VanEck has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) with plans to launch the VanEck JitoSOL ETF (exchange-traded fund). According to the documents, the fund will only hold liquid staking tokens JitoSOL issued by Jito Network.
This marks the first attempt in the U.S. to register an ETF backed by liquid staking tokens. The product is expected to enable investors to earn staking rewards on Solana (SOL) through compliant channels. JitoSOL represents Solana (SOL) locked with validators and can accumulate staking rewards as a transferable token, which falls under liquid staking.
Previously, VanEck launched a spot Bitcoin (BTC) ETF and issued an Ethereum (ETH) ETF in early 2024. This product will further drive VanEck's expansion in the digital asset fund space. Unlike these products, the JitoSOL ETF will test the SEC's latest stance on staking operations.
VanEck's action follows a joint letter to the SEC from Jito Labs and the Jito Foundation on July 31. The letter urged the regulatory body to allow liquid staking tokens like JitoSOL to be included in exchange-traded products, receiving support from institutions such as VanEck, Bitwise, Multicoin Capital, and the Solana Policy Research Institute.
In the letter, the parties argued that liquid staking tokens provide a safer and more efficient way to integrate staking operations into exchange-traded products (ETPs) and reduce operational complexity through decentralized validators. They cited existing SEC guidance, asserting that most forms of staking do not constitute securities transactions and defined liquid staking tokens as compliant with current regulations.
The relevant guidance is divided into two parts. In May, SEC staff issued a statement indicating that standalone staking and delegated staking are generally not subject to securities laws, as rewards are determined by the protocol rather than a third party.
In August, the SEC extended its view to liquid staking, asserting that tokens like JitoSOL are ownership certificates rather than investment contracts, provided that service providers do not exercise discretion.
However, the above comments are merely staff statements and not formal rules, thus lacking legal force, and the commission or courts may reinterpret them.
The SEC's stance on staking operations has changed significantly. In February 2023, the SEC charged the cryptocurrency exchange Kraken for operating unregistered staking services, ultimately reaching a $30 million settlement and shutting down its U.S. staking operations. Subsequently, the SEC sued Coinbase on similar charges, but the case was dismissed in February 2025.
The SEC also influences staking policy through the ETF approval process. In May 2024, when the SEC approved a spot Ethereum (ETH) ETF, the issuer originally proposed that the fund's held ETH could participate in staking, but the SEC required the removal of all staking-related content before approval.
As a result, the Ethereum (ETH) ETFs launched last year by issuers including BlackRock, Fidelity, Grayscale, and VanEck only hold ETH and do not participate in staking.
Related: Q3 Bitcoin (BTC) Valuation Report: Three Major Drivers Push Upwards, Institutions Predict Target Price of $190,000
Original: “VanEck Submits JitoSOL ETF Application, Opening the Staking Rewards Channel for Solana (SOL)”
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