalyst for JitoSOL and the broader Solana staking ecosystem. The move signals growing institutional interest in accessing DeFi yield strategies through traditional financial products.
The filing was submitted by Nasdaq under Rule 5711(d) for "commodity-based trust shares," arguing that JitoSOL is economically similar to Solana and should be eligible for listing based on precedents set by spot Bitcoin and Ethereum ETFs. The proposed fund would be valued using the MarketVector JitoSol VWAP Close Index and allow for both cash and in-kind redemptions. The SEC's review period is expected to be between 45 and 90 days. Jito is the largest protocol on Solana, with a total value locked (TVL) of $1.4 billion, representing about 38% of the Solana ecosystem's TVL. The Jito protocol offers a liquid staking solution that allows users to stake SOL and receive JitoSOL tokens in return, which can be used in other DeFi applications while still earning staking rewards. This structure is unique because staking rewards and additional MEV (Maximum Extractable Value) earnings are not distributed as dividends but are instead reflected in the net asset value (NAV) of the ETF shares. This offers investors compounded growth without the need to manage validator infrastructure directly. JitoSOL holders typically earn the standard 6-8% APY from Solana staking, plus an additional 1-3% from MEV rewards. While this is the first filing for an ETF that directly holds a liquid staking token in the U.S., several funds already offer exposure to staking yields. Products like the REX-Osprey Solana + Staking ETF (SSK) exist, and Grayscale has incorporated staking into its Solana and Ethereum products. In Europe, 21Shares launched a Jito-staked Solana exchange-traded product in January, signaling international demand for such vehicles. The filing follows recent SEC guidance clarifying that certain liquid staking activities do not constitute securities transactions, a key development that paved the way for this type of product. The Jito Foundation noted that this S-1 filing was the result of months of engagement with the SEC to establish liquid staking tokens as compliant components for ETFs.
