21Shares has launched a Jito-staked Solana exchange-traded product in Europe, providing listed publicity to the SOL token with staking embedded.
The 21Shares Jito Staked SOL ETP will commerce underneath the ticker JSOL in US {dollars} and euros and is listed on Euronext Amsterdam and Paris, making it the primary Europe-listed ETP backed by JitoSOL, in keeping with the corporate. The product holds JitoSOL instantly and displays staking rewards in its web asset worth.
Issued by the Jito Community, JitoSOL represents SOL (SOL) deposited right into a liquid staking program on the Solana community, the place staked tokens stay transferable somewhat than locked. Holding JitoSOL permits traders to earn staking yield via a liquid token, with out instantly delegating to validators or managing onchain staking operations.
In a sequence of posts on X on Thursday, Jito mentioned the product provides institutional traders regulated entry to JitoSOL whereas capturing staking and MEV-related rewards.
The protocol mentioned its European launch builds on final 12 months’s JitoSOL ETF submitting from VanEck in the US and displays a broader effort to broaden institutional entry to its liquid staking infrastructure.
21Shares is a Switzerland-based issuer with greater than 55 crypto ETPs listed throughout European exchanges and about $8 billion in belongings underneath administration globally, in keeping with the corporate. It launched its first bodily backed crypto ETP in 2018.
Since October, it has operated as a subsidiary of FalconX, whereas sustaining impartial product and funding operations.
Jito Community launched in 2021 and focuses on liquid staking and validator infrastructure on Solana. On the time of writing, its JitoSOL token had a market capitalization of about $1.67 billion, in keeping with CoinGecko data.
Associated: Solana validator count drops 68% as node costs squeeze small operators
Solana staking ETFs launch in US, however liquid staking nonetheless up for debate
Within the US, regulators have authorized a number of Solana staking ETFs, however liquid staking has but to obtain clearance.
In July, the primary Solana staking ETF listed within the nation recorded $12 million in net inflows on its first day of buying and selling. In October, Bitwise’s Solana staking ETF launched with greater than $220 million in belongings. The product offers publicity to Solana alongside staking-derived yield. That very same month, Grayscale Investments launched a staking-enabled Solana spot ETF within the US.
US regulators have authorized a number of Solana staking ETFs, however proceed to bar liquid staking merchandise from the home market.
In July, Jito Labs, together with asset managers VanEck and Bitwise, urged the US Securities and Trade Fee to allow liquid staking in Solana ETPs, arguing it might enhance capital effectivity and scale back operational rebalancing.
A few month later, VanEck filed for a US-listed ETF that would hold JitoSOL. On the time of writing, the ETF had not been authorized.
Lucas Bruder, CEO of Jito Labs, instructed Cointelegraph that the corporate expects JitoSOL-based merchandise to obtain approval within the US and is seeing rising curiosity from markets in Asia and the Center East.
“The trail ahead depends on continued training round digital belongings, proof-of-stake mechanics, and Solana’s infrastructure benefits,” Bruder mentioned.
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