JitoSOL is issued by the Jito Network and is backed by Solana deposited into a staking pool.
Solana News
Nasdaq has submitted a proposed rule change to the SEC seeking approval to list and trade shares of the VanEck JitoSOL ETF, a fund that would hold JitoSOL, a liquid staking token built on the Solana network.
JitoSOL is issued by the Jito Network and is backed by Solana deposited into a staking pool. It allows holders to earn staking rewards through a transferable token without running validators or managing on-chain staking directly.
The filing was submitted under Nasdaq Rule 5711(d), which covers commodity-based trust shares. It argues the proposal meets the SEC's fraud, manipulation, and surveillance standards, citing the agency's prior approvals of spot Bitcoin and spot Ethereum ETPs as precedent.
If approved, staking rewards would not be distributed to shareholders separately. Instead, they would compound automatically within each JitoSOL token and be reflected in the fund's net asset value, Jito Foundation president Brian Smith said.
The trust would price its shares using the MarketVector JitoSol VWAP Close Index, calculated from data contributed by multiple trading platforms. Both cash and in-kind creations and redemptions would be permitted under the structure.
The filing also argues that JitoSOL is economically comparable to Solana based on correlation data, and that a liquid staking token structured appropriately can be treated as analogous to the underlying asset under the SEC's generic listing standards approved in September.
No liquid staking token ETF is currently trading in the U.S. Existing products with staking exposure include the REX-Osprey Solana + Staking ETF, the REX-Osprey ETH + Staking ETF, and Grayscale's staking-enabled Ethereum and Solana trust products. In Europe, 21Shares launched a Jito-staked Solana ETP in January.
The SEC has 45 days from Federal Register publication to act on the proposal, with the option to extend the review period to 90 days. Jito's total value locked stands at approximately $1.1 billion, down from a peak above $3 billion in 2025, according to DefiLlama.
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