Canary's Staked INJ ETF Ends First Two Nasdaq Sessions With $16.12 Million in Net Assets
Key Takeaways
- •Canary Capital's staked Injective ETF, trading under the ticker INJC, launched on Nasdaq on November 5 and accumulated $16.12 million in net assets over its first two sessions.
- •The fund is the first U.S.-listed spot product for Injective, pairing INJ price exposure with staking rewards distributed to shareholders.
- •Injective is a layer-1 blockchain designed for financial applications, and its INJ token is used for governance, staking, and transaction fees.
- •Canary Capital, founded in 2023 by Valkyrie Investments co-founder Steven McClurg, has built a lineup of single-token U.S. exchange-traded products.
- •A 2025 regulatory opening allowing staking in U.S.-listed crypto funds made the product possible, and its early asset growth serves as a first benchmark for demand for staked offerings tied to smaller-cap protocols.
Canary Capital's staked exchange-traded fund for Injective (INJ) began trading on Nasdaq on November 5 and finished its first two sessions with $16.12 million in net assets. The fund, listed under the ticker INJC, is the first U.S. spot product of its kind for the network, pairing exposure to the token with yield generated through staking.
Staked exchange-traded products hold the underlying token and delegate it to validators on the network's proof-of-stake system, passing staking rewards through to shareholders on top of the token's price performance. The structure gives investors exchange-listed access to both the asset and its staking economics without requiring direct token custody or validator operations. As exchange-listed shares, the fund can be bought and held through standard brokerage accounts, the same route as conventional ETFs. Nasdaq has emerged as one of the leading U.S. venues for spot and staking-linked crypto listings, alongside NYSE Arca.
Injective is a layer-1 blockchain purpose-built for financial applications, including decentralized exchange infrastructure. The network, developed by Injective Labs, launched its mainnet in 2021. Its native token, INJ, is used for governance, staking and transaction fees, and holders can delegate tokens to validators to earn rewards.
Canary Capital is a digital-asset investment firm founded in 2023 by Steven McClurg, who previously co-founded Valkyrie Investments. The firm has filed for and launched a series of single-token exchange-traded products in the United States. The INJC listing extends that lineup to a smaller-cap protocol token, a further step in the broadening of U.S. crypto funds beyond the bitcoin and ether products that made up the market's first spot wave, following a 2025 regulatory opening that allowed U.S.-listed crypto funds to incorporate staking. With no prior U.S.-listed product of its kind for the token, INJC's net-asset growth in coming sessions offers a first benchmark for demand around staked products tied to smaller-cap protocols.
This article was first published on COINOTAG.
