Canary Capital Launches First Staked Injective ETF on Nasdaq to Expand Digital Asset Access

Canary Capital Group LLC has launched the Canary Staked INJ ETF (INJC) on Nasdaq, marking a significant step in bringing specialized Layer-1 blockchain exposure to traditional brokerage accounts. By combining price exposure to the INJ token with proof-of-stake validation rewards, the fund offers institutional and retail investors a regulated gateway into Injective’s finance-focused ecosystem.

What was announced

The Canary Staked INJ ETF, trading under the ticker INJC, is designed to track the performance of INJ, the native asset of the Injective blockchain. Distinct from standard spot ETFs, this fund actively participates in the network’s proof-of-stake validation process. The net staking rewards generated through this process are reflected in the fund’s net asset value (NAV), providing a dual-return profile of price appreciation and staking yield.

Injective is a Layer-1 blockchain architected specifically for financial applications, featuring plug-and-play modules like an on-chain order book. The network has processed over 3.13 billion transactions as of October 22nd, 2026, and maintains a unique community buyback mechanism that has permanently burned more than 7.27 million INJ, valued at approximately $58 million. The fund launch follows several technical milestones for the Injective network, including the introduction of Injective Mint, which allows institutional users to issue and manage tokenized assets with granular controls over ownership and transfers.

Additionally, the network recently showcased CypherOS, a full-stack privacy platform designed to enable confidential trading and transactions. Furthermore, the network has seen the issuance of over $25 million in native USDC to facilitate on-chain settlement. According to data from Token Terminal, the network currently supports approximately 257,300 monthly active addresses and has tokenized more than $1 billion in assets to date, placing it among the leading blockchains for Real-World Assets (RWAs).

"The Canary Staked INJ ETF gives investors access to a blockchain purpose-built for finance through a familiar exchange-traded structure, while also enabling investors to benefit from potential staking rewards,"

Steven McClurg, CEO of Canary Capital

The companies involved

Canary Capital Group LLC is a digital asset investment management firm focused on providing sophisticated access points to the crypto economy. The firm is led by Steven McClurg, a veteran in the digital asset space who previously held leadership roles at Valkyrie. Canary Capital positions itself as a provider for investors looking beyond the largest market-cap assets toward specialized, infrastructure-heavy networks that represent the next generation of on-chain financial infrastructure.

Injective is a decentralized Layer-1 protocol designed to provide the technological foundation for the next generation of on-chain finance. Its architecture is optimized for trading, derivatives, and tokenization, offering developers a suite of pre-built financial primitives. The Injective Foundation, co-founded by Eric Chen, supports the growth and development of the network, which has emerged as a significant player in the Real-World Asset (RWA) sector. By providing a fully on-chain order book and high-speed execution, Injective competes in the crowded Layer-1 landscape by targeting institutional-grade financial services. The network’s native token, INJ, serves multiple roles including network security through staking, governance participation, and the payment of transaction fees across the ecosystem. This multi-functional utility is central to the network's value proposition as it seeks to bring traditional financial markets onto the blockchain.

What this means

The launch of INJC signals a shift in the crypto ETF market from broad-market exposure toward niche, utility-driven assets. By incorporating staking rewards into the ETF structure, Canary Capital is challenging the traditional spot ETF model, which often leaves yield on the table. This move puts pressure on larger asset managers to evolve their offerings beyond Bitcoin and Ethereum to remain competitive. It also highlights the growing institutional appetite for Real-World Asset (RWA) infrastructure. The primary question for the sector remains whether regulators will continue to permit yield-bearing components within exchange-traded products as the market for specialized blockchain assets matures.