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Canary's Staked INJ ETF debuts on Nasdaq under INJC with 90% staking target

Canary Capital's single-asset Injective ETF trades on Nasdaq from November 5 with a 1.10% fee, BitGo as custodian, and a $15M seed from the Injective Foundation paid in INJ.

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Canary Capital's Staked INJ ETF began trading on Nasdaq under the ticker INJC on November 5, 2026, becoming the first US-listed single-asset ETF for Injective with staking rewards reflected in NAV. Canary's final prospectus — Form 424B3, filed with the SEC on November 4, 2026 — is the primary source; The Block and Cryptobriefing report the Nasdaq debut.

Fund mechanics

  • Issuer: Canary Capital Group.
  • Ticker / exchange: INJC on Nasdaq.
  • Underlying: Native INJ tokens.
  • Staking: The fund stakes "substantially all" of its INJ through one or more staking providers in Injective's proof-of-stake validation, reserving only the INJ needed to facilitate foreseeable redemptions. The prospectus-level staking target reported by coverage is 90%.
  • Rewards treatment: Net staking rewards are reinvested into fund holdings and reflected in NAV rather than paid out to shareholders as cash — the same reward pass-through model Canary used on its Staked SOL product.
  • Custodian: BitGo Bank & Trust.
  • Trustee: CSC Delaware Trust Company.
  • Fee: 1.10% expense ratio.
  • Seed: $15 million committed by the Injective Foundation, paid in INJ rather than dollars.

Why this matters

INJC is the third single-asset crypto ETF with baked-in staking rewards to list on a US exchange, after staked SOL and staked ETH products that launched in prior months. The structural issue the SEC resolved to let these products trade — whether the staking yield is an unregistered security the fund is handing to shareholders — is settled for proof-of-stake tokens where the fund stakes its own balance and reinvests the rewards into NAV, rather than distributing them as cash. INJC is now the vehicle regulators and the industry will point to for mid-cap PoS tokens outside the ETH/SOL pair.

The mechanical consequence for Injective's validator set: the fund's $15M seed pool, if fully staked, adds a long-lived delegation source that cannot easily unwind without triggering tax events for ETF holders. Canary says the fund will reserve INJ to meet foreseeable redemptions; it does not specify a reserve ratio in the prospectus-level description.

Context

INJC joins a thickening pipeline of single-asset crypto ETFs on US exchanges:

  • Injective-specific competitors still in registration: the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF, both disclosed in the Canary prospectus but without launch dates.
  • Prior Canary launches: Canary's Staked SOL ETF (CSOL) and multi-asset "Crypto 5" product set the template INJC inherits.
  • The broader shift: a year ago the expected path for non-BTC/ETH tokens into US ETFs was a Grayscale-style trust conversion. The direct S-1 → 424B3 path Canary and its peers have used since mid-2026 moves faster and does not require a trust runway.

Canary CEO Steven McClurg framed the pitch in Thursday's coverage as "beyond the largest digital assets" — investor demand for exposure to proof-of-stake tokens with yield captured onshore. Injective CEO Eric Chen told The Block that transfer-agent status is "basically the very start" of US licensing for the chain.

Numbers

What to watch

  1. Opening-day volume. Canary's CSOL product opened to modest flows; INJC's volume will be the first clean read on how much US ETF demand exists for mid-cap PoS tokens outside the top two.
  2. 21Shares and REX-Osprey competitors. Whether either files a 424B3 within weeks sets the pattern for how quickly the SEC's review desk is clearing single-asset PoS filings in series.
  3. Reserve-ratio disclosure. INJC's unstaked reserve for redemptions is not fixed in the filing. Whether Canary publishes it in monthly disclosures, and how it compares to the staked ETH ETFs, is the leading indicator for redemption-queue risk.

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