VanEck Submits Application for JitoSOL ETF
VanEck has applied to the U.S. Securities Exchange Commission (SEC) to launch an ETF (exchange-traded fund) based on JitoSOL, a liquid staking token on the Solana blockchain.
An ETF like this would let investors track the price of JitoSOL, which represents Solana (SOL) that has already been staked to earn rewards. Staking means locking up crypto on a blockchain to help secure the network and, in return, getting token rewards.
According to the Jito Foundation, this is the first proposed Solana ETF backed fully by a liquid staking token. They said that with the SEC giving clearer rules on staking, ETFs like this now have a clear legal path. Earlier this year, the SEC confirmed that both protocol staking and liquid staking are not securities, which means they can be included in ETFs.
In July, the SEC also allowed new rules for how crypto ETFs can be created and redeemed, giving the industry more flexibility.
VanEck’s filing comes shortly after REX-Osprey, another asset manager, added staking rewards to its Solana ETF through a partnership with JitoSOL.
As of now, Solana (SOL) is trading at $199, up about 10% in the past 24 hours, according to CoinGecko.
