Liquid staking under the lens after Nasdaq files JitoSOL ETF rule change - Details

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Liquid staking under the lens after Nasdaq files JitoSOL ETF rule change – Details

Nasdaq has submitted a filing to the U.S Securities and Exchange Commission (SEC), proposing a rule change to list the Vaneck JitoSOL ETF. This fund was announced on 22 August 2025 as the first Solana [SOL] Spot ETF 100% backed by a liquid staking token (LST). It aims to track the price of JitoSOL, which it achieves using the MarketVector JitoSol VWAP Close Index.

In liquid staking, users receive a tradable asset in return for staking crypto. Users staking SOL receive JitoSOL in return. These can be traded while still earning the on-chain rewards from the staked SOL. These users dont need to run validators or manage their on-chain staking.

Correlation data cited to show JitoSOL as analogous to SOL

The goal of the Nasdaq filing was to allow the listing and trading of the Vaneck JitoSOL ETF, which would hold JitoSOL directly. It submitted the proposal under Nasdaq Rule 5711(d), “which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.”

The exchange relied on the “generic listing standards” the SEC approved in September. By demonstrating a high price alignment and correlation between JitoSOL and SOL, with hourly price correlations of approximately 0.9979 on OKX and 0.9985 on Coinbase, it argues that JitoSOL is economically comparable to SOL.

Therefore, the JitoSOL ETF does not bring new pricing risks not already present in the already-approved Solana ETF market.

The SECs review process gives the agency 45 days to approve or disapprove this proposal. This deadline can be extended to 90 days.

According to Jito Foundation president Brian Smith, staking rewards would not be distributed separately if the fund is approved. Instead, the rewards would reflect on the funds net asset value.

In August, JitoSOL had revealed that the Vaneck ETF filing was a result of months of collaborative policy outreach efforts with the SEC. This filing is still in the SECs exchange review stage. No liquid staking token fund is trading in the United States.

Other products that allow exposure to spot and staking rewards exist though. The REX-Osprey Solana + Staking ETF (SSK) began trading in early July. The REX-Osprey ETH + Staking ETF (ESK) was launched in September.

Grayscale introduced staking for its Ethereum and Solana ETFs in October too.