VanEck Seeks SEC Approval for First U.S. ETF Backed by Solana Liquid Staking Token JitoSOL

Global asset manager VanEck has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) to launch the VanEck JitoSOL exchange-traded fund (ETF).

If approved, it would be the first U.S. ETF linked to a liquid staking token, giving investors a regulated way to earn Solana staking rewards through JitoSOL.

VanEck files for JitoSOL ETF

VanEck has applied to the U.S. Securities and Exchange Commission (SEC) to launch a JitoSOL exchange-traded fund (ETF). According to the filing, this fund would exclusively hold JitoSOL, the liquid staking token issued by Jito Network. This marks the first attempt to register a U.S. ETF backed by a liquid staking token, potentially allowing investors to access Solana’s staking rewards through a regulated product.

JitoSOL represents Solana (SOL) tokens staked with validators while remaining transferable and earning rewards process known as liquid staking.

The proposed ETF would expand VanEck’s digital asset offerings, following its spot Bitcoin and Ether ETFs launched earlier in 2024. Unlike those products, the JitoSOL ETF could test the SEC’s approach to staking-based investment vehicles.

VanEck is pushing for liquid staking tokens like JitoSOL to be included in exchange-traded products (ETPs). This follows a letter sent on July 31 by Jito Labs and the Jito Foundation to the SEC, supported by VanEck, Bitwise, Multicoin Capital, and the Solana Policy Institute.

SEC Signals Flexibility on Staking but Restricts Ether ETFs

The groups said liquid staking tokens make staking safer and easier by spreading tokens across validators and reducing operational issues. They also argued that SEC guidance shows most staking is not considered a security, so liquid staking tokens should fit the rules.

In May, SEC staff said solo and delegated staking usually aren’t securities because rewards come from the protocol, not a third party. In August, they extended this to liquid staking, saying tokens like JitoSOL represent ownership, not an investment contract, as long as the provider doesn’t control the tokens.

However, these are staff statements, not official laws, so the SEC or courts could change their view. The SEC’s stance has shifted over time. Kraken paid $30 million in 2023 for an unregistered staking program, and Coinbase faced similar charges that were dismissed in 2025.

The SEC also influences staking through ETFs. When it approved spot Ether ETFs in May 2024, it removed all staking options, so Ether ETFs from BlackRock, Fidelity, Grayscale, and VanEck only hold ETH, they don’t stake it.