Nasdaq has filed a proposed rule change to list the VanEck JitoSOL ETF, a fund designed to hold the Solana-based liquid staking token JitoSOL. Liquid staking allows users to stake tokens to secure a proof-of-stake network while receiving a transferable token representing staked assets and accrued rewards.
Jito Foundation president Brian Smith stated that if approved, staking rewards would be reflected in the fund’s net asset value, as JitoSOL automatically compounds rewards. Each token held by the trust would represent deposited SOL and accrued staking yield on the Solana network.
The exchange seeks approval to list and trade shares of a trust that would hold JitoSOL directly, citing prior SEC approvals for spot Bitcoin and Ether ETPs. The filing argues the proposal meets fraud, manipulation, and surveillance standards.
The trust would value shares using the MarketVector JitoSol VWAP Close Index, derived from pricing data across multiple trading platforms. It would permit both cash and in-kind creations and redemptions.
While no liquid staking token ETF of this type currently trades in the United States, other funds offer regulated exposure to staking economics. These include ETFs providing direct staking exposure to Solana and Ether, and Grayscale's expanded staking across its exchange-traded lineup.
Recent SEC guidance suggests certain protocol staking activities may not involve the offer or sale of securities, but these statements are not formal rulemaking.
In Europe, 21Shares launched a Jito-staked Solana exchange-traded product in January.
Jito's total value locked stands at approximately $1.1 billion.
