Key Notes
- A November 3 filing states that Nasdaq approved Canary’s Staked INJ ETF listing application.
- The proposed INJC fund expects to stake at least 90% of INJ under normal conditions.
- The listing filing does not announce a first trading day or guarantee staking returns.
Nasdaq has approved the listing application for Canary Capital’s Staked INJ ETF, according to a new regulatory filing, moving the proposed Injective investment product closer to a US exchange debut.
The trust’s Form 8-A, filed on November 3, explicitly states that its application was filed with and approved by The Nasdaq Stock Market LLC. Shares would trade under the ticker INJC, according to the accompanying preliminary prospectus.
The filing confirms an exchange listing decision. It does not announce a first trading day, and it should not be read as the SEC endorsing INJ or guaranteeing the fund’s returns.
An INJ Fund With a Staking Target
The proposed trust would hold Injective’s INJ token, giving shareholders exposure to its price after expenses. It also aims to earn additional INJ through staking, the process by which tokens support the network’s transaction validation.
The November 2 amended prospectus anticipates staking at least 90% of holdings under normal conditions. Canary could keep tokens unstaked to meet expected redemptions, pay expenses or protect the trust’s assets. BitGo Bank & Trust is named as the digital asset custodian.
The document expects aggregate staking fees of 30% of rewards, leaving the trust with 70% before other expenses. Net rewards would generally be restaked, subject to liquidity needs. A staking target therefore does not amount to a promised annual yield or a guaranteed cash dividend.
How Staking Would Affect Shareholders
Canary’s general ETF guidance says its staking funds do not distribute rewards in digital assets. Cash distributions are permitted but are not required, and any planned payment would be announced publicly.
The sponsor also says staking products carry risks tied to providers and validators, including possible penalties. Receiving additional tokens does not remove exposure to a fall in the underlying token’s price.
For investors, the structure would package token ownership and staking into a brokerage-traded security. It would also place responsibility for custody and staking operations with the fund’s service providers, rather than with shareholders running their own wallets or validators.
Listing Approval and Launch Are Separate Milestones
The latest registration statement remains a preliminary prospectus, which says securities cannot be sold before registration becomes effective. The Form 8-A registers the share class under the Securities Exchange Act and refers back to that prospectus; it does not itself publish a launch schedule.
Canary’s application builds on its wider effort to offer funds tied to assets beyond Bitcoin, including its earlier PEPE ETF filing. In this case, the new information is Nasdaq’s approval of the listing application. Actual trading and the final offering terms remain the next milestones to watch.
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