- Nasdaq approved the listing of the Canary Staked INJ ETF under ticker INJC, the first U.S.-listed staked product for Injective.
- The fund targets staking at least 90% of its INJ holdings and reinvests rewards, with a 1.10% annual sponsor fee.
- Trading remains pending until the S-1 registration statement becomes effective with the SEC.
Injective (INJ) surged more than 8.5% to trade around $8.26 on November 5 after Nasdaq approved the listing of the Canary Staked INJ ETF, the first U.S.-listed staked product for Injective’s native token, according to a Form 8-A filed by Canary Capital on November 3, 2026. The fund will trade under the ticker INJC.
The product is designed to hold spot INJ while targeting staking of at least 90% of its holdings under normal conditions. Staking rewards are intended to be reinvested into the fund rather than distributed as cash. Public trading cannot begin until the separate S-1 registration statement becomes effective with the SEC.
Structure and Fees
Per Canary’s latest amended S-1 (filed October 23, 2026):
- Primary objective: Price exposure to INJ held by the trust, less expenses.
- Secondary objective: Earn additional INJ through staking on the Injective proof-of-stake network.
- Staking target: At least 90% of INJ under normal circumstances. A portion remains unstaked to manage redemptions and expenses.
- Unbonding period: 21 days once tokens are undelegated. During this window, tokens cannot be transferred and do not earn rewards.
- Custodian: BitGo (controls private keys for both staked and unstaked INJ).
- Sponsor fee: 1.10% annually of the trust’s INJ holdings.
- Staking fees: Aggregate fees to the staking provider, sponsor, and custodian are capped at 30% of rewards. The trust is expected to retain 70%, which is generally restaked.
The Injective Foundation has committed to an initial seed purchase of up to $15 million in shares, paid in INJ.
Context vs. Existing Spot ETFs
Unlike pure spot products that simply track price, INJC is structured as a staked ETF. This approach is already present in several U.S. spot SOL and AVAX products (for example, certain Bitwise and Grayscale staking versions), but it will be the first such product specifically for INJ.
The distinction matters for two reasons:
- Shareholders receive the combined effect of INJ price movement plus net staking yield inside a brokerage account.
- A large percentage of the fund’s INJ will be locked in the unbonding process at any given time, which affects liquidity management.
Current Status and Next Steps
Nasdaq’s listing approval covers the exchange listing of the shares. It does not make the S-1 effective or authorize share sales. Canary filed Form 8-A on November 3 confirming the Nasdaq listing application was approved under the INJC ticker. Trading remains pending the effectiveness of the registration statement and any final operational readiness.
INJ was trading near $8.15–$8.20 as of early November 5, 2026, with a market capitalization of approximately $815–$820 million. The token remains well below its March 2024 all-time high of roughly $52.62.
This listing moves INJ one step closer to regulated U.S. brokerage access with built-in staking yield. Actual launch timing still depends on the SEC clearing the S-1.
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