TLDR
- Canary Capital’s staked Injective ETF reported $16.12 million in net assets after two trading days on Nasdaq.
- The fund’s share count stayed at 600,000, so asset growth did not reflect new subscriptions.
- Injective CEO Eric Chen rang the Nasdaq opening bell with Canary CEO Steven McClurg on November 6.
- The fund plans to stake at least 90% of its INJ and charges a 1.10% annual fee.
- INJ traded near $8.10 on November 9 after a 12.74% weekly gain.
Canary Capital’s staked Injective ETF reported $16.12 million in net assets after its first two trading sessions on Nasdaq. The fund’s share count did not change during that time and held at 600,000 shares.
The unchanged share count means the rise in assets cannot be counted as new investor subscriptions. Published records show no new shares were created in the first two days.
The fund began trading on November 5 under the ticker INJC. One day later, Injective Labs CEO Eric Chen joined Canary Capital CEO Steven McClurg to ring the Nasdaq opening bell.
Assets Climb While Share Count Holds Steady
The fund started with $15 million in net assets and 600,000 shares outstanding on November 4. By the close on November 5, assets had grown to $15.64 million with the same number of shares.
Friday’s figures put net assets at $16.12 million. Shares closed at $26.90, up $0.75 for the session, while the fund’s net asset value stood at $26.86.
That left the closing price about 0.17% above net asset value. Trading volume for the day reached 11,931 shares.
Nasdaq’s November 4 listing notice named Flow Traders U.S. as the fund’s designated liquidity provider. The firm is responsible for supporting trading in the new fund.
How the Staking Structure Works
Unlike a standard spot crypto fund, INJC aims to earn extra tokens through Injective’s proof-of-stake system. Rewards, after costs, are added to the fund’s net asset value rather than paid out to shareholders.
Canary’s SEC filing says the fund expects to stake at least 90% of its INJ holdings under normal conditions. The sponsor can keep some tokens unstaked to cover expenses, redemptions and other needs.
On November 6, the fund reported that 100% of eligible holdings were staked or queued for staking through Luganodes. The fund charges an annual sponsor fee of 1.10%.
Its website showed a 0.00% net staking yield on November 6. That figure is based on past reporting periods and does not show what rewards the new fund will earn.
The fund carries staking risks, including possible penalties if validators fail to meet network rules. It is not registered under the Investment Company Act of 1940 and lacks the protections of traditional registered funds.
“The Canary Staked INJ ETF gives investors access to a blockchain purpose-built for finance through a familiar exchange-traded structure,” McClurg said. Canary first set up a Delaware trust for the product before filing an amended registration statement.
The launch came in the same week Injective announced new institutional services. On November 2, it introduced Institutional Rail, which connects financial institutions directly to the network’s block-production infrastructure through dedicated APIs.
Injective said the service offers predictable transaction inclusion and early acknowledgments while institutions keep custody of their assets. Banks, trading firms and enterprise apps were named as possible users, with access starting with selected institutions.
The network reported more than 3.13 billion transactions by October 22. It has burned about 7.27 million INJ through its token buyback system, and Canary cited over $1 billion in tokenized assets issued on Injective.
INJ traded near $8.10 on November 9, little changed over 24 hours after gaining about 12.74% over seven days. The token moved between $7.82 and $8.29 in the latest session, with a market value near $810 million.
The 14-day Relative Strength Index stood at 53.95. Resistance sat near $8.30 and then the $8.69 to $9 range, while $7.80 was the nearest support.
