JitoSOL Solana and the Future of Staked SOL ETFs: Understanding the Nasdaq 19b-4 Filing

The race to bring more advanced crypto investment products to US markets has taken a new turn. 

Nasdaq has filed a proposed rule change to list the VanEck JitoSOL ETF, marking the first SEC exchange filing for a liquid staking token exchange traded product in the United States.

If approved, the fund would hold JitoSOL directly, offering investors regulated exposure not only to Solana price movements but also to staking yield embedded within the liquid staking token structure. 

This development could redefine how mainstream investors access staking economics through ETFs.

Key Takeaways

• Nasdaq has submitted a 19b-4 filing to list a VanEck JitoSOL ETF, the first US proposal focused on a liquid staking token.
• JitoSOL automatically compounds staking rewards, meaning ETF yield would be reflected in NAV rather than separate distributions.
• Approval could expand mainstream crypto ETF access beyond spot exposure into staking integrated structures.

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What Is JitoSOL?

JitoSOL is a Solana based liquid staking token created by the Jito Network. It represents SOL deposited into a staking pool while allowing holders to maintain liquidity through a transferable token.

Liquid staking enables users to secure the Solana network and earn staking rewards without locking assets in non transferable validator positions. Instead of directly staking SOL, users receive JitoSOL, which accrues yield over time.

Because JitoSOL compounds rewards automatically, each token represents both the underlying SOL and accumulated staking yield.

Read Also: How to Buy Jito Staked SOL (JITOSOL)

The Nasdaq 19b-4 Filing Explained

The proposal was submitted under Nasdaq Rule 5711(d), which governs commodity based trust shares. A 19b-4 filing is the formal rule change request an exchange must submit to the SEC to list a new product.

This filing initiates the SEC review clock. The agency has 45 days from Federal Register publication to approve, deny, or extend the review period up to 90 days.

The proposal argues that JitoSOL is economically comparable to SOL and references prior SEC approvals of spot Bitcoin and spot Ether ETPs as precedent. 

However, unlike those approvals, JitoSOL does not have a regulated futures market supporting price discovery.

How the ETF Would Work

If approved, the VanEck JitoSOL ETF would directly hold JitoSOL tokens. Share valuation would rely on the MarketVector JitoSol VWAP Close Index, aggregating price data from multiple trading platforms.

Creations and redemptions would be allowed in both cash and in kind formats. Importantly, staking rewards would not be distributed separately to shareholders. 

Instead, rewards would be embedded in the token’s value, increasing the fund’s net asset value over time.

This structure simplifies yield exposure for investors who prefer brokerage accounts over managing private keys.

Liquid Staking Token Benefits

Liquid staking token benefits include capital efficiency and flexibility.

Investors can earn staking yield while retaining liquidity. Unlike traditional staking, which locks assets, liquid staking tokens can be traded, used as collateral, or integrated into DeFi strategies.

For institutional investors, wrapping this structure inside an ETF provides regulatory oversight and operational simplicity. Custody, compliance, and tax reporting become more streamlined.

Jito TVL and Ecosystem Context

Jito’s total value locked currently stands at around $1.1 billion. It previously peaked above $3 billion in 2025 before retracing into early 2026.

This fluctuation reflects broader Solana market cycles and staking participation trends. A regulated ETF could potentially reintroduce demand by providing easier access for institutional capital.

Jito protocol token dynamics and ecosystem growth will likely influence long term adoption of any ETF product tied to JitoSOL.

How This Differs from Existing Staking ETFs

There are already ETFs offering staking exposure. Products such as the REX Osprey Solana plus Staking ETF combine spot exposure with distributed staking rewards.

However, the JitoSOL proposal is structurally distinct because it holds a liquid staking token directly rather than staking SOL inside the fund itself.

This makes it the first US exchange filing specifically targeting a liquid staking token ETF structure.

JitoSOL Regulatory Pathway

The regulatory pathway for JitoSOL remains uncertain.

While SEC staff guidance has indicated that certain protocol staking activities may not constitute securities offerings, such guidance does not equate to automatic approval of exchange traded products.

The absence of a regulated futures market for JitoSOL introduces complexity. Prior spot crypto ETF approvals relied partly on surveillance sharing agreements and correlation with regulated futures markets.

The filing argues that JitoSOL is sufficiently analogous to SOL to meet generic listing standards. Whether regulators agree remains to be seen.

Read Also: 21Shares Launches Jito Staked SOL ETP (JSOL)

Implications for Solana Investor Options

If approved, this ETF would expand Solana investor options significantly.

Investors would gain:

• Exposure to SOL price dynamics through JitoSOL.
• Embedded staking yield without active participation.
• Access through traditional brokerage accounts.

For retail and institutional investors who avoid direct crypto custody, this represents a meaningful bridge into staking economics.

Staked SOL ETF Future Outlook

The staked SOL ETF future depends on regulatory clarity and market demand.

If the SEC approves the JitoSOL structure, it could open pathways for other liquid staking token ETFs across Ethereum, Cosmos, and other proof of stake ecosystems.

Conversely, rejection may slow innovation in ETF staking yield exposure within the United States, pushing such products to European markets where similar offerings already exist.

Risks to Consider

Investors should understand that ETF approval does not eliminate crypto market risk.

Solana price volatility directly affects JitoSOL value. Staking yields are variable and dependent on network conditions. Smart contract risk remains inherent in liquid staking protocols.

Additionally, regulatory changes could alter treatment of staking rewards in the future.

Final Thoughts

The Nasdaq 19b-4 filing for a JitoSOL ETF represents a significant milestone in mainstream crypto ETF access. It signals growing sophistication in product design, moving beyond simple spot exposure toward integrated staking yield structures.

If approved, the fund could accelerate institutional participation in Solana staking through regulated vehicles. It would also test how far regulators are willing to extend crypto ETF frameworks into liquid staking territory.

Whether this becomes a breakthrough or a boundary marker depends on the SEC’s response in the coming months. For now, JitoSOL stands at the center of an important evolution in crypto investment infrastructure.\

Read Also: How to Stake SOL on Solana: A Guide for Passive Income

FAQs

What is JitoSOL?

JitoSOL is a liquid staking token on the Solana network representing staked SOL plus accrued staking rewards.

What is the Nasdaq 19b-4 filing?

It is a formal rule change request submitted by Nasdaq to the SEC seeking approval to list and trade shares of the VanEck JitoSOL ETF.

How would the JitoSOL ETF generate yield?

Staking rewards would be automatically compounded within JitoSOL and reflected in the ETF’s net asset value rather than paid separately.

Is there already a liquid staking ETF in the US?

No US ETF currently holds a liquid staking token directly. Existing staking ETFs typically stake underlying assets rather than holding liquid staking tokens.

When will the SEC decide?

The SEC has 45 days from publication to approve or deny the proposal, with the option to extend review up to 90 days.

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