Current Application Status: VanEck JitoSOL ETF
Published 6/22/2026, 3:57:58 AM
As of June 22, 2026, the SEC has not blocked VanEck's JitoSOL ETF, but it has instituted formal proceedings to determine whether to approve or disapprove the listing. While standard spot Solana ETFs were approved in late 2025, the JitoSOL application faces unique scrutiny because it involves a liquid staking token (LST) that does not currently meet standard commodity eligibility criteria under Nasdaq rules [Source: https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105723.pdf].
Current Application Status: VanEck JitoSOL ETF
The application is currently in an active review phase following a series of regulatory milestones:
| Milestone | Date | Status |
|---|---|---|
| Initial S-1 Filing | August 22, 2025 | Filed [Source: https://www.sec.gov/Archives/edgar/data/2082189/000162828025041000/vaneckjitosoletfs-1.htm] |
| Nasdaq 19b-4 Filing | March 10, 2026 | Filed (SR-NASDAQ-2026-016) [Source: https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105723.pdf] |
| Review Extension | May 1, 2026 | Extended to June 18, 2026 [Source: https://www.federalregister.gov/documents/2026/05/06/2026-08787/] |
| Proceedings Instituted | June 17, 2026 | Active Deliberation [Source: https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105723.pdf] |
Regulatory Precedents and Hurdles
The SEC's decision rests on whether JitoSOL, which accrues staking rewards, qualifies as a "commodity-based asset."
- Approved Precedents: The SEC approved spot Solana ETFs in October 2025. VanEck’s standard Solana ETF (VSOL) launched on October 30, 2025, and held $23.38M in assets as of early 2026 [Source: https://www.vaneck.com/us/en/vsol/fact-sheet/].
- Staking Guidance: In May 2025, the SEC issued guidance stating that protocol staking rewards are "compensation for services" rather than securities [Source: https://www.sec.gov/news/statement/staff-statement-staking-20250529]. This was followed by an August 2025 statement clarifying that certain liquid staking activities are not securities transactions [Source: https://www.sec.gov/newsroom/speeches-statements/corpfin-certain-liquid-staking-activities-080525].
- The "Commodity" Gap: Despite these favorable views on staking, Nasdaq has noted that JitoSOL does not yet meet the specific eligibility criteria for commodities under Nasdaq Rule 5711(d)(iv)(A) [Source: https://www.federalregister.gov/documents/2026/05/06/2026-08787/].
Likelihood of Approval
The regulatory climate under current leadership is generally viewed as pro-innovation, which increases the likelihood of eventual approval. However, the "institution of proceedings" indicates the SEC is not yet satisfied with how JitoSOL is classified compared to the underlying SOL token.
| Factor | Impact | Context |
|---|---|---|
| Market Infrastructure | Positive | CME Solana futures launched in March 2025, providing the necessary surveillance-sharing framework [Source: https://www.cmegroup.com/markets/cryptocurrencies/solana.html]. |
| Product Precedent | Positive | The Bitwise Solana Staking ETF (BSOL) already exists, though JitoSOL's liquid nature adds a layer of complexity. |
| Legal Classification | Negative | The SEC is specifically questioning if JitoSOL fits the Howey Test differently than raw SOL [Source: https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105723.pdf]. |
Conclusion: The SEC is unlikely to block the ETF solely because it is Solana-based, but they may reject the current filing if VanEck cannot demonstrate that JitoSOL functions strictly as a commodity-based trust under existing exchange rules. A decision is expected following the current 3-to-6 month proceedings window.
Next Steps:
- Would you like a deep dive into the technical risks and yield performance of JitoSOL compared to native SOL staking?
- I can monitor the SEC's EDGAR database and alert you the moment a final order is published for SR-NASDAQ-2026-016.