Liquid staking under the lens after Nasdaq files JitoSOL ETF rule change – Details

ambcryptoPubblicato 2026-02-27Pubblicato ultima volta 2026-02-27

Introduzione

Nasdaq has filed with the SEC to list the Vaneck JitoSOL ETF, which would be the first Solana spot ETF fully backed by a liquid staking token (LST). The fund aims to track the price of JitoSOL, a tradable asset users receive for staking SOL, allowing them to earn rewards without managing validators. The filing argues that JitoSOL is economically comparable to SOL, citing extremely high hourly price correlations (over 0.997) on major exchanges. This suggests the ETF introduces no new pricing risks beyond existing Solana ETFs. The SEC has 45 to 90 days to review the proposal. If approved, staking rewards would be reflected in the fund’s net asset value rather than distributed separately. This is the first U.S. filing for an LST-backed fund, though other products offering combined spot and staking exposure, like the REX-Osprey Solana ETF, already trade.

Nasdaq has submitted a filing to the U.S Securities and Exchange Commission (SEC), proposing a rule change to list the Vaneck JitoSOL ETF. This fund was announced on 22 August 2025 as the first Solana [SOL] Spot ETF 100% backed by a liquid staking token (LST). It aims to track the price of JitoSOL, which it achieves using the MarketVector JitoSol VWAP Close Index.

In liquid staking, users receive a tradable asset in return for staking crypto. Users staking SOL receive JitoSOL in return. These can be traded while still earning the on-chain rewards from the staked SOL. These users don’t need to run validators or manage their on-chain staking.

Correlation data cited to show JitoSOL as analogous to SOL

The goal of the Nasdaq filing was to allow the listing and trading of the Vaneck JitoSOL ETF, which would hold JitoSOL directly. It submitted the proposal under Nasdaq Rule 5711(d), “which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.”

The exchange relied on the “generic listing standards” the SEC approved in September. By demonstrating a high price alignment and correlation between JitoSOL and SOL, with hourly price correlations of approximately 0.9979 on OKX and 0.9985 on Coinbase, it argues that JitoSOL is economically comparable to SOL.

Therefore, the JitoSOL ETF does not bring new pricing risks not already present in the already-approved Solana ETF market.

The SEC’s review process gives the agency 45 days to approve or disapprove this proposal. This deadline can be extended to 90 days.

According to Jito Foundation president Brian Smith, staking rewards would not be distributed separately if the fund is approved. Instead, the rewards would reflect on the fund’s net asset value.

In August, JitoSOL had revealed that the Vaneck ETF filing was a result of months of collaborative policy outreach efforts with the SEC. This filing is still in the SEC’s exchange review stage. No liquid staking token fund is trading in the United States.

Other products that allow exposure to spot and staking rewards exist though. The REX-Osprey Solana + Staking ETF (SSK) began trading in early July. The REX-Osprey ETH + Staking ETF (ESK) was launched in September.

Grayscale introduced staking for its Ethereum and Solana ETFs in October too.

Final Summary

The Nasdaq filing to the SEC is aimed at allowing the listing and trading of the Vaneck JitoSOL.
High price alignment between JitoSOL and SOL means the two assets are economically comparable.

Domande pertinenti

QWhat is the purpose of the rule change filing submitted by Nasdaq to the SEC?

AThe purpose of the Nasdaq filing is to propose a rule change to allow the listing and trading of the Vaneck JitoSOL ETF, a fund that would be 100% backed by the liquid staking token JitoSOL.

QWhat is the Vaneck JitoSOL ETF designed to track, and how does it achieve this?

AThe Vaneck JitoSOL ETF is designed to track the price of JitoSOL, which it achieves by using the MarketVector JitoSol VWAP Close Index.

QWhat key data did Nasdaq cite in its filing to argue that JitoSOL is economically comparable to SOL?

ANasdaq cited high hourly price correlations of approximately 0.9979 on OKX and 0.9985 on Coinbase between JitoSOL and SOL to demonstrate their economic comparability.

