Key Takeaways
- • The SEC must rule by November 15, 2026 on VanEck's JitoSOL ETF application, the first US application for a fund holding a Solana liquid staking token; the deadline follows a 180-day statutory period from March 20 publication plus a 60-day extension.
- • JitoSOL trades at $137.62 versus $105.47 for Solana, a roughly 30 percent premium reflecting accumulated staking yield built into the exchange ratio rather than scarcity pricing.
- • The Jito stake pool reports a 4.57 percent annual yield against a 3.72 percent network average per Stakewiz, a gap of about 0.85 percentage points attributed to MEV revenue that varies with trading activity.
- • A European JitoSOL ETP from 21Shares (ticker JSOL) has traded since January 28, 2026, but holds only about $1.19 million in assets under management, roughly one-thousandth of the token's market value.
- • VanEck withdrew its Lido Staked Ethereum ETF registration on October 14, 2026, leaving the JitoSOL application as its only pending liquid staking product; no comment letters have been received on that application in eight months.
Summary
The Securities and Exchange Commission has until November 15, 2026 to decide on the VanEck JitoSOL ETF, the first US fund application for a liquid staking token. Nasdaq filed the application on March 10, 2026, and it was published on March 20. Under Section 19(b)(2) of the Securities Exchange Act, the Commission had 180 days from publication, reaching September 16, 2026, and it extended the period by the maximum 60 days via a notice dated September 14. According to the primary source, the Federal Register record shows extensions on May 1 and September 9 and formal proceedings instituted on June 17. The filing also notes that the Commission has received no comment letters on the proposal, so the delay does not reflect public opposition.
The product differs from a conventional Solana fund. Liquid staking tokens such as JitoSOL represent staked coins that remain tradable, and the fund would hold JitoSOL rather than Solana directly. The Jito stake pool, with roughly 8 million JitoSOL in circulation worth about $1.1 billion, does not distribute rewards but adds them to the pool, raising the exchange ratio. As of the article's Thursday morning reference, Solana traded at $105.47 (about EUR 94.06) and JitoSOL at $137.62, implying about 1.30 Solana per JitoSOL. The source notes that this ratio depends on the stake pool updating correctly, adding a layer of risk beyond price exposure.
The stake pool's 4.57 percent annual yield exceeds the 3.72 percent Solana validator average cited from Stakewiz, with the difference attributed to MEV revenue. That revenue depends on trading activity and can decline sharply in quiet periods. On October 14, 2026, VanEck Digital Assets filed Form RW to withdraw its VanEck Lido Staked Ethereum ETF registration, which was filed October 16, 2025, never became effective, and issued no shares. The sponsor's stated reason was that it does not intend to proceed with the offering. The JitoSOL application is unaffected.
In Europe, 21Shares launched the Jito Staked SOL ETP (ticker JSOL, ISIN CH1521714696) on January 28, 2026, with an annual fee of 0.99 percent, trading on Euronext Amsterdam and Paris. The product reported assets under management of $1,189,991.94, 70,000 shares outstanding and a net asset value of $17.00 per share. The article notes that the product is an ETN, a debt security whose issuer risk is additional to coin price and stake pool risk. Tax treatment in Germany remains unsettled, depending on whether the security grants a delivery claim. The article's editorial view is that the November 15 decision is more significant for the product landscape than for the Solana price, given the limited uptake of the European product.
The product differs from a conventional Solana fund. Liquid staking tokens such as JitoSOL represent staked coins that remain tradable, and the fund would hold JitoSOL rather than Solana directly. The Jito stake pool, with roughly 8 million JitoSOL in circulation worth about $1.1 billion, does not distribute rewards but adds them to the pool, raising the exchange ratio. As of the article's Thursday morning reference, Solana traded at $105.47 (about EUR 94.06) and JitoSOL at $137.62, implying about 1.30 Solana per JitoSOL. The source notes that this ratio depends on the stake pool updating correctly, adding a layer of risk beyond price exposure.
The stake pool's 4.57 percent annual yield exceeds the 3.72 percent Solana validator average cited from Stakewiz, with the difference attributed to MEV revenue. That revenue depends on trading activity and can decline sharply in quiet periods. On October 14, 2026, VanEck Digital Assets filed Form RW to withdraw its VanEck Lido Staked Ethereum ETF registration, which was filed October 16, 2025, never became effective, and issued no shares. The sponsor's stated reason was that it does not intend to proceed with the offering. The JitoSOL application is unaffected.
In Europe, 21Shares launched the Jito Staked SOL ETP (ticker JSOL, ISIN CH1521714696) on January 28, 2026, with an annual fee of 0.99 percent, trading on Euronext Amsterdam and Paris. The product reported assets under management of $1,189,991.94, 70,000 shares outstanding and a net asset value of $17.00 per share. The article notes that the product is an ETN, a debt security whose issuer risk is additional to coin price and stake pool risk. Tax treatment in Germany remains unsettled, depending on whether the security grants a delivery claim. The article's editorial view is that the November 15 decision is more significant for the product landscape than for the Solana price, given the limited uptake of the European product.
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