Canary Capital Launches a Staked Injective ETF on Nasdaq Under the Ticker INJC

Canary Capital has launched the Canary Staked INJ ETF, which trades on Nasdaq under the ticker INJC and gives exposure to Injective’s native INJ token, The Block reported. The fund also seeks extra INJ by participating in Injective’s proof-of-stake validation, with net staking rewards reflected in its net asset value.

Canary Capital CEO Steven McClurg said in a press release: “Injective was designed from the ground up for trading, tokenization, markets, and financial applications.” Injective CEO Eric Chen said in the same release: “Investors can now gain exposure to INJ through the brokerage accounts they already use.” Chen told The Block last month that “an Injective institution can actually be the clearinghouse for settlement.”

Injective says it has tokenized more than $1 billion in assets. As of October 22 it had processed more than 3.13 billion transactions and burned more than 7.27 million INJ through monthly buybacks. Its affiliate, Injective Institutional Services, became an SEC-registered transfer agent in August. INJ rose more than 5% on Thursday.

Two other INJ ETF applications are still pending: the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF.

The launch arrived on a day when US spot crypto ETFs overall saw heavy outflows, so the new fund will be watched for early inflows as a test of demand for staking-enabled altcoin products.

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Sources:

• The Block: Canary’s Injective ETF debuts on Nasdaq with exposure to staking rewards