Canary Capital launches staked INJ ETF for Injective token on Nasdaq

Key points

• The Canary Staked INJ ETF offers INJ price exposure and potential staking rewards through ordinary brokerage accounts.
• INJ rose about 5% to $8.23 on the launch day, while Bitcoin fell about 5% to above $76,000.

Canary Capital has launched a staked INJ ETF, giving investors exposure to Injective's INJ token through traditional brokerage accounts along with potential staking rewards, Bitcoin.com News reports. The firm's chief executive, Steven McClurg, said the product sits alongside its Canary XRP ETF and Canary HBAR ETF and reflects growing institutional appetite for crypto funds that pair price exposure with staking income.

McClurg said investors are looking beyond established cryptocurrencies to networks built for financial applications such as tokenisation, trading and decentralised markets. According to a press release, Injective has tokenised more than $1bn in assets. As of 22 Oct, the network had processed over 3.13 billion transactions and permanently burned more than 7.27 million INJ, worth roughly $58m, through buyback mechanisms. Token Terminal data showed about 257,300 monthly active addresses in October.

The launch coincided with a rise in INJ, which was up about 5% at $8.23 and 10% over the week, even as the wider crypto market fell in line with a tech stock sell-off and Bitcoin dropped about 5% to above $76,000. Injective has rolled out upgrades to attract institutions, including Injective Mint for issuing tokenised assets and CypherOS for privacy-focused trading. More than $25m in native USDC had been issued on the network as of October.

Eric Chen, co-founder of the Injective Foundation, said the ETF lets investors reach INJ without using crypto exchanges or wallets.

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