Nasdaq Proposes Rule Change for VanEck JitoSOL ETF

Nasdaq has submitted a rule change proposal to list the VanEck JitoSOL ETF. This fund will directly hold the Solana-based liquid staking token JitoSOL. JitoSOL is a token that allows users to deposit their SOL into a staking pool to earn rewards and automatically compounds those rewards.

Nasdaq's VanEck JitoSOL ETF Proposal Details

Jito Foundation President Brian Smith stated that in case of approval, staking rewards will not be distributed separately but will be reflected through the fund's net asset value (NAV). The proposal argues that it meets manipulation and surveillance standards under Nasdaq Rule 5711(d), referencing the SEC's approvals of BTC and ETH spot ETPs. The fund will be valued using the MarketVector JitoSol VWAP Close Index and will support cash or in-kind creation/redemption transactions. The review period is 45 days from Federal Register publication, extendable to 90 days.

JitoSOL's Role in the Solana Ecosystem

JitoSOL is a liquid staking token on the Solana network that increases staking efficiency through MEV (Maximum Extractable Value) optimization. Users stake SOL to receive JitoSOL and accumulate rewards while maintaining liquidity. This also offers an attractive option for investors trading SOL futures.

US and Global Staking ETF Comparison

While there is no liquid staking ETF in the US yet, funds like REX-Osprey Solana + Staking ETF (SSK) and ETH + Staking ETF (ESK) provide staking exposure. Grayscale has added staking to its GSOL, ETHE, and Ethereum Mini Trust ETFs. In Europe, the 21Shares Jito-staked Solana ETP is trading. Jito's TVL is around 1.1 billion dollars.

Potential Impacts and JTO Token Connection

ETF approval could also positively affect the JTO token, as it is the governance token of the Jito protocol. It could accelerate institutional entry into the Solana ecosystem.