Solana News Today: VanEck Seeks to Stake a New Path for ETF Innovation

VanEck has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) to launch the VanEck JitoSOL ETF, marking the first attempt to create an exchange-traded fund backed by a liquid staking token (LST) in the United States. The ETF will hold JitoSOL, a liquid staking token issued by Jito Network that represents Solana (SOL) staked on the blockchain and accrues staking rewards. This filing represents a significant step in integrating blockchain-native yield-bearing assets into traditional investment products. The application is the first of two required to bring the fund to market and has been developed in collaboration with Jito Network and other ecosystem partners, including Multicoin Capital, the Solana Foundation, and VanEck’s in-house research team [1].

The filing comes after months of regulatory engagement with the SEC, including initial meetings in February 2025 to discuss the inclusion of staking mechanisms in exchange-traded products. A key milestone occurred in March 2025 when Jito Labs’ Chief Legal Officer published a securities classification report stating that JitoSOL functions as decentralized staking infrastructure rather than a security. This was followed by SEC staff statements in May and August 2025 that clarified that both protocol staking and liquid staking, when structured appropriately, do not constitute securities transactions. These clarifications provided a legal and regulatory pathway for LSTs like JitoSOL to be used in ETFs [1].

The VanEck JitoSOL ETF is structured to offer several advantages to institutional and retail investors. It eliminates unbonding delays, allowing for daily creation and redemption of fund shares while maintaining staking reward accruals. This structure ensures liquidity and operational efficiency while aligning with standard ETF accounting and disclosure practices. Additionally, staking yields on the Solana network have the potential to offset or even exceed the ETF’s expense ratios, improving long-term returns without increasing operational complexity [1].

The regulatory environment surrounding staking has evolved significantly in recent months. The SEC’s 2025 guidance has helped clarify the legal status of staking activities, which previously remained ambiguous. This is particularly notable given the agency’s prior enforcement actions, including a 2023 settlement with Kraken over its staking program and a 2024 lawsuit against Coinbase. The SEC’s current stance, however, reflects a shift toward accommodating innovations in the crypto space while maintaining investor protections [2].

The JitoSOL ETF also benefits from broader market developments. The SEC’s recent approval of in-kind creation and redemption mechanisms for crypto ETFs and its general signal of openness to technological adaptation have created a more favorable regulatory environment. VanEck has previously expanded into the digital asset space with the launch of its spot Bitcoin and Ether ETFs in 2024. However, those products do not include staking features, as the SEC required all staking-related language to be removed from their filings. The JitoSOL ETF, if approved, would differentiate itself by incorporating staking yields directly into its structure [2].

With the S-1 filing now in review, the path forward for the ETF will depend on the SEC’s evaluation and broader market dynamics. Jito and VanEck have emphasized their commitment to collaboration with regulators and market participants to maintain high standards of compliance and transparency. If listed, the ETF could serve as a bridge between decentralized finance (DeFi) innovations and traditional institutional investing, potentially broadening access to crypto yields while reinforcing the security of the Solana network through decentralized stake distribution [1].

Source:

[1] 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/)

[2] VanEck files to launch the first US liquid staking ETF with JitoSOL (https://cointelegraph.com/news/vaneck-jitosol-etf-submission-sec)

[3] JitoSOL ETF News: VanEck Files to Launch Staked Solana ETF (https://www.coindesk.com/markets/2025/08/22/vaneck-aims-to-take-solana-s-liquid-staking-to-tradfi-investors-via-jitosol-etf)

[4] VanEck Files to Launch ETF With Jito's Liquid-Staked Solana (https://finance.yahoo.com/news/vaneck-files-launch-etf-jitos-223709559.html)

[5] VanEck and Jito file the first liquid staking-backed Solana ETF (https://cryptoslate.com/vaneck-and-jito-file-the-first-liquid-staking-backed-solana-etf/)