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 (CRYPTO: JTO). The instrument would give investors exposure to on-chain staking economics without the need to operate validator infrastructure, wrapping the underlying asset in publicly traded shares. If approved, the fund would reflect staking rewards in its net asset value rather than distributing separate yield payments, a detail highlighted by the Jito Foundation's leadership. The token itself compounds rewards automatically, so each share would represent the SOL deposited and the staking yield accrued on the Solana network (CRYPTO: SOL).
The filing, submitted under Nasdaq Rule 5711(d) governing commodity-based trust shares, seeks approval to list and trade shares of a trust that would hold JitoSOL directly rather than track via futures or other derivatives. The move underscores the ongoing regulatory interest in expanding regulated access to on-chain staking economics, a path that has gained momentum as liquidity and investor demand for crypto yield products continue to evolve across jurisdictions.
The asset at the center of the proposal, JitoSOL, is a liquid staking token issued by the Jito Network and backed by SOL deposited into a Solana staking pool. It enables holders to earn staking rewards through a transferable token without the operational burden of running validators. In the broader regulatory dialogue, the filing references earlier SEC actions on spot crypto ETPs, noting the agency’s prior approvals for spot Bitcoin (CRYPTO: BTC) and spot Ether (CRYPTO: ETH) exchange-traded products and arguing that a liquid staking token can be evaluated under the agency’s generic listing standards rather than requiring a dedicated futures framework. The document also cites the MarketVector JitoSol VWAP Close Index as the basis for valuing trust shares, a price construct derived from cross-platform pricing inputs that would undergird the ETF’s NAV. The trust would allow both cash and in-kind creations and redemptions, a mechanism that could help maintain price alignment with the underlying asset over time.
JitoSOL is designed to sit within the Solana ecosystem’s staking framework but to offer a ready-made exposure vehicle. The token is described as economically akin to SOL, with proponents arguing that an appropriately structured liquid staking token can be treated similarly to the underlying asset for aims of listing standards. The filing rests on the premise that regulators have, in recent months, acknowledged the potential for liquid staking and staking-receipt tokens to fit within existing regulatory frameworks, even as formal rulemaking continues to evolve.
The SEC’s review timeline for such listings typically provides a 45-day window from Federal Register publication to issue a decision, with possible extensions bringing the period to 90 days. The current status places the project in the exchange-review phase, a stage where Nasdaq lenders and the SEC assess disclosures, surveillance, and anti-fraud provisions before determining whether a listing may proceed. While the path forward remains contingent on regulatory signaling, the filing signals a growing appetite to broaden structured exposure to staking economics through traditional market infrastructure.
Staking exposure exists, but not liquid staking ETFs
Even as the VanEck JitoSOL ETF advances through regulatory review, the United States has yet to host a liquid staking token ETF of this explicit design. Market participants have, however, explored regulated access to staking economics through other vehicles. One notable example is the Rex-Osprey Solana + Staking ETF (SSK), which began trading in July and pairs spot Solana exposure with on-chain staking rewards distributed to shareholders. In September, Rex-Osprey expanded its lineup with the REX-Osprey ETH + Staking ETF (ESK), presenting Ether alongside staking-derived yields. Grayscale subsequently broadened staking exposure within its U.S. crypto-ETP roster, adding products tied to staking economics such as the Grayscale Ethereum Mini Trust ETF and Grayscale Ethereum Trust ETF (ETHE). Grayscale also introduced staking for the Grayscale Solana Trust (GSOL), which is seeking regulatory uplisting as an exchange-traded product. These products indicate a clear demand for regulated staking exposure, even as the regulatory framework for liquid staking tokens remains a developing area.
Regulatory guidance in the United States has been cautious. In May, the SEC’s Division of Corporation Finance indicated that certain protocol staking activities generally do not involve the offer or sale of securities under federal law, and in August the agency published staff guidance on liquid staking and staking receipt tokens. These statements do not constitute formal rulemaking and do not automatically approve specific products. In Europe, meanwhile, 21Shares launched a Jito-staked Solana exchange-traded product in January, providing listed exposure to SOL with integrated staking features. Jito’s prominence in the liquidity and staking space is reflected in its TVL, which hovered around $1.1 billion after peaking above $3.0 billion in 2025, according to DefiLlama data.
The evolving landscape around liquid staking, staking revenues, and on-chain reward mechanics sits at the intersection of technology, regulation, and market structure. Investors are watching how these products align with existing surveillance, valuation standards, and consumer protection requirements as new variants of staking exposure enter mainstream trading venues. The debate over whether staking-derived yield should be treated as a security, a yield instrument, or a synthetic exposure continues to shape how products get approved and marketed in regulated markets.
Market dynamics outside the United States add texture to the conversation. As mentioned, Europe has already welcomed a Jito-backed exposure through 21Shares, signaling an appetite for product design that blends price exposure with staking rewards. The global appetite for regulated staking products reflects a broader trend toward translating on-chain value accrual into familiar investment constructs that traditional investors can access without direct operational responsibilities on a blockchain network.
