VanEck files first US liquid staking ETF with JitoSOL

The global asset manager VanEck has filed an S-1 registration statement with the US Securities and Exchange Commission(SEC) to launch the VanEck JitoSOL exchange-traded fund (ETF). According to the filing, this fund will hold only JitoSOL, the liquid staking token issued by Jito Network.

The submission marks the first attempt to register a US exchange-traded fund backed by a liquid staking token, potentially exposing investors to Solana’s staking yields through a regulated product. JitoSOL represents Solana (SOL) locked with validators while providing a transferable token that accrues rewards, a process known as liquid staking.

The product would extend VanEck’s expansion into digital asset funds, following its spot Bitcoin ETF launched in early 2024 and Ether ETF earlier that year. Unlike those vehicles, the JitoSOL ETF could test the SEC’s stance on staking.

SEC continues to debate staking

The move from VanEck comes after Jito Labs and the Jito Foundation co-authored a letter to the SEC on July 31 urging regulators to permit liquid staking tokens like JitoSOL to be included in exchange-traded products, with support from VanEck, Bitwise, Multicoin Capital and the Solana Policy Institute.

In the letter, the groups argued that liquid staking tokens provide a safer and more efficient way to integrate staking into exchange-traded products (ETPs), spreading stake across validators and reducing operational complexity. They pointed to available SEC guidance indicating that most forms of staking do not constitute securities transactions, framing liquid staking tokens as consistent with existing rules.

That guidance has come in two parts. In May, the SEC’s staff issued a statement saying solo and delegated staking generally fall outside securities laws because rewards are set by the protocol rather than a third party. 

In August, the agency extended the view to liquid staking, describing receipt tokens such as JitoSOL as evidence of ownership rather than investment contracts — provided the provider doesn’t exert discretionary control.

Still, the SEC’s comments are staff statements rather than binding rules, meaning they do not carry the force of law and could be reinterpreted by the Commission or courts. 

The SEC’s posture on staking has evolved considerably from the past. In February 2023, the agency charged crypto exchange Kraken with offering an unregistered staking program, resulting in a $30 million settlement and the closure of its US staking service. Later that year, the agency sued Coinbase over similar allegations. That case was dismissed in February 2025.

Beyond enforcement actions, the SEC has also shaped staking policy through the ETF approval process. When the agency approved spot Ether ETFs in May 2024, issuers initially proposed the option to stake Ether (ETH) held by the funds. The SEC required all references to staking to be removed before approving.

As a result, the Ether ETFs launched last year from issuers including BlackRock, Fidelity, Grayscale, and VanEck hold ETH only and do not engage in staking.

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