Nasdaq Seeks Approval for VanEck JitoSOL ETF Listing

Nasdaq has submitted a proposed rule change to the SEC seeking approval to list and trade shares of the VanEck JitoSOL ETF. This fund would hold JitoSOL, a liquid staking token built on the Solana network. The filing argues that the proposal meets the SEC's fraud, manipulation, and surveillance standards, citing prior approvals of spot Bitcoin and spot Ethereum ETPs as precedent.

JitoSOL is issued by the Jito Network and is backed by Solana deposited into a staking pool. It allows holders to earn staking rewards through a transferable token without running validators or managing on-chain staking directly. The trust would price its shares using the MarketVector JitoSol VWAP Close Index, calculated from data contributed by multiple trading platforms.

The filing also argues that JitoSOL is economically comparable to Solana based on correlation data. If approved, staking rewards would not be distributed to shareholders separately. Instead, they would compound automatically within each JitoSOL token and be reflected in the fund's net asset value, according to Jito Foundation president Brian Smith.