21 Shares Lists Gitosol-backed Solana ETP in Europe
21Shares has launched its Gito-backed Solana exchange-traded product in Europe, offering listed exposure to SOL tokens with staking.
The 21Shares Jito Staked SOL ETP under the ticker JSOL trades in US dollars and euros and is listed on Euronext Amsterdam and Paris, making it the first European-listed ETP backed by JitoSol, according to the company. The product directly holds the GTOsol and reflects the rewards in the net asset value.
Developed by the Gito Network, GitoSol represents SOL (SOL), a liquid escrow program on the Solana network, where held tokens can be transferred instead of locked up. Holding GitoSol allows investors to obtain high yields through liquid tokens without directly delegating to validators or managing onchain staking operations.
In a series of X posts on Thursday, Gito said the product offers institutional investors Gitosol control while holding rewards related to the stock and its MAV.
The protocol said the European startup would build on last year's filing of the Gitosol ETF in the United States from VanEck, and would mark a broader effort to expand its institutional reach into liquid storage infrastructure.
Switzerland-based 21Shares has more than 55 crypto ETPs listed on European exchanges and has about $8 billion in assets under management globally, according to the company. Launched the first physically backed crypto ETP in 2018.
Since October, it has operated as a subsidiary of FalconX while maintaining independent production and investment operations.
Gito Network launched in 2021 and will focus on Solana's liquidity crunch and authentication infrastructure. According to CoinGecko data, the Gitosol token had a market capitalization of about $1.67 billion at the time of writing.
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Solana staking ETFs launch in the US, but liquid stocks are still up for debate.
In the US, regulators have approved several Solana staking ETFs, but liquid staking has yet to be approved.
In July, Solana, the first publicly traded company in the country, posted $12 million in net income on its first day of trading. In October, Bitwise's Solana staking ETF launched with more than $220 million in assets. The product provides a product that increases exposure to Solana. That same month, Grayscale Investments launched an active Solana spot ETF in the United States.
US regulators have approved many Solana stacking ETFs, but continue to ban liquid products from the domestic market.
In July, Gito Labs, along with asset managers VanEck and BitWiz, urged the US Securities and Exchange Commission to stockpile liquidity in Solana's ETPs, arguing that it could improve capital efficiency and reduce operational rebalancing.
About a month later, VanEyck filed for a US-listed ETF holding Gitosol. As of this writing, the ETF has not been approved.
Gito Labs CEO Lucas Bruder told Cointelegraph that the company expects Gitosol-based products to gain acceptance in the US and growing demand from markets in Asia and the Middle East.
“The way forward is in continued education on digital assets, proof of stake mechanics and the benefits of Solana's infrastructure,” Bruder said.
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