VanEck has filed with the U.S. SEC to create the world's first ETF targeting the JitoSOL token on the Solana blockchain.
ETF Filing Details
The application was submitted via Form S-1 and provides investors with a new way to access the Solana liquid staking market without needing to hold the tokens directly.
What is JitoSOL and Its Benefits
JitoSOL is a token representing staked SOL. It allows users to earn rewards while still utilizing their tokens, known as liquid staking. This offers users more freedom compared to traditional staking methods.
Regulatory Environment for Liquid Staking Token ETFs
VanEck noted that the ETF will track the price of JitoSOL, enabling investors to purchase ETF shares through regular brokerage accounts. Meanwhile, the SEC has recently clarified its position on staking, stating that proof-of-stake systems do not constitute securities.
If approved, VanEck's ETF could be a significant step towards integrating blockchain technologies into traditional financial systems, providing new opportunities for investors.
