Solana, Europe's first JitoSOL-based ETP, goes public… 21Shares expands access for institutional investors.
Swiss cryptocurrency ETP (Exchange-Traded Product) management company 21Shares has launched a "liquidity staking" product based on Solana (SOL) in Europe, targeting institutional investors. The newly launched product is named "Jito Staked SOL ETP" and has the ticker symbol "JSOL".
21Shares announced on the 29th (local time) that its ETP has been listed on Euronext Amsterdam and Paris exchanges. The product directly holds JitoSOL, a liquidity staking token in the Solana ecosystem, and reflects staking rewards in the ETP's net asset value. Trading in USD and EUR, it is the first JitoSOL-based product in Europe.
JitoSOL is a liquidity staking token issued by the Jito network. Unlike traditional staking, it allows for free transfer and trading of tokens even after staking. Its key feature is that staking rewards can be earned without complex validator delegation or on-chain operations. According to Jito's announcement that day, the JSOL ETP structure aims to capture JitoSOL staking rewards and MEV (Maximum Extractable Value) rewards and distribute them to investors.
Jito referenced VanEck's JitoSOL ETF application filed in the US last year, explaining that this European listing will make its ecosystem more accessible to global institutional investors. According to CoinGecko data, JitoSOL currently has a market capitalization of approximately $1.67 billion (about 2.3938 trillion Korean won).
In Europe, liquidity-collateralized products can be listed under regulation, but the United States remains conservative on this issue. In fact, last July, the first US-listed Solana collateralized ETF recorded a net inflow of $12 million (approximately 17.2 billion Korean won) on its first day of trading; in October, Bitwise also listed a $220 million (approximately 315.4 billion Korean won) Solana collateralized ETF. That same month, Grayscale also launched a Solana ETF with built-in collateralization functionality, but none of these products included liquidity collateralization.
To this end, Jito Labs, together with VanEck and Bitwise, submitted a public proposal to the U.S. Securities and Exchange Commission, calling for the allowance of liquidity staking. Jito Labs CEO Lucas Bruder stated, "Based on a deeper understanding of digital assets and PoS (Proof-of-Stake) structures, and the advantages of the Solana infrastructure, we expect products based on JitoSOL to eventually be approved in the United States." He added that demand is also growing in Asian and Middle Eastern markets.
21Shares pioneered physically backed cryptocurrency ETPs in Europe in 2018 and currently has over 55 products listed on major European exchanges. It manages approximately $8 billion in assets (about 11.472 trillion Korean won). Since October of last year, the company has been acquired by the US institutional investor brokerage firm FalconX and operates as an independent brand.
This listing demonstrates that collateralized liquidity is gradually being incorporated into the mainstream financial system globally. Particularly within the Solana ecosystem, the ability to simultaneously ensure collateral and liquidity is a key factor stimulating institutional demand, and future market growth is likely to unfold fully depending on whether the US approves the listing.
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