Thomas Daniels
VanEck has submitted an S‑1 registration statement with the U.S. Securities and Exchange Commission to launch the VanEck JitoSOL Exchange‑Traded Fund (ETF)—the first U.S. ETF to be backed exclusively by a liquid staking token. The fund is designed to hold JitoSOL, the liquid staking token issued by Jito Network, which represents staked Solana (SOL) while remaining transferable and capable of accruing staking rewards.
This submission marks a strategic move in VanEck’s ongoing expansion into digital asset products, following the firm’s launches of spot Bitcoin and Ether ETFs earlier in 2024. Unlike these previous offerings, the proposed JitoSOL ETF integrates staking yields into a regulated fund structure—potentially offering investors yield-bearing exposure without the need to interact directly with blockchain infrastructure.
The filing arrives amid evolving regulatory interpretations from the SEC. In May, staff statements clarified that protocol-level staking—whether solo or delegated—does not typically fall under securities laws. In August, the agency extended this view to include liquid staking, stating that tokens such as JitoSOL may serve as evidence of ownership rather than investment contracts, provided the issuer does not exert discretionary control.
However, these interpretations remain non-binding. They are considered staff views and not enforceable legal precedent. As such, approval of the ETF would signal a meaningful shift in the SEC’s practical stance toward staking-based products.
Regulatory Backdrop
The SEC’s posture on staking has undergone significant shifts. In early 2023, the agency charged Kraken with offering an unregistered staking program, resulting in a $30 million settlement and cessation of its U.S. staking operations. The SEC also filed suit against Coinbase later that year over similar allegations. That case, however, was dismissed in February 2025.
When approving spot Ether ETFs in May 2024, the SEC explicitly required all references to staking to be removed, reinforcing its cautious approach. Those ETFs—including offerings from BlackRock, Fidelity, Grayscale, and VanEck—ultimately launched as non-staking products.
The JitoSOL ETF, if approved, would mark a departure from that precedent by allowing regulated exposure to staking rewards—potentially signaling a broader policy shift.
Product Structure and Market Mechanics
The VanEck JitoSOL ETF will issue shares representing beneficial interests in the fund, with daily valuations based on a benchmark rate derived from leading market platforms. Authorized Participants will manage share creation and redemption through “Baskets” of JitoSOL, ensuring efficient liquidity and pricing integrity.
This structure is designed to provide institutional and retail investors with secure, simplified access to Solana staking yields, bypassing the operational complexity of wallet custody and validator delegation.
Key Risk Considerations
The fund’s prospectus highlights several risk factors:
- Market Volatility: JitoSOL may experience significant price swings and liquidity fluctuations, particularly during network stress or market downturns.
- Custodial Dependencies: The fund’s reliance on third-party custodians and infrastructure partners introduces counterparty and operational risks.
- Regulatory Uncertainty: Shifts in U.S. regulatory policy or legal interpretations may impact fund operations or investor outcomes.
- Operational Execution: As an innovative product in a nascent asset class, the ETF faces execution and scalability challenges.
These risks, while consistent with broader crypto asset exposure, underscore the novel nature of this investment vehicle.
