- VanEck filed for the first U.S. ETF backed by Solana’s liquid staking token JitoSOL.
- SEC guidance suggests that liquid staking tokens like JitoSOL may not qualify as securities.
- Approval could provide investors with regulated access to Solana staking yields via an ETF.
VanEck, a global asset management firm, has filed an application with the U.S. Securities and Exchange Commission (SEC) seeking approval of the VanEck JitoSOL exchange-traded fund (ETF). The S-1 registration statement was filed on August 22 with the aim of launching the first liquid staking token-backed ETF in the U.S.
If it is approved, the product would hold only JitoSOL, a token issued by Jito Network that represents staked Solana (SOL) with the ability to trade and continue earning staking rewards.
VanEck’s Push Into Liquid Staking Products
JitoSOL is a liquid staking token (LST) that permits investors to participate in protocol rewards without locking up their assets. The token is popular in decentralized finance and can generate staking yields. Approval of the liquid staking token would expose investors to staked SOL and its rewards in traditional brokerage accounts.
According to the Jito Foundation, the ETF would become “the first spot Solana ETF 100% backed by a liquid staking token.”
The Foundation also added that liquid staking tokens decentralize staking across validators, reduce operational risks, and provide transparent yield exposure for investors.
In addition, the JitoSOL ETF will complement VanEck’s other digital asset investment offerings, which include a spot Bitcoin ETF launched in the first quarter of 2024 and an Ether ETF that followed.
The proposal was filed after REX-Osprey launched a Solana staking ETF, which was integrated with JitoSOL. This also signals an increasing interest in integrating staking rewards into exchange-traded products.
The SEC review of VanEck JitoSOL ETF will clarify whether liquid staking tokens can be directly included in exchange-traded funds in the United States.
The VanEck proposal adds to months of collaboration between Jito Labs, the Jito Foundation, and the SEC. The executives have discussed with regulators how liquid staking can be safely incorporated into ETFs. Industry participants like Bitwise, Multicoin Capital and the Solana Policy Institute have also backed this approach.
Also Read | Robinhood Crypto Staking: Ethereum and Solana Now Available for US Users
SEC’s Evolving Position on Staking
However, the SEC has changed its stance on staking. In May, agency staff said that solo and delegated staking fall outside securities regulations since rewards depend on blockchain protocols.
In August, it was extended to liquid staking where the SEC said that tokens like JitoSOL should be described as ownership receipts instead of investment contracts, as long as issuers do not exercise discretionary control. Notably, the statements are the staff’s guidance and not legal regulations.
In addition, earlier, the SEC took a strict stance on staking with several enforcement actions. The actions included a $30 million settlement with Kraken in February 2023, which caused the exchange to halt its staking operations in the US. However, Kraken reopened the staking in 2025. The SEC also sued Coinbase over similar allegations in 2023 and the case was dismissed in early 2025.
Also Read | VanEck’s Solana ETF Listed on DTCC, SEC Approval Odds Hit 91%
