VanEck has filed to launch the VanEck JitoSOL ETF, a proposed US exchange-traded fund backed solely by the liquid staking token JitoSOL, potentially giving regulated exposure to Solana staking yields while testing the SEC’s evolving stance on liquid staking tokens.
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First US ETF proposal backed by a liquid staking token (JitoSOL).
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Filing tests SEC policy on whether liquid staking receipt tokens can be included in regulated ETPs.
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VanEck’s move follows spot Bitcoin and Ether ETF launches and cites SEC staff guidance distinguishing most staking from securities.
JitoSOL ETF: VanEck files to list a liquid staking token-backed ETF — learn what it means for Solana staking exposure. Read more.
What is the VanEck JitoSOL ETF proposal?
The VanEck JitoSOL ETF is a proposed US exchange-traded fund that would hold only JitoSOL, the liquid staking token issued by Jito Network. The fund aims to provide regulated, transferrable exposure to Solana staking yields by holding JitoSOL tokens that accrue rewards while remaining tradable.
How does JitoSOL represent staked Solana?
JitoSOL is a liquid staking receipt token that represents SOL locked with validators while enabling token transfer and reward accrual. Liquid staking consolidates stake across validators to reduce operational complexity and allows markets to price staking yields without unwrapping staked assets.
Why does this filing matter for SEC staking policy?
VanEck’s S-1 filing is the first US attempt to register an ETF backed by a liquid staking token, directly testing recent SEC staff interpretations. In May and August, SEC staff issued statements suggesting that solo and delegated staking generally fall outside securities laws and that receipt tokens can evidence ownership rather than an investment contract, provided there is no discretionary third-party control.
Those staff views are informative but not binding. The Commission or courts could still reach different conclusions, so the VanEck JitoSOL filing will be an important gauge of how the SEC applies those staff statements to exchange-traded products.
When did industry groups engage the SEC on this issue?
On July 31, Jito Labs and the Jito Foundation co-authored a letter to the SEC urging acceptance of liquid staking tokens like JitoSOL in ETPs. The letter included support from VanEck, Bitwise, Multicoin Capital, and the Solana Policy Institute (mentioned as plain text). Signatories argued liquid staking improves safety and efficiency by distributing stake across validators and lowering operational risk.
How has the SEC treated staking in past ETF approvals?
When spot Ether ETFs were approved in May 2024, issuers initially proposed staking options for ETH held by funds. The SEC required removal of staking references before approval, resulting in Ether ETFs that hold ETH without engaging in staking.
The SEC has also pursued enforcement: in February 2023, a settlement with Kraken closed its US staking service; later enforcement against Coinbase was dismissed in February 2025. These actions and the ETF approval process together shape the current regulatory backdrop.
US spot Ether ETFs. Source: TradingView
VanEck’s JitoSOL proposal follows its prior digital asset expansions, including spot Bitcoin and Ether ETFs launched in early 2024. Unlike those vehicles, the JitoSOL ETF—if approved—would involve a tokenized receipt for staking rewards rather than raw, unstaked ETH or BTC.
How would a JitoSOL ETF differ from spot BTC and ETH ETFs?
The core difference is staking exposure. Spot Bitcoin and Ether ETFs hold native assets without staking; a JitoSOL ETF would hold a liquid staking receipt that accumulates rewards. That structure raises unique operational and legal questions about custody, redemption mechanics, and whether receipt tokens constitute securities under federal law.
| ETF | Asset Held | Staking Allowed | Regulatory Status |
|---|---|---|---|
| Spot Bitcoin ETF | BTC | No | Approved (2024) |
| Spot Ether ETF | ETH | No | Approved (2024) |
| VanEck JitoSOL (proposed) | JitoSOL (liquid staking token) | Token accrues staking rewards | Filed (S-1) — pending SEC review |
Who are the authoritative sources and experts referenced?
Authoritative signals include SEC staff statements from May and August, regulatory enforcement actions (Kraken settlement, Coinbase litigation timeline), and the July 31 industry letter from Jito Labs and the Jito Foundation with industry supporters listed as plain text. Expert analysis comes from market participants and fund sponsors familiar with exchange-traded product structuring.
Frequently Asked Questions
Will the SEC allow ETFs to hold liquid staking tokens like JitoSOL?
There is no definitive answer yet. SEC staff guidance has suggested certain staking receipts may be ownership evidence rather than securities, but staff statements are non-binding and the Commission’s final view will determine whether an ETF holding JitoSOL can be approved.
How does JitoSOL generate rewards for holders?
JitoSOL accrues staking rewards by representing SOL that is staked with validators. Rewards are distributed according to the underlying protocol’s rules while the receipt token remains transferable, allowing market participants to trade staking exposure.
Key Takeaways
- Novel filing: VanEck filed the first US ETF S-1 proposing to hold only a liquid staking token, JitoSOL.
- Regulatory test: The proposal will test whether SEC staff views on staking translate into approvals for token-backed ETPs.
- Market implications: Approval could open a regulated route to Solana staking yields; rejection or conditions could shape future product design.
Conclusion
The VanEck JitoSOL ETF filing places JitoSOL and the question of liquid staking tokens at the center of US ETF policy. Investors and issuers will watch the SEC’s review closely for signs of how staking-related products can be structured within regulated markets. Expect further filings and regulatory dialogue as the industry and regulators seek clarity.
