Nasdaq Pushes for First US JitoSOL Liquid Staking ETF Listing

Nasdaq has filed with the US Securities and Exchange Commission to list the VanEck JitoSOL ETF, a proposed fund that would directly hold the Solana based liquid staking token JitoSOL.

Key Takeaways

• Nasdaq filed a proposed rule change to list the VanEck JitoSOL ETF under Rule 5711(d).
• The ETF would hold JitoSOL directly and reflect staking rewards in its net asset value rather than paying separate yield.
• No pure liquid staking token ETF currently trades in the United States.
• The SEC has up to 90 days to make a final decision after publication in the Federal Register.

What Happened?

Nasdaq submitted a proposed rule change to the SEC seeking approval to list and trade shares of the VanEck JitoSOL ETF. The trust would hold JitoSOL, a liquid staking token built on the Solana network, rather than tracking futures or derivatives.

If approved, the product would mark the first US listed ETF offering direct exposure to a liquid staking token.

Nasdaq Seeks Direct Exposure to JitoSOL

The proposal was filed under Nasdaq Rule 5711(d), which governs commodity based trust shares. Instead of relying on a regulated futures market, the trust would hold JitoSOL directly and value its shares using the MarketVector JitoSol VWAP Close Index, which aggregates pricing data from multiple trading platforms.

According to the filing, the trust would allow both cash and in kind creations and redemptions, a mechanism designed to help keep the ETF price aligned with the value of the underlying token.

Created by the Jito Network, JitoSOL is backed by SOL deposited into a staking pool on the Solana network. Liquid staking allows users to secure a proof-of-stake blockchain while receiving a transferable token that represents the staked assets and accrued rewards.

How Staking Rewards Would Work?

A key feature of the proposed ETF is how it handles staking income.

Brian Smith, president of the Jito Foundation, 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. This structure means investors would see staking returns integrated into the share price rather than receiving periodic yield payouts.

Another report noted that this design could reshape how ETF investors experience staking returns by embedding rewards directly into performance rather than separating income from price appreciation.

SEC Review Timeline and Regulatory Context

Under the SEC review process, the agency has 45 days from publication in the Federal Register to approve or disapprove the proposal. That window can be extended to 90 days.

The filing references the SEC’s prior approvals of spot Bitcoin and spot Ether exchange traded products, arguing that JitoSOL can meet fraud, manipulation, and surveillance standards even without a regulated futures market. It also cites correlation data suggesting JitoSOL is economically comparable to SOL for purposes of generic listing standards.

However, the regulatory environment remains cautious. In May, the SEC’s Division of Corporation Finance said certain protocol staking activities generally do not involve the offer or sale of securities under federal law. In August, staff issued additional guidance on liquid staking and staking receipt tokens. These statements are not formal rulemaking and do not automatically greenlight specific products.

CoinLaw’s Takeaway

In my view, this filing represents another serious step toward bringing onchain yield into traditional finance. I have seen strong demand from both retail and institutional investors who want staking exposure without running validators or managing wallets. Embedding rewards directly into NAV feels like a cleaner structure that traditional ETF buyers can understand.

If the SEC approves this product, I believe it could open the door for more liquid staking token ETFs in the United States. At the same time, regulators will likely scrutinize custody, pricing, and surveillance very closely. The outcome here could shape how staking based investment products evolve over the next few years.

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