Nasdaq Seeks SEC Approval for JitoSOL Liquid Staking ETF
By John Nada·Feb 27, 2026·4 min read
Nasdaq has filed to list the VanEck JitoSOL ETF, which would offer liquid staking exposure. This could reshape institutional investment in the Solana ecosystem.
Nasdaq has initiated a proposed rule change to list the VanEck JitoSOL ETF, a fund focused on the Solana-based liquid staking token JitoSOL. This move marks a significant step toward mainstream financial acceptance of liquid staking, allowing users to stake tokens to support a proof-of-stake network while receiving a transferable token that represents their staked assets and accrued rewards.
According to Brian Smith, president of the Jito Foundation, if approved, staking rewards will not be distributed separately. Instead, they will be integrated into the fund's net asset value. As JitoSOL automatically compounds rewards, each token in the trust will represent the underlying deposited SOL along with any staking yield accrued on the Solana network. This integrated approach not only simplifies the staking process for investors but also potentially increases the attractiveness of the ETF by providing a clear picture of returns based on the net asset value.
The proposal was submitted under Nasdaq Rule 5711(d), which governs commodity-based trust shares. Nasdaq argues that the fund meets the SEC’s standards for fraud, manipulation, and surveillance, referencing prior approvals for spot Bitcoin and Ether ETPs. The trust would use the MarketVector JitoSol VWAP Close Index for share valuation, calculated from data provided by multiple trading platforms, allowing both cash and in-kind creations and redemptions. This methodology aims to ensure transparent and fair pricing, crucial for investor confidence in the fund.
JitoSOL is a liquid staking token backed by SOL deposited in a staking pool on the Solana network. It enables holders to earn staking rewards without the complexities of managing on-chain staking or running validators. This ETF proposal comes at a time when no liquid staking token ETFs are currently trading in the United States, although there are existing funds that provide regulated exposure to staking economics. The absence of a liquid staking ETF highlights the potential market gap that the VanEck JitoSOL ETF aims to fill.
The REX-Osprey Solana + Staking ETF, which began trading in July, offers direct staking exposure alongside spot Solana price movement. This fund illustrates a growing interest in products that blend traditional investment mechanisms with the innovative aspects of cryptocurrencies. Following this, Grayscale expanded its offerings, enabling staking across its exchange-traded lineup, including the Grayscale Ethereum Mini Trust ETF and the Grayscale Solana Trust, which is also seeking regulatory approval for uplisting as an ETP. These developments point towards a broader acceptance and integration of staking strategies within the financial system.
Despite the SEC’s previous statements indicating that certain staking activities do not constitute the offer or sale of securities, these do not equate to formal rulemaking and do not guarantee specific product approvals. The regulatory landscape remains complex, especially as the SEC reviews the VanEck proposal, which has a 45-day window for decision-making that can be extended to 90 days. This review period is critical not only for the JitoSOL ETF but also for the future of similar products in the market.
Internationally, 21Shares launched a Jito-staked Solana exchange-traded product in January, integrating staking into its structure and broadening investor access to Solana’s staking rewards. Such moves highlight the global interest in liquid staking products and the competitive landscape that Nasdaq and VanEck are entering. Jito’s total value locked (TVL) stands at approximately $1.1 billion, having peaked at over $3 billion in 2025 before a retracement in early 2026, as reported by DefiLlama. This fluctuation in TVL underscores the dynamic nature of the liquid staking market and its susceptibility to broader market trends.
The approval of the VanEck JitoSOL ETF could have significant implications for institutional adoption of liquid staking in the U.S. market. It highlights a growing trend towards integrating staking rewards into investment products, potentially attracting more investors to the Solana ecosystem and enhancing market liquidity. As institutional interest continues to rise, the success of the JitoSOL ETF could encourage further innovation in the space.
Ultimately, the outcome of this proposal may set a precedent for how liquid staking tokens are viewed in the regulatory landscape, influencing future product approvals and shaping the investment strategies of institutional players. Market participants will be watching closely for signs of regulatory shifts in the liquid staking space, as the SEC's decision could have a ripple effect on the development of similar financial instruments. The evolving nature of cryptocurrency regulation will play a crucial role in determining the viability and acceptance of liquid staking ETFs moving forward.