Key facts
- Canary Capital amended its Injective ETF filing with the US SEC.
- The ETF aims to provide regulated exposure to Injective (INJ) and staking rewards.
- The proposed ticker for the ETF is INJS, to be listed on Cboe BZX.
- Canary Capital expects to stake at least 90% of INJ.
- BitGo Bank & Trust will hold the Trust's INJ as custodian.
- The ETF will track the CoinDesk Injective Benchmark Rate 60m NY Rate index.
Canary Capital has submitted Amendment No. 3 to its Form S-1 filing with the U.S. Securities and Exchange Commission (SEC) for its proposed Canary Staked Injective ETF. The filing indicates the ETF aims to offer investors regulated exposure to the spot price of Injective (INJ) and potential earnings from its staking program. The issuer intends to list the exchange-traded fund on Cboe BZX under the ticker INJS. Canary Capital expects to stake at least 90% of the ETF's Injective holdings, a significant increase from previous filings. The ETF will track Injective's price performance using the CoinDesk Injective Benchmark Rate 60m NY Rate index. U.S. Bank NA will act as the cash custodian, while BitGo Bank & Trust will hold the Trust's INJ. U.S. Bancorp Fund Services is designated as the transfer agent and administrator, and Paralel Distributors LLC as the marketing agent. Specific details regarding management and staking fees have not yet been disclosed and are expected in future filings.
In parallel, the price of Injective (INJ) has seen a notable increase, jumping over 6% in the past 24 hours, partly attributed to developments around its CypherOS privacy layer and the recent Meridian mainnet upgrade. The upgrade enhanced support for regulated tokenized assets and expanded INJ's network role. The token was trading around $8.12, with a 24-hour high of $8.66. Analysts suggest a potential rally towards $10.4 if trading volumes confirm upside momentum, with AI and the ETF developments cited as potential catalysts. Derivatives markets also show increased buying interest, with Injective futures open interest rising significantly across major exchanges.