Canary Funds' INJC ETF Debuts on Nasdaq as First U.S. Fund Tracking Injective

Canary Funds' INJC exchange-traded fund now trades on Nasdaq, marking the first U.S. ETF to track Injective (INJ) and the latest entry in a widening market for single-asset crypto funds. Injective marked the listing at Nasdaq's opening bell, celebrating a product that combines spot INJ exposure with on-chain staking inside a standard brokerage wrapper.

INJC is the fund's ticker, not a separate crypto token. Investors buy it through an ordinary brokerage account, the same way they access equity or commodity ETFs. The structure removes the operational burden of self-custody, private key management and native wallet setup that direct INJ ownership requires.

BitGo holds the fund's spot INJ, according to details released around the listing. The qualified-custodian arrangement follows the model U.S. spot crypto ETFs have used since the format won regulatory approval, keeping underlying assets with an institutional custodian rather than the fund sponsor.

How does the staking component work?

The fund plans to stake up to 90% of its INJ holdings and automatically reinvest net staking proceeds. That design distinguishes INJC from passive spot vehicles that simply hold assets in cold storage. Staking rewards accrue to the fund itself, compounding its position over time rather than distributing yield to shareholders directly.

The 90% cap leaves a liquid buffer for creations, redemptions and fee coverage. It also represents one of the more aggressive staking allocations among U.S.-listed crypto ETFs, several of which have added partial staking to their mandates as the Securities and Exchange Commission has permitted the feature.

For issuers, staked ETFs narrow the yield gap between regulated products and direct on-chain holdings. Investors who would otherwise forgo staking income to gain exchange-traded convenience can now capture a share of it inside the fund.

What is Injective?

Injective is a decentralized layer-1 blockchain built for trading and decentralized finance applications. Its native token, INJ, secures the network and powers its DeFi activity. The chain's trading focus has made INJ a candidate for dedicated financial products as issuers move beyond bitcoin and ether into smaller proof-of-stake assets.

The INJC listing fits a broader pattern: asset managers are extending the single-asset ETF playbook from the largest cryptocurrencies to layer-1 tokens with staking capability. Each new listing deepens the institutional infrastructure around a chain — custody support, index inclusion and brokerage distribution all follow the fund.

Why does the Nasdaq bell matter?

The opening-bell ceremony signals how routine crypto-linked listings have become at major U.S. exchanges. For Injective, the visibility targets developers, institutions and retail investors who track exchange-traded product launches as a proxy for mainstream adoption of an underlying network.

The operational question now is execution. Watch whether the fund deploys its staking allocation toward the stated 90% ceiling, how BitGo's custody and staking workflow functions at scale, and whether competing issuers follow Canary into INJ or adjacent layer-1 assets in the current approval window.