Injective (INJ) ETF: Nasdaq Approves Canary Staked Listing
By Nodora News ·
Nasdaq approved Canary Capital's Canary Staked INJ ETF (INJC) listing. Injective (INJ) jumped about 11% as the product awaits SEC effectiveness.
Nasdaq has approved a listing application for Canary Capital's proposed Canary Staked INJ ETF, a US exchange-traded product that would hold Injective (INJ) and stake most of it for network rewards. The filing that records the approval, a Form 8-A12B dated November 3, 2026, says the shares are meant to trade on The Nasdaq Stock Market under the ticker INJC once the fund's Securities and Exchange Commission (SEC) registration becomes effective. INJ rose about 11% in 24 hours on OKX as the news spread.
Key takeaways
- Nasdaq approved Canary Capital's listing application for the Canary Staked INJ ETF (ticker INJC), per a November 3 Form 8-A12B.
- The fund would hold INJ, stake at least 90% of it under normal conditions, and charge a 1.10% annual sponsor fee.
- Shares cannot be sold to the public until the related S-1 registration statement is declared effective by the SEC.
- The Injective Foundation has indicated it may buy up to $15 million of seed shares, paid in INJ.
- INJ traded near $8.08 on OKX, up about 11.3% over 24 hours.
What Nasdaq Approved for the Injective (INJ) ETF
Canary Capital Group LLC is the sponsor of the Canary Staked INJ ETF, a Delaware statutory trust. On November 3 it filed Form 8-A12B with the SEC to register the fund's common shares of beneficial interest under Section 12(b) of the Exchange Act. In that filing, Canary states that "an application for listing of the Shares of the Trust has been filed with and approved by The Nasdaq Stock Market LLC."
That is a listing green light from the exchange, not the same thing as a completed public launch. The 8-A points back to Registration Statement No. 333-288721 on Form S-1. Canary's latest pre-effective amendment to that S-1 was filed on November 2, 2026. Until the SEC declares the registration effective, and Nasdaq issues a notice of issuance, the shares cannot be sold to the public.
The Defiant and other market outlets reported the Nasdaq step on November 4. Cointelegraph also flagged the approval in a short post the same day. For related US regulatory context, see Nodora's note on Canton Coin (CC) and the SEC staff digital-commodity view.
How the Canary Staked INJ ETF Would Work
According to the November 2 S-1 amendment, the trust's main goal is to track the price of INJ held in custody, minus fees and other liabilities. A secondary goal is to earn more INJ by staking through a program run by the sponsor.
Key design points from the prospectus:
- Custody: BitGo Bank & Trust would hold the fund's INJ.
- Staking target: Under normal conditions the sponsor expects to stake at least 90% of the trust's INJ through one or more staking providers, keeping some unstaked for redemptions and expenses.
- Fees: A 1.10% annual sponsor fee, plus staking-related fees of up to 30% of staking rewards (shared among the staking provider, sponsor and custodian), so the trust would keep about 70% of rewards under the current plan.
- Unbonding: Injective imposes a 21-day unbonding period when tokens are undelegated. The filing describes a liquidity policy meant to keep enough free INJ (and, if needed, credit) so redemptions can still settle on time.
- Seed capital: The Injective Foundation has indicated intent to buy up to $15 million of shares at $25 each, paid in INJ, and earlier provided $225,000 to help organise the trust.
- Benchmark: Daily net asset value would reference the CoinDesk Injective Benchmark Extended 60m NY Rate.
Investors would get brokerage access to INJ price exposure plus a share of staking rewards, without running a validator themselves.
Why the Listing Matters for Injective
Spot bitcoin and ether ETFs already give US investors a regulated way into the two largest coins. A staked INJ product would extend that model to a smaller Layer-1 used for on-chain finance, and it would be one of the clearer US attempts to wrap both price exposure and proof-of-stake yield in a single Nasdaq-listed share.
The approval also arrives while crypto market-structure politics in Washington remain unsettled after the midterm elections. For a deeper look at that backdrop, see our report on how Democratic control of Congress clouds the CLARITY Act. Listing an individual altcoin ETF is a product decision by an issuer and an exchange, not a substitute for a federal market-structure law, but it does show demand for more coin-specific wrappers.
Live prices and other majors are on Nodora's charts page.
Injective (INJ) Price Reaction
INJ was already bouncing with the wider market after bitcoin reclaimed $80,000, and the Nasdaq filing gave the move a clear headline. OKX spot figures at the time of writing:
- INJ price: about $8.08
- 24h open: about $7.26
- 24h high / low: about $8.12 / $7.25
- 24h change: roughly +11.3%
CoinGecko put Injective around rank 84 by market capitalisation, with a market value near $807 million. That places it outside the largest majors but inside the top 100, which is the band Nodora's article charts support.
What to Watch Next
Several steps still sit between Nasdaq's listing approval and an open market in INJC shares:
- SEC effectiveness: The S-1 must be declared effective before any public sale.
- Nasdaq notice of issuance: Trading typically starts only after the exchange posts that notice.
- Seed and market makers: How quickly the Injective Foundation's seed basket is filled, and which authorised participants support creations and redemptions.
- Staking disclosures: Once live, the trust says it will publish the share of assets that are staked each trading day.
- Competing filings: Other INJ products, including any US rivals, could change the competitive picture.
Until those pieces land, INJC remains a filed and exchange-approved product on paper, not a share investors can buy in a brokerage account. The November 3 8-A is still the clearest official confirmation that Nasdaq has signed off on the listing application.
SourcesStreet Insider, SEC EDGAR, The Defiant +26
This article is general information, not financial advice.
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