Canary's staked INJ ETF begins trading on Nasdaq under ticker INJC

What happened

Nasdaq has begun listing the Canary Staked INJ ETF, which trades under the ticker INJC, according to the exchange's November 4 trader notice and Canary Capital's launch announcement. Trading started on Thursday, November 5, giving investors a way to gain exposure to Injective's native token through an ordinary brokerage account.

The product combines INJ exposure with participation in the Injective network's proof-of-stake system. Rather than paying rewards out to shareholders, the fund reflects net staking earnings in its net asset value after costs. Canary's filing states that, under normal circumstances, it expects to stake at least 90% of its INJ holdings, while the sponsor may keep some tokens unstaked to cover expenses, redemptions and other operational needs.

Injective Labs CEO Eric Chen and Canary Capital CEO Steven McClurg rang Nasdaq's opening bell on November 6, a day after the fund's first trading session, according to Nasdaq's announcement. McClurg described the product as offering access to a blockchain built for finance through a familiar exchange-traded structure.

Nasdaq's listing notice named Flow Traders U.S. as the fund's designated liquidity provider. The fund carries an annual sponsor fee of 1.10%.

Why it matters

U.S. exchange-traded crypto products have moved well beyond Bitcoin and Ether, and INJC adds another route into a smaller token. For investors, the appeal is convenience: exposure to INJ and its staking economics without managing keys or choosing validators. But the structure also introduces layers that direct token ownership does not have, including fund expenses, custody arrangements and validator performance. Canary's product carries staking-related risks, such as penalties if validators fail to meet network requirements, and because it is not registered under the Investment Company Act of 1940 it does not offer the same protections as traditional registered funds. NewsBTC noted that a fund seeking staking economics differs from an account where an investor selects validators, manages keys or takes part in onchain governance.

What the data shows

Canary's published records show the fund started with $15 million in net assets and 600,000 shares outstanding on November 4. Net assets reached $15.64 million by Thursday's close and $16.12 million on Friday, with shares closing at $26.90, up $0.75 for the session. Trading volume was 11,931 shares, and the closing price was about 0.17% above the fund's net asset value of $26.86. Outstanding shares stayed at 600,000 through November 6, so the rise in reported assets should not be read as evidence of new subscriptions during the first two sessions. The fund's website showed a 0.00% net staking yield on November 6, a figure based on historical reporting periods that does not establish what the new fund will earn. INJ traded near $8.10 on November 9, little changed over 24 hours after gaining about 12.74% over seven days, with a market capitalization near $810 million.

Background

Crypto.news previously reported Canary's initial filing, when the company set up a Delaware trust for the proposed staked Injective product, and later coverage of an amended registration statement covering custody, the token pricing benchmark and the staking structure. The SEC's review of the application addressed staking-linked exposure as issuers sought products beyond Bitcoin and Ethereum. The listing arrived in a week of Injective announcements: on November 2 the network introduced Institutional Rail, a service connecting financial institutions to block-production infrastructure through dedicated APIs, with settlement still dependent on validator consensus. Injective reported processing more than 3.13 billion transactions by October 22 and burning roughly 7.27 million INJ through its buyback mechanism, and Canary's announcement cited over $1 billion in tokenized assets issued on the network.

What to watch

The figures to follow are shares outstanding, assets under management, realised flows, bid-ask spreads, trading volumes, fees and how staking income is accounted for, NewsBTC noted. Those will say more about the product's traction than a single day's INJ price move. Whether INJC becomes a durable and liquid fund remains to be shown by its trading record; a listing notice confirms the product exists but does not by itself establish investor demand or liquidity under all market conditions.

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