Canary Staked INJ ETF Debuts on Nasdaq Under Ticker INJC

Canary Capital has launched the Canary Staked INJ ETF on the Nasdaq under the ticker INJC, giving U.S. brokerage investors direct exposure to Injective's native INJ token together with staking rewards. The fund stakes INJ through Injective's proof-of-stake validation process, and net staking rewards are reflected in the fund's net asset value. The structure matters operationally: the yield accrues inside the wrapper, so investors receive it without holding or delegating tokens themselves.

"Injective was designed from the ground up for trading, tokenization, markets, and financial applications," Canary Capital CEO Steven McClurg said in a press release. "We believe investors are increasingly looking past the largest digital assets and toward the specialized networks building the next generation of on-chain financial infrastructure." That claim carries a familiar caveat — issuers have promoted niche-asset funds before, and sustained demand beyond launch week remains unproven.

Injective is a Layer 1 blockchain focused on on-chain financial applications, including trading, derivatives, and tokenization. The token rose more than 5% on Thursday, though a single day's move says little about the fund's long-term viability.

What sits behind the issuer's claims?

Injective says it has tokenized more than $1 billion in assets to date. As of Oct. 22, the network had processed over 3.13 billion transactions and permanently burned more than 7.27 million INJ through monthly buybacks. Those figures come from the project itself; independent verification of the tokenization total has not been published.

In August, Injective affiliate Injective Institutional Services became an SEC-registered transfer agent, part of a broader tokenization push. "In terms of U.S. licensing, I think transfer agent is basically the very start," Injective CEO Eric Chen told The Block last month, adding that "an Injective institution can actually be the clearinghouse for settlement." A transfer agent registration is a narrow license, and Injective has not disclosed which further approvals it is pursuing.

"Investors can now gain exposure to INJ through the brokerage accounts they already use," Chen said Thursday in a release. "We built Injective to bring financial markets onchain. Canary's launch connects that mission to a broader base of investors, giving them a familiar way to access the asset that powers Injective."

How crowded could the INJ ETF field become?

Two additional ETF applications tied to INJ remain pending: the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF. If the SEC approves both, INJ would join the small set of altcoins with multiple concurrent spot products — a competitive test of whether first-mover issuance translates into durable assets under management. In plain words: the listing is done, and the verdict now belongs to flows.