VanEck has filed an S-1 with the SEC to launch the VanEck JitoSOL ETF, a fund that only holds JitoSOL — the liquidity staking token of the Jito Network — marking the first effort to register an ETF based on LST in the United States.
The product aims to help U.S. investors access Solana staking yields through a managed channel. If approved, this will be the next step in VanEck's expansion after spot Bitcoin and Ether funds in 2024.
MAIN CONTENT
VanEck files S-1 for VanEck JitoSOL ETF, which only holds JitoSOL; the first attempt to register an ETF based on liquidity staking tokens in the United States (source: S-1 filing).
SEC is still debating staking: personnel statements from May and August indicate that some staking activities may fall outside of securities laws, but are not yet binding (source: SEC).
Context: Kraken settles $30 million in 2023, Coinbase lawsuit dismissed in February 2025; Ether ETFs in 2024 are required to remove all references to staking (source: SEC, TradingView).
What is VanEck JitoSOL ETF?
This is a proposed exchange-traded fund (ETF) in the United States, according to the S-1 filing submitted to the SEC, which will only hold JitoSOL — a liquidity staking token issued by Jito Network. Source: SEC.
According to a recent filing, VanEck bets on a single-asset fund structure with JitoSOL, allowing the product to reflect the performance and risks associated with liquidity staking assets on Solana. See filing: SEC S-1.
What is JitoSOL?
JitoSOL is a liquidity staking token on Solana, representing SOL locked with validators, while still being transferable and accumulating rewards over time.
The liquid staking model allows users to participate in network security while maintaining liquidity through receipt tokens. In the case of JitoSOL, staking rewards are reflected in the holding value without needing manual unlocking.
Why is VanEck's S-1 filing considered a milestone?
Because this is the first effort to register an ETF in the United States supported by liquidity staking tokens, it may challenge the current SEC perspective on staking.
After the spot Bitcoin products in early 2024 and Ether in the same year, VanEck continues to expand into digital assets with a new structure. If it passes the approval process, this ETF could pave the way for other LST-linked ETPs, setting an important precedent for the traditional capital market.
How does JitoSOL ETF provide access to Solana staking yields?
By holding JitoSOL, the fund can reflect staking rewards determined by the Solana protocol, thus giving investors indirect exposure to staking yields through a managed vehicle.
The reward accumulation mechanism integrated into JitoSOL simplifies operations at the fund level. However, the allocation, pricing, custody, and disclosure still depend on SEC requirements for ETPs and may be adjusted during the review process.
What is the SEC debating about staking?
SEC and stakeholders are discussing whether some forms of staking fall under securities laws, particularly with liquidity staking tokens like JitoSOL.
The debate revolves around the nature of rewards determined by the protocol, the degree of discretionary control by the staking service provider, and how receipt tokens are classified: as proof of ownership or investment contracts. These points directly affect the approval potential for LST-based ETPs.
What does the letter of petition on July 31 say?
Jito Labs and Jito Foundation co-drafted a letter to the SEC on July 31, calling for allowing LSTs like JitoSOL to be included in ETPs, with support from VanEck, Bitwise, Multicoin Capital, and Solana Policy Institute.
The authors argue that LSTs help integrate staking into ETPs more safely and effectively, diversifying stakes across multiple validators and reducing operational complexity. They cite existing SEC guidelines that most staking activities do not constitute securities transactions, thus viewing LSTs as compliant with the current framework.
What do the SEC's May and August guidelines state?
According to the SEC personnel statements in May, individual and delegated staking usually falls outside of securities laws because the rewards are determined by the protocol, not by a third party. Source: SEC.
By August, this perspective was expanded to liquid staking: receipt tokens like JitoSOL can be seen as proof of ownership, as long as the provider does not exercise discretionary control. However, this is a personnel-level statement and not yet a binding regulation.
Why are the SEC's statements not yet binding?
Since the personnel statements are not official rules, they are not legally binding and may be interpreted differently by the Commission or courts.
Due to the lack of final rules, ETP filings based on LSTs like JitoSOL must still undergo rigorous scrutiny. The SEC may require structural changes, additional risk disclosures, or even denials if deemed insufficient for investor protection.
What is the SEC's enforcement context regarding staking?
In February 2023, the SEC accused Kraken of offering an unregistered staking program; the exchange settled for $30 million and shut down staking services in the U.S. Later that year, the SEC sued Coinbase for similar allegations, but the case was dismissed in February 2025.
The sequence of actions indicates that the SEC's perspective has changed over time, from strict enforcement of centralized staking programs to more lenient statements regarding protocol-defined staking. This creates both precedent and uncertainty for staking-based financial products.
How has the SEC shaped staking policy through the approval of Ether ETFs?
When approving the spot Ether ETF in May 2024, the initial issuers proposed an option for the fund to stake ETH, but the SEC required the removal of all references to staking prior to approval.
As a result, the spot Ether funds launched in 2024 from BlackRock, Fidelity, Grayscale, and VanEck only hold ETH and do not participate in staking. Source: TradingView.
Will Ether ETFs in 2024 participate in staking?
No. At the SEC's request, all documents have removed staking content prior to approval, so the funds only hold ETH and do not implement staking.
This criterion is an important reference for the JitoSOL filing. If the SEC maintains a tough stance, the fund may need to prove that holding LSTs does not equate to the issuer staking on behalf of investors in a way that violates regulations.
What risks should investors be aware of with JitoSOL ETF?
The main risk is regulation: the SEC may require amendments, delays, or denials. Additionally, there are risks related to the LST provider, liquidity of JitoSOL, pricing, deviations from net asset value, custody operations, and changes in Solana's network policy.
Investors should monitor the public comment process, additional requests from the SEC, and recent precedents of digital asset ETPs. The assessment of the disclosure framework regarding reward mechanisms, validator allocation, and operational risk oversight will be critical.
What is the potential impact on investors and the Solana ecosystem?
If approved, the ETF could expand institutional demand for Solana staking yields through a compliant channel, while promoting the distribution of stakes across multiple validators.
Conversely, if overly constrained, the product may not fully reflect the reward mechanisms of LSTs, reducing its attractiveness. Regardless of the outcome, VanEck's filing will be an important precedent for how the traditional capital market approaches on-chain staking.
Frequently Asked Questions
How does VanEck JitoSOL ETF differ from Bitcoin and Ether ETFs?
Bitcoin and Ether ETFs only hold the underlying assets and do not participate in staking. The proposed JitoSOL ETF aims to hold liquidity staking tokens, thus providing indirect exposure to Solana staking yields (source: SEC, TradingView).
What is LST and how does JitoSOL work?
LST is a receipt token when staked, still tradable and accumulates rewards from the protocol. JitoSOL represents SOL locked with validators on Solana and reflects rewards in the holding value.
Why are the SEC's statements not yet law?
Because it is a personnel statement, it is not binding like official rules or court rulings. The SEC may interpret differently when reviewing the ETF filing.
How has the SEC handled staking in the past?
SEC forced Kraken to settle $30 million in 2023 and shut down staking in the U.S.; the Coinbase lawsuit was dismissed in February 2025. This shows that the legal context has changed over time.
What might happen to the filing if the SEC denies it?
VanEck can adjust the structure, add risk disclosures, or withdraw the filing. Investors need to monitor official updates from the SEC and the issuer.
Source: https://tintucbitcoin.com/vaneck-nop-etf-jitosol-thuong-staking-solana/
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