Key Takeaways
- VanEck is looking for SEC approval to launch a JitoSOL ETF, providing publicity to staked SOL and its rewards.
- The ETF is among the many first to give attention to a Solana liquid staking token reasonably than a base crypto asset.
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Distinguished asset supervisor VanEck has submitted an utility with federal securities regulators to supply an exchange-traded fund that may maintain JitoSOL, a liquid staking token on the Solana blockchain.
In keeping with a Type S-1 filed by VanEck Digital Property on August 22, the proposed JitoSOL ETF goals to trace JitoSOL’s value, which represents possession of staked SOL tokens plus gathered staking rewards.
The fund might be structured to permit traders publicity to SOL and staking yields via conventional brokerage accounts.
The transfer represents one of many first ETF purposes designed to wrap a Solana liquid staking token reasonably than a base crypto asset. It follows the SEC’s latest steering stating that sure liquid staking actions will not be securities transactions and subsequently don’t require registration.
That clarification was issued beneath the SEC’s Mission Crypto initiative, which seeks to modernize guidelines round actions like staking, custody, and token distribution. The trouble may pave the way in which for approval of crypto-linked merchandise, together with Ethereum ETFs that incorporate staking.
Commenting on the submitting, Jito stated that it’s the fruits of months of engagement with the SEC and ecosystem companions, serving to set up liquid staking tokens as compliant constructing blocks for ETFs.
“The S-1 submitting begins a evaluation course of previous to doable market itemizing,” the crew stated in a Friday assertion. “As all the time, we’ll proceed to work collaboratively with regulators and market contributors to make sure excessive requirements of compliance, transparency, and investor safety. That is one step in our ongoing mission to slim the space between high-performance, credibly impartial infrastructure and the world’s largest capital allocators.”
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