A report submitted to the SEC indicates that the asset manager has filed its registration statement to offer a JitoSOL with the Commission. This fund will primarily hold the liquid staking token, which will provide institutional investors with spot exposure to the token.
This move follows the SEC's guidelines on liquid staking activities, in which the Commission clarified that it does not classify them as securities. This paves the way for the possible approval of the JitoSOL ETF, as the LST is not considered a security.
Additionally, VanEck indicated in the filing that the fund expects to receive certain staking rewards through its ownership of JitoSOL. LST is the native token of the Jito liquid staking protocol, which users receive when staking their Solana tokens.
This means that VanEck will need to acquire Solana for its JitoSOL ETF, which will then stake with the Jito protocol and receive these LST in return. The asset manager will also receive staking rewards in the process and will be able to use its tokens for other DeFi purposes. It is noteworthy that the asset manager was one of those who urged the SEC to approve LSTs in Solana ETFs.
Following the submission of the S-1 form, a stock exchange is expected to submit the 19b-4 form to list and trade shares of this JitoSOL ETF. The submission of the 19b-4 form will also initiate the review process, in which the SEC will ultimately have to reject or approve the proposed rule change.
TradingView data shows that the price of JitoSOL has risen following this filing. The LST is currently trading around $236, a more than 6% increase in the last 24 hours.