Canary Capital's Staked Injective (INJ) ETF Debuts on Nasdaq With 90% Staking Mandate

INJC Begins Trading Under a 90% Staking Plan

Canary Capital's staked exchange-traded fund for Injective (INJ) opened for trading on Nasdaq on Thursday under the ticker INJC, after the exchange's official notice on 4 November confirmed the 5 November debut. The Injective price sits at $8.38 at the time of writing, up 3.9% over the past 24 hours, and the token has added a further 3.7% since the fund's debut-session report at 19:28 UTC on Thursday, taking its market cap to $833 million. What separates INJC from a conventional tracker is its yield engine: the fund participates in staking on the Injective (INJ) network and folds the resulting rewards into the portfolio's value, so investors get exposure to both the token's price and its net staking output without buying the asset directly. For shareholders, that means the share price reflects two sources of return rather than one, and the second depends on validator performance. Shares trade through standard brokerage accounts, which removes the need to set up a crypto wallet or manage private keys. The prospectus filed with the U.S. Securities and Exchange Commission (SEC) states that, in normal market conditions, Canary Capital plans to put at least 90% of the fund's INJ to work in staking, holding the remainder for redemptions and operating needs. The vehicle's twin objectives are to mirror INJ's price performance and to earn additional tokens by participating in the network's Proof-of-Stake consensus. The launch widens the roster of US-listed crypto products beyond Bitcoin and Ethereum and opens a regulated channel into a layer-1 network built for on-chain finance. COINOTAG's composite support and resistance scoring, which rates each level from the indicators converging there, puts the nearest resistance at $8.6328, scored 92 out of 100, with the nearest support below at $7.8861, scored 94/100. Momentum readings back the listing-day move: the daily MACD signal is bullish, the trend classification is an uptrend, and the relative strength index sits at 58.51. Leveraged positioning remains light. Open interest stands at $23.88 million and the perpetual funding rate at 0.0059%, a near-flat carry showing the debut rally has not yet drawn crowded longs. A close above $8.6328 would clear the strongest barrier overhead; a drop back under $7.8861 would hand the bearish case its first marker. Full levels are laid out in our INJ technical analysis .

A 30% Cut of Staking Rewards

The staking economics determine what holders actually keep. Rewards earned through validators are not paid out in cash; they stay in the fund and enter the net asset value calculation, so shareholders capture them indirectly through the share price. The income stream is not free, however: the filing expects a service fee equal to 30% of staking rewards, leaving the fund with roughly 70% of what its staked tokens generate, on top of an annual sponsorship fee of 1.10%.

Canary Capital's product materials name BitGo Bank & Trust as custodian of the Injective (INJ) assets and Luganodes as the staking service provider. Chief executive Steven McClurg framed the launch around Injective's design, arguing the network was built from the start for financial applications, trading and tokenization, and that investor attention is reaching chains focused on specific financial use cases rather than stopping at the largest cryptocurrencies. That case rests on the wider ecosystem. Injective runs a layer-1 network oriented toward decentralized finance, derivatives and the tokenization of real-world assets, with an on-chain order book at its core, and its institutional arm, Injective Institutional Services, secured SEC-registered transfer agent status in August 2026. The network has also burned over 7.2 million tokens through community buyback rounds, and a recent rally carried the token up 28% to $9.28 on institutional validator momentum . Competition is arriving: 21Shares has its own Injective (INJ) ETF in the works, alongside the REX-Osprey INJ Staking ETF application. One structural caveat stands: INJC is not registered under the US Investment Company Act of 1940, so it does not carry the protections covering traditional registered funds. Investors weighing the direct route can review our guide to staking crypto .

The debut window that opened on Thursday has now closed on a legible scoreboard: INJ at $8.38, 3.9% higher over 24 hours and 3.7% added since the fund's first session was reported. The backdrop makes that read stronger. A Fear and Greed Index of 28/100 across COINOTAG's tracked universe, with Bitcoin holding a 68.2% share of that market, describes a cautious market, so a single-asset fund debut that still lifts its underlying token points to demand specific to INJC rather than a broad risk-on tide. What settles the question is flow data: first-week trading volume, net creations and assets under management, not the headline itself, will decide whether investors accept a 30% fee on rewards for regulated, staking-yielded exposure to a mid-cap layer-1 asset.