VanEck has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for a spot Solana exchange-traded fund (ETF) backed entirely by JitoSOL, a liquid-staking token (LST). This filing represents the first attempt to launch an ETF in the United States that holds only a liquid-staking token, which is designed to represent staked Solana (SOL) assets while providing investors with transferable tokens that accrue staking rewards. The fund will track the performance of JitoSOL, issued by Jito Network, and is intended to allow investors to gain exposure to staking yields through a regulated product [1].
The initiative from VanEck follows months of regulatory engagement with the SEC, including meetings and the submission of policy analyses on the classification of liquid staking tokens. In May and August 2025, the SEC’s staff issued statements clarifying that both protocol-based staking and liquid staking do not qualify as securities transactions under existing interpretations of securities law, provided that staking is not controlled by a third party [2]. These developments have helped establish a legal framework that supports the use of LSTs in exchange-traded products, such as the proposed JitoSOL ETF.
The regulatory landscape around staking has evolved significantly in recent years. In February 2023, the SEC took enforcement action against Kraken for offering an unregistered staking program, leading to a $30 million settlement. Similar legal challenges were faced by Coinbase in late 2023. However, the agency’s approach has since shifted, particularly with the approval of spot Ether ETFs in May 2024. At that time, the SEC required all references to staking to be removed from the proposals, which resulted in the launched funds holding only Ether (ETH) without engaging in staking activities [3].
The JitoSOL ETF represents a potential shift in the SEC’s stance, as it seeks to reintroduce staking into the context of regulated investment products. By leveraging the structure of LSTs, the ETF would allow for daily creation and redemption of shares while maintaining the ability to accrue staking rewards. This model could offer investors a more efficient and compliant means of accessing the returns from staking, which may help reduce expense ratios and enhance long-term returns, especially given the competitive staking yields on chains like Solana [3].
Industry stakeholders, including Jito Labs and the Jito Foundation, have collaborated with institutional partners such as VanEck, Bitwise, and Multicoin Capital to advocate for the inclusion of LSTs in ETFs. Their efforts included a co-authored letter to the SEC in July 2025, urging the agency to permit the use of liquid staking tokens in exchange-traded products. The letter emphasized the operational efficiency, decentralization, and regulatory clarity provided by LSTs, which align with the goals of institutional-grade digital asset exposure [2].
The filing also underscores the growing institutional interest in Solana, which has been highlighted by its performance metrics. Solana has demonstrated high throughput, recently processing over 100,000 transactions per second during a test run. It also maintains low transaction fees, typically under $0.01, and has delivered 100% uptime for 18 months [6]. These attributes make it an attractive candidate for tokenized real-world assets (RWAs), and it is already among the top blockchains in terms of RWA holder numbers and total RWA value.
The S-1 filing is the first step in a regulatory review process before the ETF could potentially be listed. Jito has emphasized its commitment to working with regulators and market participants to ensure compliance, transparency, and investor protection. If approved, the VanEck JitoSOL ETF would not only provide investors with a new vehicle to access the Solana ecosystem but also serve as a significant step in bridging institutional capital with blockchain infrastructure [3].
Source:
[1] VanEck Files to Launch ETF With Jito’s Liquid-Staked Solana (https://finance.yahoo.com/news/vaneck-files-launch-etf-jitos-223709559.html)
[2] VanEck files first US liquid staking ETF with JitoSOL (https://cointelegraph.com/news/vaneck-jitosol-etf-submission-sec)
[3] Announcing the S-1 Filing for the VanEck JitoSOL ETF (https://www.jito.network/blog/announcing-the-s-1-filing-for-the-vaneck-jitosol-etf/)
[4] EU considers blockchains like Ethereum and Solana for digital (https://finance.yahoo.com/news/eu-considers-public-blockchains-digital-211540508.html)
[5] EU Eyes Ethereum Or Solana For Accelerated Digital Euro (https://www.mitrade.com/insights/news/live-news/article-3-1062801-20250823)
[6] Could Solana Hit $500 Before 2026? (https://www.nasdaq.com/articles/could-solana-hit-500-2026-0)
