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Nasdaq has filed a proposed rule change to list the VanEck JitoSOL ETF, pushing US regulators to consider a structure that goes beyond spot crypto exposure. Instead of holding Solana itself, the fund would own JitoSOL, a liquid staking token that represents staked SOL and the rewards earned on the network.
The filing, submitted under Nasdaq Rule 5711(d), requests the SEC to allow shares of a trust that would hold JitoSOL directly. Approval would mark the first US exchange-traded product (ETP) built around a liquid staking token rather than a base cryptocurrency.
Cointelegraph: SEC approval sought for JitoSOL Solana-based liquid staking token ETFhttps://t.co/qMJzAhLman
— Brian (@brian_smith_0) February 26, 2026
JitoSOL is issued by the Jito Network on the Solana blockchain. When users stake SOL through the protocol, they receive JitoSOL in return. That token remains transferable while automatically compounding staking rewards.
According to the filing, the VanEck fund wouldn’t distribute staking income to shareholders. Instead, rewards would be reflected in the ETF’s net asset value. Brian Smith, president of the Jito Foundation, told Cointelegraph that this approach mirrors how value accrues in the token itself, where yield is embedded rather than paid out.
The trust would value its holdings using the MarketVector JitoSOL VWAP Close Index, which aggregates prices from multiple trading venues. The structure also allows both cash and in-kind creations and redemptions, a feature designed to keep trading prices aligned with underlying value.
Nasdaq’s argument leans heavily on recent regulatory history. The exchange cites the SEC’s approval of spot Bitcoin ETFs in January 2024 and spot Ether ETFs in mid-2024 as evidence that similar surveillance and anti-manipulation standards can apply here.
The filing also claims JitoSOL is economically comparable to SOL, pointing to correlation data between the liquid staking token and the underlying asset. The implication is clear: if regulators accepted spot ETFs for Bitcoin and Ether without regulated futures markets in place, the absence of a JitoSOL futures market shouldn’t be disqualifying on its own.
This is where the filing quietly draws a line, as it doesn’t ask the SEC to endorse staking as a concept, but instead, questions whether a liquid staking token can be treated as an extension of an already accepted asset.
US markets already offer limited staking exposure. The REX-Osprey Solana + Staking ETF began trading in July 2024, combining spot SOL exposure with staking rewards. Grayscale later added staking features to its Ethereum and Solana trust products. None of these funds hold liquid staking tokens directly.
The first staking products in the US are going live on public markets today via @Grayscale’s:
– Ethereum Trust ETF (ETHE)
– Ethereum Mini Trust ETF (ETH)
– Solana Trust (GSOL)This opens the door to Wall Street to access this yield, which was previously inaccessible to them. pic.twitter.com/ykeHOF4yph
— Jacquelyn Melinek (@jacqmelinek) October 6, 2025
Outside the US, the picture looks different. In January 2026, 21Shares launched a Jito-staked Solana exchange-traded product in Europe, giving regulators a live example of how such structures operate in public markets.
Jito’s own footprint adds context. Data from DefiLlama shows Jito’s total value locked near $1.1 billion in early 2026, down from peaks above $3 billion in 2025, a reminder that staking demand moves with market cycles.
Under the SEC’s process, the agency has 45 days from Federal Register publication to respond, with the option to extend the review to 90 days. The decision will signal whether US crypto ETFs are ready to absorb on-chain yield, or if staking remains a line regulators aren’t yet willing to cross.
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