TL;DR:
- Nasdaq formally requests to list the VanEck JitoSOL ETF under commodity-based trust rules.
- Staking rewards will be automatically capitalized into the value of the fund’s shares.
- The proposal leverages the success of Bitcoin and Ether ETFs as legal precedent for SEC approval.
Nasdaq has just filed to list the first Solana liquid staking ETF in the United States, which is undoubtedly a milestone for the digital financial market. This investment product, created by VanEck, aims to provide direct exposure to JitoSOL, a token representing locked assets and their accumulated rewards.
Notably, this fund will not distribute yields separately; unlike other similar products, these are instead reflected in the net asset value. Consequently, investors will be able to benefit from the Solana network’s compounded growth without the technical complexity of managing their own validators.
To facilitate valuation, the trust will use a volume-weighted average price index, ensuring that every transaction is transparent. Furthermore, it allows for both cash and in-kind subscriptions, adapting to the needs of various institutional profiles.
Regulatory Impact and Evolution of the Staking Ecosystem
The filing, submitted under Rule 5711(d), argues that JitoSOL is economically comparable to Solana’s native intangible currency, citing high data correlation. It also relies on previous approvals of Bitcoin and Ether ETFs to demonstrate compliance with anti-fraud and manipulation standards.
Currently, while funds with staking exposure exist, this would be the first instrument focused exclusively on a liquid staking token (LST). Meanwhile, 21Shares already offers similar products in Europe, putting pressure on U.S. regulators not to fall behind in financial innovation.
In summary, with a review period that could extend up to 90 days, the crypto community is closely watching this strategic move by VanEck. Ultimately, the convergence between traditional and decentralized finance appears to be accelerating, promising much more democratic and efficient access to blockchain ecosystem yields.
