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 help secure a proof-of-stake network while receiving a transferable token in return that represents the staked assets and accrued rewards.
Jito Foundation president Brian Smith told Cointelegraph that if the fund is approved, staking rewards would not be distributed separately but instead would be reflected in the fund’s net asset value.
Because JitoSOL automatically compounds rewards, each token held by the trust would represent the underlying deposited SOL along with any staking yield accrued on the Solana network.
The exchange submitted the proposal under Nasdaq Rule 5711(d), which governs commodity-based trust shares, seeking approval to list and trade shares of a trust that would hold JitoSOL directly.
Created by the Jito Network, JitoSOL (JTOSOL) is a liquid staking token backed by SOL deposited into a staking pool on the Solana network. It lets holders earn staking rewards through a transferable token without directly running validators or managing onchain staking.
The filing cites the SEC’s prior spot Bitcoin (BTC) and spot Ether (ETH) ETP approval orders, arguing the proposal satisfies fraud, manipulation and surveillance standards and can be approved through “other means” despite the absence of a regulated futures market for JitoSOL.
According to the proposal, the trust would value its shares using the MarketVector JitoSol VWAP Close Index, which is calculated from pricing data contributed by multiple trading platforms, and the trust would permit both cash and in-kind creations and redemptions.
The filing also claims JitoSOL is economically comparable to SOL (SOL), citing correlation data, and says an appropriately structured liquid staking token can be treated as analogous to the underlying asset for purposes of the generic listing standards approved by the SEC in September.
Under the SEC’s review process, the agency has 45 days from Federal Register publication to approve or disapprove the proposal, which can be extended to 90 days.
Related: Ethereum Foundation starts staking ETH as client diversity concerns persist
Staking exposure exists, but not liquid staking ETFs
While the VanEck JitoSOL ETF has reached the SEC’s exchange review stage, no liquid staking token ETF of this type is currently trading in the United States. There are, however, existing funds that provide regulated exposure to staking economics.
One of the earliest US ETFs to offer direct staking exposure was the REX-Osprey Solana + Staking ETF (SSK), which began trading on July 2, and combines spot Solana price exposure with onchain staking rewards distributed to shareholders.
In September, the company launched the REX-Osprey ETH + Staking ETF (ESK), offering spot Ether exposure alongside monthly payouts tied 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.
While the SEC’s Division of Corporation Finance said 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, the statements are not formal rulemaking and do not automatically approve 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 structure.
Jito’s total value locked (TVL) stands at around $1.1 billion, after peaking above $3 billion in 2025 before retracing into early 2026, according to DefiLlama data.
TVL for Jito liquid staking. Source: DefiLlamaMagazine: Clarity Act risks repeat of Europe’s mistakes, crypto lawyer warns
Source: https://cointelegraph.com/news/liquid-staking-token-etf-enters-formal-sec-review-with-nasdaq-19b-4-filing?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
