Canary Capital is taking another step toward launching a staked Injective exchange-traded fund, refiling an amended S-1 registration statement with the U.S. Securities and Exchange Commission. The updated paperwork adds more clarity around how the proposed ETF would work, even as Injective’s market data sends mixed signals.
According to the filing, the ETF is designed to give investors direct exposure to the spot price of Injective’s native token, INJ. Beyond simple price tracking, the product also aims to generate extra returns by staking the INJ tokens it holds. In other words, the fund would not only follow INJ’s market performance but also earn yield through participation in Injective’s staking ecosystem.
The amended S-1 lays out several key operational details. Crypto custodian BitGo is named as the ETF’s custodian, responsible for safeguarding the fund’s Injective tokens. U.S. Bancorp Fund Services would take on multiple roles, acting as administrator, transfer agent, and cash custodian. While the filing confirms that all of the trust’s INJ holdings are expected to be staked, it does not yet identify which staking providers will be used.
Some important information is still missing. Canary Capital has not disclosed the ETF’s management fee or its ticker symbol in the latest filing. As with many crypto ETF proposals, these details are likely to appear in future amendments.
The trust’s net asset value would be calculated using the CoinDesk Injective USD CCIXber 60m New York Rate. This benchmark is based on a 60-minute time-weighted average of the INJ-USD CCIXber Reference Rate, providing a standardized pricing reference for the fund.
The filing also outlines how shares would be created and redeemed. ETF shares would be issued or redeemed in large blocks of 10,000 shares, a common structure for exchange-traded funds. Paralel Distributors LLC is listed as the marketing agent, and the ETF is planned to list on the Cboe BZX Exchange. If approved, the product would offer investors a combination of spot INJ exposure and staking rewards through a traditional exchange-listed vehicle.
Canary Capital had earlier registered a statutory trust for the staked Injective ETF in Delaware, signaling its intent to move forward with the product. Market watchers expect additional S-1 amendments in the coming weeks as the issuer fills in remaining gaps.
On the market side, Injective’s price has shown a mild bounce from recent lows, even as broader crypto markets face selling pressure. Trading volumes have picked up slightly in recent hours. Derivatives data, however, paints a more mixed picture. Overall futures open interest in INJ has declined over the past day, suggesting reduced longer-term positioning, while short-term futures activity on several major exchanges has increased.
Together, the regulatory progress and uneven market signals highlight a key moment for Injective, as institutional-style products edge closer to reality.
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