QHow would staking rewards be handled for investors if the Vaneck JitoSOL ETF is approved?

AAccording to Jito Foundation president Brian Smith, staking rewards would not be distributed separately but would instead be reflected in the fund's net asset value.

QWhat is the current status of the Vaneck JitoSOL ETF filing and are there any similar funds trading in the U.S.?

AThe filing is currently in the SEC's exchange review stage, and no liquid staking token fund is currently trading in the United States.

Letture associate

The End of This Bull Market's 'Greatest Myth': 'AI Stock God' Leopold Crushed in Weeks, Citadel Takes Over $16 Billion in Stock Assets

The once-celebrated "AI stock god," 24-year-old Leopold Aschenbrenner, has seen his hedge fund's spectacular rise end in a dramatic collapse. His fund, Situational Awareness (SA), built a narrative around explosive AI infrastructure demand, raising $45 billion and achieving a 439% return in H1 2026 by heavily leveraging (4x) concentrated long positions in stocks like SK Hynix and CoreWeave, while shorting legacy software firms. In July 2026, a sharp reversal hit AI stocks, triggering massive losses in both long and short positions. Facing margin calls from banks, SA was forced to sell its entire $16 billion public market portfolio in a 36-hour fire sale. Citadel acquired the assets at a significant discount, one of Wall Street's largest emergency stock trades. SA's assets under management plummeted from a $45 billion peak to roughly $10 billion, retained entirely in private holdings like a stake in Anthropic. The episode underscores that being right on a macro trend does not guarantee survival, highlighting the critical risks of extreme concentration and high leverage without a sufficient buffer against market shifts.

marsbit13 min fa

The End of This Bull Market's 'Greatest Myth': 'AI Stock God' Leopold Crushed in Weeks, Citadel Takes Over $16 Billion in Stock Assets

marsbit13 min fa

Platform Token Surges 15-Fold in Half a Month, Pons Tops Both Token Issuance and Trading on Robinhood Chain

The article details the rapid rise of Pons as the leading token launch and trading platform on Robinhood Chain. Following NOXA's halt of new token issuance, several platforms vied for the resulting traffic. By mid-July, Pons surged ahead, achieving the highest daily token creation volume (over 15,000 tokens on July 15th) and soon after capturing the largest daily trading volume ($40.7M on July 18th), consistently maintaining both top positions. Pons's key advantage is its streamlined, single-transaction process that deploys a token's contract and its Uniswap V3 liquidity pool simultaneously, eliminating the need for bonding curves or subsequent DEX migrations. This simplicity caters to the demand for fast, low-cost launches on Robinhood Chain. The platform's native token, PONS, played a pivotal role in its growth, experiencing a price surge of over 15x from mid-July. A tokenomics model that uses 80% of protocol fees to buy back and burn PONS has contributed to its value and heightened platform visibility. Looking ahead, Pons V2 aims to expand beyond meme tokens by integrating support for paying transaction fees with assets like USDG or RWA tokens, aligning with Robinhood Chain's focus on on-chain finance and real-world assets.

marsbit58 min fa

Platform Token Surges 15-Fold in Half a Month, Pons Tops Both Token Issuance and Trading on Robinhood Chain

marsbit58 min fa

Apple's Q3 Results Largely Meet Expectations, Supply and Memory Pressure Drive After-Hours Drop of 6%

Apple's Q3 (FY2026) earnings largely met expectations, but weak guidance and rising costs drove the stock down 6.3% after hours. Revenue of $109.42B slightly beat estimates, and EPS of $2.02 was boosted by a $0.11 tariff refund. Core EPS was $1.91, aligning with forecasts. iPhone and Mac sales were strong, but iPad and Services revenue fell short. Greater China growth slowed. The outlook for the next quarter is concerning. Apple guided for 9-11% revenue growth, below the ~12% consensus, citing significant supply constraints for iPhones, Macs, and iPads due to advanced chip shortages. Gross margin guidance of 47-48% includes a 1-point tariff benefit, implying a core margin of 46-47%, down from 48.1% this quarter. Management highlighted rising memory costs as a major pressure point. While Apple's AI initiatives like Siri are progressing, monetization remains early. With the stock near all-time highs, the combination of in-line results, segment weaknesses, and a cautious outlook triggered significant profit-taking. The focus has shifted from resilient demand to supply chain execution and cost management.

