Price Stability for Liquid Staking Tokens: Is JitoSOL an Equivalent to SOL?

Today, Austin Campbell, managing partner and founder of Zero Knowledge Consulting and an adjunct professor at NYU's Stern School of Business, released a report in which he discusses the equivalency of JitoSOL to SOL.  The report concludes that due to the simplicity of unbonding SOL from JitoSOL and the liquidity in trading between the two, ownership of JitoSOL is the functional equivalent of owning and staking SOL.  Based on this, the report finds that the characteristics of JitoSOL make it well-suited for a Solana exchange traded product ("ETP").

Our blog post from August 22, 2025, announced that Van Eck filed an S-1 with the U.S. Securities and Exchange Commission ("SEC") for a 100% JitoSOL ETP.  Austin's report supports the issuance of the JitoSOL ETP, and suggests that the new Generic Listing Standards ("GLS") approved by the SEC last week could apply with equal force to wrapped versions of tokens that otherwise meet the GLS.

You can download the full report at the link below: