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

ambcrypto2026-02-27 tarihinde yayınlandı2026-02-27 tarihinde güncellendi

Özet

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.

İlgili Sorular

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.

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