Nasdaq has filed a proposed rule change to list the VanEck JitoSOL ETF, a fund intended to hold JitoSOL, the Solana-based liquid staking token.
Liquid staking lets users stake tokens to help secure a proof-of-stake network while receiving a transferable token representing the staked assets and accrued rewards. Jito Foundation president Brian Smith told Cointelegraph that, if the ETF is approved, staking rewards would not be paid out separately but would instead 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 plus any staking yield accrued on Solana.
The exchange filed the proposal under Nasdaq Rule 5711(d), which governs commodity-based trust shares, seeking permission to list and trade shares of a trust that would hold JitoSOL directly. Created by the Jito Network, JitoSOL (JTOSOL) is backed by SOL deposited into a Solana staking pool and enables holders to earn staking rewards through a transferable token without running validators or managing on-chain staking.
The filing cites the SEC’s prior approval orders for spot Bitcoin and spot Ether ETPs, arguing the proposal meets fraud, manipulation and surveillance standards and can be approved by “other means” despite the lack of a regulated futures market for JitoSOL. The trust would value its shares using the MarketVector JitoSol VWAP Close Index, calculated from pricing data contributed by multiple trading platforms, and would allow both cash and in-kind creations and redemptions.
The filing also contends JitoSOL is economically comparable to SOL, citing correlation data, and argues that a properly structured liquid staking token can be treated as analogous to the underlying asset for purposes of the generic listing standards the SEC approved 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.
Staking exposure exists, but not liquid staking ETFs
While the VanEck JitoSOL ETF has entered the SEC’s exchange review stage, no U.S. ETF that directly holds a liquid staking token like JitoSOL is currently trading. There are, however, funds offering regulated exposure to staking economics. One of the earliest U.S. 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 on-chain staking rewards distributed to shareholders. In September, REX-Osprey launched the ETH + Staking ETF (ESK), offering spot Ether exposure plus monthly payouts tied to staking yield.
Grayscale expanded staking across its exchange-traded lineup, adding staking exposure to the Grayscale Ethereum Mini Trust ETF and Grayscale Ethereum Trust ETF (ETHE), and enabled staking for the Grayscale Solana Trust (GSOL), which is pursuing regulatory approval to uplist as an ETP.
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. Those 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 about $1.1 billion, down from a peak above $3 billion in 2025, according to DeFiLlama.
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