VanEck Files First ETF Backed by Liquid Staking Token
VanEck has filed an S-1 registration statement with the SEC for the VanEck JitoSOL ETF, aiming to offer regulated exposure to Solana staking yields. This marks the first attempt to register a US ETF backed by a liquid staking token (LST), specifically JitoSOL.
The proposed ETF would hold JitoSOL, representing staked SOL that accrues rewards while remaining transferable. This liquid staking approach offers investors flexibility and yield. The filing tests the SEC's stance on staking, following industry calls for inclusion of LSTs in ETPs. Previous guidance suggested staking rewards might not be securities if protocol-determined and provider control is limited. However, SEC staff statements are not binding, and the agency has previously taken enforcement action against staking programs. This filing could set a precedent for how staking-derived assets are regulated.