Canary's Staked INJ ETF Hits $16.12 Million in First Two Nasdaq Sessions

Canary's INJC Reaches $16.12 Million in Two Sessions

Canary Capital's staked exchange-traded fund for Injective (INJ) started trading on Nasdaq on November 5 and finished its first two sessions with $16.12 million in net assets. The vehicle, listed under the ticker INJC, is the first U.S. spot product of its kind for the network, pairing exposure normally built through spot trading with staking rewards earned across validators. The Injective price sits near $8 on Monday, about 2% lower over the past 24 hours after a climb of roughly 12.74% across the prior seven days. A staked fund differs from a conventional spot vehicle: the trust stakes its tokens to earn additional rewards, which are reflected in net asset value rather than paid out to shareholders.

The launch has so far landed on a consolidating tape. Live monitoring puts INJ at $7.98, down 2.23% over 24 hours and just below the strongest ceiling overhead: our support and resistance levels score the $8.24 shelf at 91 out of 100, built from the R1 pivot, the Ichimoku Kijun and the prior daily high. The nearest support sits at $7.84, scored 83 out of 100, where the 20-period and 50-period moving averages converge. Positioning stays light: perp funding reads 0.0071% and open interest stands at $22.39 million, leaving room for leverage to build if fund-driven demand shows up. A daily close above $8.24 would clear the shelf; losing $7.84 would hand momentum back to sellers. The composite trend reading remains an uptrend with a bullish MACD signal.

90% Staking Mandate Through Luganodes

Staking sits at the core of the structure. Under the filing, Canary expects to stake at least 90% of its Injective (INJ) holdings under normal circumstances, retaining unstaked tokens for expenses, redemptions and other operational needs, a design we examined when the 90% staking mandate surfaced in the paperwork. Published figures for November 6 showed 100% of eligible holdings either staked or queued through Luganodes, the validator operator named in the documents. Rewards flow through Injective's delegated proof of stake design, in which holders delegate tokens to validators and returns feed back into the fund's value. INJC charges a 1.10% annual sponsor fee, and its website displayed a 0.00% net staking yield on November 6, a backward-looking figure that does not commit the new fund to any particular reward rate. Canary's documents flag validator penalties as a staking risk and note the vehicle is not registered under the Investment Company Act of 1940, so it does not carry the protections of traditional registered funds. McClurg framed the launch in a company statement: “The Canary Staked Injective (INJ) ETF gives investors access to a blockchain purpose-built for finance through a familiar exchange-traded structure.”

The debut capped a busy stretch for the Injective network. On November 2 the project introduced Institutional Rail, a service that links banks and trading firms directly to block-production infrastructure through dedicated APIs, letting institutions keep custody of their assets while final settlement remains with validator consensus; rollout starts with selected institutions and widens through an application process. On-chain records show the chain processed more than 3.13 billion transactions by October 22 and burned roughly 7.27 million INJ through its community buyback rounds, while Canary's launch materials point to more than $1 billion in tokenized real-world assets issued on the network. INJ moved between $7.82 and $8.29 in the latest session with market capitalization near $810 million before easing toward $7.98 on Monday. The $16.12 million print, for its part, covers two sessions and a share count fixed at 600,000; genuine institutional demand will only become visible once outstanding shares increase, a line the fund's disclosures have not crossed yet.