Canary’s INJ ETF Launches on Nasdaq, Reaching $16.12 Million

Canary Capital’s staked INJ ETF, which began trading on Nasdaq on November 5, reached $16.12 million in net assets after its first two sessions while the outstanding share count remained at 600,000, according to the fund’s published records. The listing brought staked cryptocurrency exposure into the U.S. exchange-traded fund market.

Canary’s records showed $15 million in net assets and 600,000 shares on November 4. By Thursday’s close, assets had reached $15.64 million. The $1.12 million increase through Friday did not accompany a rise in shares and cannot establish that new subscriptions drove the growth.

Nasdaq said in its November 6 announcement that Injective Labs CEO Eric Chen and Canary Capital CEO Steven McClurg rang the opening bell one day after INJC began trading.

“The Canary Staked INJ ETF gives investors access to a blockchain purpose-built for finance through a familiar exchange-traded structure,” McClurg said.

INJC gives investors direct exposure to INJ through ordinary brokerage accounts and participation in network staking. Unlike a conventional spot cryptocurrency fund, it seeks additional tokens through Injective’s proof-of-stake validators; after applicable costs, those rewards contribute to net asset value rather than cash payments to shareholders.

Friday’s close was $26.90, up $0.75 for the session, on 11,931 shares. The price finished approximately 0.17% above the $26.86 net asset value per share, while the 600,000-share count remained unchanged through November 6.

Canary’s original filing established a Delaware trust for the proposed product. Its amended registration statement then outlined the proposed custody arrangements, token pricing benchmark and staking structure before the fund received its Nasdaq listing.

Under the fund’s SEC filing, Canary expects to stake at least 90% of its INJ holdings under normal circumstances. The sponsor may retain unstaked tokens for expenses, redemptions and other operating needs.

On November 6, all eligible holdings were either staked or queued for staking through Luganodes. The fund charges a 1.10% annual sponsor fee, equivalent to $110 a year on $10,000 of assets.

Canary’s website displayed a 0.00% net staking yield on November 6. That figure reflects historical reporting periods and does not establish the rewards the newly launched fund will ultimately earn.

The fund carries staking-related risks, including potential penalties if validators fail to meet network requirements. INJC is not registered under the Investment Company Act of 1940 and does not provide the same protections as a traditional registered investment fund. The SEC’s earlier review addressed staking-linked exposure as issuers pursued cryptocurrency products beyond Bitcoin and Ethereum.

Nasdaq’s November 4 listing notice named Flow Traders U.S. as INJC’s designated liquidity provider, responsible for supporting trading in the newly listed fund.

What does the launch change for investors and institutions?

For investors, the immediate change is access to a brokerage-traded product whose staking rewards accrue inside net asset value, while validator failures and the absence of Investment Company Act registration remain economic risks. The fixed 600,000-share base also means the first two sessions demonstrate changes in reported asset value rather than evidence of new subscriptions.

On November 2, Injective introduced Institutional Rail, a service connecting financial institutions directly to network block-production infrastructure through dedicated application programming interfaces.

Injective said the service offers predictable transaction inclusion and early acknowledgments while allowing institutions to retain custody of their assets. Final settlement continues to depend on the network’s validator consensus.

The company identified banks, trading firms and enterprise applications as potential users. The initial rollout covers selected institutions, with additional access available through an application process.

By October 22, the network reported processing more than 3.13 billion transactions and burning approximately 7.27 million INJ through its token buyback mechanism. Canary’s launch announcement cited more than $1 billion in tokenized assets issued on Injective.

INJ traded around $8.10 on November 9, little changed over 24 hours after gaining approximately 12.74% over the prior seven days. The token ranged from $7.82 to $8.29 in the latest session, with market capitalization near $810 million.

Technical readings showed moderate buying strength, with the 14-day Relative Strength Index at 53.95. Contemporaneous reference levels were $8.30, then $8.69 to $9 on the upside and $7.80 on the downside.

The next market-structure checkpoint is whether INJC’s share count begins to move through subscriptions or redemptions as assets and reported staking rewards accumulate; until then, the fixed share base and 0.00% historical yield do not establish net inflows or future staking income.