marsbit1 h fa

Apple's Q3 Results Largely Meet Expectations, Supply and Memory Pressure Drive After-Hours Drop of 6%

marsbit1 h fa

Platform Token Soars 15x in Half a Month, Pons Tops Robinhood Chain Charts for Both Token Launches and Trading

In just half a month, the Pons platform token (PONS) surged over 15x in value as Pons solidified its position as the leading token launch and trading platform on Robinhood Chain, capturing both the highest daily token creation volume and transaction volume. Following the exit of previous leader NOXA, competition initially favored Flap before Pons emerged dominant around mid-July. By July 26th, Pons accounted for 77.1% of total trading volume across all Robinhood Chain launchpads. Pons's success is attributed to its streamlined, one-transaction process for deploying a token contract and its corresponding Uniswap V3 liquidity pool simultaneously, eliminating the need for bonding curves or complex migrations. This simplicity, combined with low creation costs and immediate tradability, attracted significant creation activity and speculative trading. The meteoric rise of its native token, PONS, further fueled platform growth. A tokenomics model directing 80% of protocol fees to buy back and burn PONS created a reinforcing cycle: platform usage boosted PONS value, which in turn attracted more users. Looking ahead, Pons V2 aims to expand beyond meme tokens by integrating support for paying fees in stablecoins (USDG) and RWA assets, aligning with Robinhood Chain's broader focus on on-chain finance and stock tokens.

Odaily星球日报1 h fa

Platform Token Soars 15x in Half a Month, Pons Tops Robinhood Chain Charts for Both Token Launches and Trading

Odaily星球日报1 h fa

Qualcomm Chip Price Hike Deals a Blow to Android Phones

Qualcomm has officially announced a new round of price increases for its entire chip portfolio, effective September 1. The hikes, reaching up to 18% for the flagship Snapdragon 8 Elite Gen 6 Pro, follow similar moves by MediaTek, intensifying cost pressures on the already strained smartphone industry. CEO Cristiano Amon confirmed the plan, citing the need to offset rising industry-wide costs and restore declining profit margins. Qualcomm's Q3 FY2026 results showed a 25% drop in net profit, with mobile revenue plunging 20% year-over-year, hitting its lowest level since 2021. The surge in AI computing demand has led memory manufacturers to prioritize HBM production, creating a shortage in general-purpose DRAM and NAND Flash chips. Their prices soared by 93%-98% and 55%-60% respectively in Q1 2026, causing the memory cost share in smartphones to jump from 10%-15% to over 30%. Coupled with the soaring cost of advanced nodes like TSMC's 2nm and packaging, overall chip costs have reached historic highs. These upstream pressures are forcing downstream smartphone brands like Xiaomi, OPPO, and vivo to cut orders for mid-to-low-end models by up to 20% and use cost-saving measures like older chipsets. Reportedly, the Snapdragon 8E5 will be repurposed as a "long-lasting" chip for sub-brand phones in H2 2026. Amid this cost crisis, the Android market remains sluggish. Q2 2026 smartphone shipments in China fell 4.3% year-over-year, marking five consecutive quarters of decline. Major Android brands saw market share drop, while Huawei and Apple, with their in-house chip advantages, gained share. Qualcomm is diversifying into automotive and IoT sectors to reduce reliance on smartphones, but these new segments cannot yet fill the mobile revenue gap. Industry observers warn that the full impact of component cost hikes will hit in the second half of 2026, likely leading to higher-than-expected price increases for Android flagships and a further contraction in the Chinese smartphone market.

marsbit1 h fa

Qualcomm Chip Price Hike Deals a Blow to Android Phones

marsbit1 h fa

Trading

Spot