The short version
- Injective ETF approved for Nasdaq: the Canary Staked INJ ETF (INJC) filed its final prospectus on November 4 and will stake at least 90% of its INJ.
- The fund charges 1.10% a year and keeps 70% of staking rewards, roughly 3% a year after fees on the prospectus’s 6.8% reward rate.
- The Injective Foundation is the seed buyer with up to $15 million, and INJ’s 9.7% jump came with the market, not the post.
- Next: Canary’s first trading day, not yet named, and whether INJ can clear $8.33.
90% of the INJ inside the first Injective ETF in the US will be staked, earning rewards while it sits in the fund. Nasdaq approved the listing of the Canary Staked INJ ETF, ticker INJC, and Canary filed its final prospectus with the SEC on Wednesday.
That 90% is a floor under normal conditions, so shareholders get the token’s price plus part of the network’s staking rewards.
Injective broke the news on X at 05:27 UTC (12:27 a.m. in New York):
BREAKING: The NASDAQ has officially approved the listing of the first-ever INJ Staked ETF.
The ETF will bring unprecedented exposure to $INJ and will target staking 90% of its institutional holdings in the U.S.
The ticker is INJC.
What Does the Injective ETF Hold?
Only INJ, the token of the Injective blockchain, held by BitGo Bank & Trust as custodian. The fund is not a 1940 Act fund, so buyers don’t get the protections of a normal mutual fund or ETF.
The paperwork has been moving for over a year. Canary filed the first S-1 in July 2025. As late as its September amendment, the fund was headed for Cboe BZX under the ticker INJS. The November filings switched it to Nasdaq and INJC, and a Form 8-A registering the shares on Nasdaq followed on November 3.
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How Much Will INJC Earn From Staking?
Roughly 3% a year, on the prospectus’s own numbers. Canary put the INJ staking reward rate at about 6.8% on September 15. The fund keeps 70% of that, because 30% goes to the staking provider, Canary and BitGo.
Run the sum. 70% of 6.8% is about 4.8%, on the 90% that is staked. That is around 4.3% on the whole fund. Take off the 1.10% fee and roughly 3.2% is left.
That is not a promise. The reward rate moves with how much INJ is staked across the network, and the filing warns that if rewards ever fall short of the fee, each share will hold less INJ over time.
Unstaking is the catch. Injective locks unstaked tokens for 21 days. Canary keeps part of the INJ unstaked to cover redemptions for that reason.
SIDE TRAIL: Zcash ETF Takes $41M in a Week as Altcoin ETFs Bleed
Who Is the Seed Buyer?
The Injective Foundation. It has said it intends to buy up to $15 million of shares at $25 each, paid in INJ.
That is worth knowing. The first big holder of the “first INJ ETF” is the foundation behind the token, and the prospectus also says it gave Canary $225,000 to help cover the fund’s setup costs.
$15 million is about 1.9 million INJ at today’s price. The token traded $92.5 million in the last 24 hours, so the seed money alone won’t move it.
A rival is still waiting. The 21Shares Injective ETF, ticker TINJ, was first filed in October 2025 and last amended on September 18. It plans to stake part of its INJ as well.
INJ Price: Did the ETF News Move It?
Not much. The INJ price is $8.04 at the time of writing, up 9.7% in 24 hours, but nearly all of that came on Wednesday with the rest of the market. The price barely moved after Injective’s post.
Zoom out. INJ more than doubled from $3.96 on August 18 to $9.42 on October 21, much of it on ETF hopes. Then it gave back a quarter of that.
The bigger picture is still up. Price sits above the 50-day moving average at $7.74 and well above the 200-day at $5.61. Sunday’s weekly close was $7.19, right on the $7.13 support. Monday closed under it at $6.98, then buyers came back.
Resistance is $8.33, the level that capped late October. Above that, the October high at $9.42.
TRAIL MAP: Proof of stake, explained in the Base Camp glossary
Canary has not named a first trading day yet. The prospectus dated November 4 is the last filing before one, so that date is what to watch now.
TheCryptoMonk has been trading since 2017 and reads the market from the top down. The focus is macro and the high timeframes: where stocks, rates and liquidity are heading, and what the weekly and monthly charts say about Bitcoin. Short-term noise matters less than the bigger trend.
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