Nasdaq Proposes Listing of Vaneck JitoSOL ETF for Liquid Staking Exposure

The Nasdaq has taken a significant step towards allowing the listing and trading of the Vaneck JitoSOL ETF, a fund that holds liquid staking token (LST) JitoSOL. The ETF aims to track the price of JitoSOL, which is backed by Solana (SOL) staking tokens.

According to the proposal submitted to the U.S Securities and Exchange Commission (SEC), the Vaneck JitoSOL ETF would allow investors to gain exposure to staking rewards without managing their own on-chain staking. This is achieved through the use of liquid staking, where users receive a tradable asset in return for staking crypto.

The proposal relies on the 'generic listing standards' approved by the SEC in September, which govern the listing and trading of Commodity-Based Trust Shares on the Exchange. To demonstrate economic comparability between JitoSOL and SOL, the Nasdaq cited correlation data showing hourly price correlations of approximately 0.9979 on OKX and 0.9985 on Coinbase.

If approved, the Vaneck JitoSOL ETF would be a significant development in the staking space, providing investors with a new way to gain exposure to Solana's staking rewards. The SEC has 45 days to review the proposal, which can be extended to 90 days.