Overall, the idea of a liquid staking ETF for JitoSOL sits at a crossroads of innovation and regulation. It highlights how asset ownership, reward compounding, and on-chain security contributions can be packaged into tradable vehicles while attempting to meet the same standards that govern more conventional assets. The regulatory path ahead is nuanced, but the direction—toward structured exposure to staking economics within established market frameworks—appears to be gaining momentum.
Why it matters
For investors, a Nasdaq-listed JitoSOL ETF would provide a regulated, transparent channel to participate in the Solana staking economy without the operational overhead of running validators. The vehicle would anchor staking yields within a familiar product structure, potentially improving accessibility and diversification for crypto yield seekers. For builders and validators, widespread ETF exposure could bolster liquidity and create more robust on-chain-to-off-chain capital links, potentially increasing the velocity of staking-derived rewards across markets. For regulators, the proposal foregrounds the importance of clear surveillance and custody standards when bridging on-chain activity with traditional financial markets, a dynamic that is likely to inform future rulemakings and product approvals.
From a market context perspective, the emergence of liquid staking-linked ETFs aligns with a broader push to offer regulated access to decentralized finance concepts. As liquidity, risk sentiment, and macro conditions shape crypto markets, these products may influence how institutions allocate crypto exposure and how retail participants manage yield-oriented strategies within a compliant framework. The success or failure of the JitoSOL listing could also influence the pace at which other liquid staking tokens pursue similar registrations, potentially widening the spectrum of staking-backed instruments available in U.S. markets.
What to watch next
- Regulatory decision timeline: The SEC has a 45-day window from Federal Register publication to approve or disapprove, with possible extensions up to 90 days.
- Nasdaq listing decision: The exchange’s review and any required disclosures will determine whether the JitoSOL ETF advances to the next stage.
- Market acceptance: How traders price the trust and how NAV tracking via the VWAP index holds against on-chain SOL staking dynamics.
- Comparative launches: Developments in European ETPs and U.S. competing staking-exposure products (SSK, ESK, ETHE, GSOL) may shape investor expectations and pricing.
Sources & verification
- Nasdaq filing SR-NASDQ-2026-010 detailing the proposed listing of a JitoSOL-based ETF and the use of 5711(d) for commodity-based trust shares.
- SEC commentary and staff guidance on spot BTC/ETH approvals and liquid staking considerations, as referenced in the filing and related communications.
- MarketVector JitoSol VWAP Close Index as the basis for valuing trust shares and its methodology for price tracking.
- DefiLlama data on Jito’s total value locked (TVL), cited as around $1.1 billion after a peak above $3.0 billion in 2025.
- European exposure such as 21Shares’ Jito-staked Solana ETP and the Rex-Osprey U.S. staking ETF lineup including SSK and ESK, which illustrate broader market interest in staking-based products.
Nasdaq eyes listed exposure to JitoSOL amid a shifting staking landscape
Nasdaq’s bid to list the VanEck JitoSOL ETF marks a notable step in the maturation of on-chain staking products within traditional market structures. By directly holding JitoSOL (CRYPTO: JTO), the proposed vehicle would provide a regulated path to Solana’s staking economics, anchoring investor claims to a fungible token that represents staked SOL (CRYPTO: SOL) and the accrued rewards. The approach leverages a NAV framework that encapsulates compounded yields, contrasting with older yield-distribution models and aligning with how many conventional funds account for performance alongside custody and surveillance considerations.
The regulatory dialogue remains nuanced. While the SEC has signaled openness to generic listing standards as a vehicle to accommodate certain digital-asset exposures, it also demands rigorous disclosures and robust market safeguards. The absence of a regulated futures market for JitoSOL adds another layer of complexity, but the filing argues that a well-structured liquid staking token can still meet the standards required for listing through alternative means. If the proposal clears the review, it would join a small but growing set of US products attempting to bridge on-chain staking with mainstream investment channels.
Beyond the United States, the market has already shown appetite for staking-integrated exposure. Europe’s 21Shares has offered a Jito-staked Solana ETP since January, demonstrating demand for listed access to SOL-backed staking yields. In the U.S., comparable products such as the Rex-Osprey SSK and ESK funds and Grayscale’s staking-related ETFs indicate that investors are seeking institutional-grade vehicles to access staking economics without navigating on-chain complexities. The convergence of these products suggests that custody, governance, and surveillance standards will define the pace at which new staking-based vehicles arrive in both regulated markets and crypto-native platforms.
Whether Nasdaq's bid to introduce the JitoSOL ETF becomes a blueprint for future liquid-staking listings may depend on how the SEC interprets the evolving landscape of staking receipts and related on-chain activity. For market participants, the potential listing provides a focal point for assessing risk, yield, and regulatory alignment across a spectrum of products that connect the on-chain economy with traditional finance rails. The outcome could shape subsequent filings, influence how staking rewards are accounted for in NAV calculations, and influence investor expectations about the accessibility of staking-based yields through regulated exchanges.
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