Canary's Staked INJ ETF Lists on Nasdaq With a 1.10% Expense Ratio

The First Staked INJ Fund in the US

Canary Capital listed a staked spot exchange-traded fund holding Injective (INJ) on the Nasdaq on November 5, and the vehicle is the first US-listed INJ product with staking written into its structure. The fund, the Canary Staked INJ ETF, trades under the ticker INJC. Canary bills it as the first staked INJ spot fund available in the United States. It tracks the token's price and, in normal conditions, stakes at least 90% of the INJ it holds, directing those assets into the network's transaction validation in return for additional INJ. Staking, in this design, means committing tokens to the blockchain to help confirm transactions and collecting rewards for that work.

The economics appear in the prospectus dated November 4. The annual sponsor fee, the fund's expense ratio, comes to 1.10%. Staking rewards flow into the net asset value after fees and are, in principle, staked again. Of the rewards the fund earns, 30% goes to the manager, the custodian and other service providers, leaving 70% for the fund itself. Custody of the underlying Injective (INJ) sits with a trust bank affiliated with BitGo.

The same document estimates an annualized staking yield of roughly 6.8%, computed from network metrics as of September 15, when about 47.2% of INJ was staked. The estimate carries a stated caveat: if the staked share moves toward the network's 60% target, the reward rate would fall sharply.

Injective is a layer-1 blockchain protocol built around trading and the tokenization of assets, which places the token in the on-chain finance segment rather than the large-cap core of the market. The staked structure means holders earn network yield inside a standard brokerage account. Market data shows the INJ price rose more than 5% on the day the fund began trading. Nearly a week later, the token changes hands near $8.21, up 0.8% over the past 24 hours.

Rival Filings and the Foundation's Seed Stake

The listing gives the Injective ecosystem its first US fund wrapper, and two rival proposals remain at the application stage, one from 21Shares and one from REX-Osprey, so Canary's product runs without a direct US competitor for now. Both pending products were filed before Canary's listing, and neither sponsor has announced a launch date. The launch also carries backing from the protocol side. The Injective (INJ) Foundation has committed to take up to $15 million of the fund at $25 per share as a seed investor, and it paid the manager $225,000 toward the costs of setting the vehicle up. For readers weighing a fund wrapper against buying the token directly, our guide to investing in crypto ETFs and funds sets out how the two routes differ.

Canary's chief executive, Steven McClurg, framed the listing in the launch announcement as part of a shift in investor interest from the largest assets toward specialized networks that carry on-chain financial infrastructure. In his wording, attention is moving from assets ranked by market capitalization toward networks with a defined on-chain role. Injective co-founder Eric Chen pointed to access as the change: investors can now hold INJ through the brokerage accounts they already use, with no DeFi wallets or on-chain steps involved. His point was the retail path: INJ becomes buyable alongside stocks and funds in an ordinary securities account. That framing matches the mechanics, since staking happens inside the fund and rewards accrue to the net asset value rather than to each shareholder. The staked design also matters for the comparison with the pending products: a plain spot INJ fund would track price alone, while INJC adds the network's reward rate, minus the fee split, to the return. Early demand already has a first reading on record in our coverage of the fund's first two Nasdaq sessions.

Price and Positioning After the Launch

The listing lands with the token pressing its first overhead level. On our composite scoring, resistance at $8.2334 rates 90 out of 100, drawn from the prior day's high, the Ichimoku Kijun and a Fibonacci retracement, and spot trades just beneath it at $8.21. The strongest support underneath sits at $7.4296, scored 98 out of 100 from four converging indicators. The broader tape stays cautious: the fear and greed gauge for the tracked altcoin market prints 29 out of 100. Positioning is light, with perpetual funding at 0.0071%, effectively neutral. A fuller breakdown of the levels sits in our INJ technical analysis. Perpetual open interest across INJ markets stands at $22,168,169.