Injective-Linked Staked INJ ETF INJC Lists on Nasdaq, Combining Spot Exposure With Staking

A spot exchange-traded fund based on Injective’s native token, INJ, has listed on the Nasdaq in the U.S.

Injective said on Nov. 6 that Canary Capital, a U.S. digital-asset investment manager, launched the Canary Staked INJ ETF on Nov. 5. The fund trades under the ticker INJC and is available to investors through the U.S. securities market. Canary Capital provides investment and asset-management services across digital-asset exchange-traded products, private investments and hedge funds.

INJC directly holds spot INJ, meaning the fund’s value changes with the token’s price. Investors can buy and sell the ETF through brokerage accounts that support trading in INJC, without having to purchase INJ directly or open and manage a separate crypto wallet.

A portion of the INJ held by the fund is used for staking. Staking involves committing crypto assets to a blockchain network for transaction validation and operations in return for rewards. INJC reflects net staking rewards in its net asset value after deducting related costs. Investors do not need to participate in staking themselves, and the rewards are not paid separately but are incorporated into the fund’s assets.

Investors hold ETF shares rather than INJ itself. The fund’s value depends on factors including INJ’s price, staking rewards and management costs, and the ETF’s market price may differ from its net asset value. Staking rewards can also fluctuate depending on network conditions, and neither rewards nor investment returns are guaranteed.

Injective is a Layer 1 blockchain focused on financial services, supporting functions ranging from asset issuance to trading and settlement. A Layer 1 is an independent base blockchain that processes and records transactions on its own network. Injective provides features tailored to finance, allowing institutions and developers to issue tokenized assets or build spot and derivatives trading services. Trading functions, including order recording and execution, are built into the network, enabling developers to use them in financial applications.

INJ is the token used on the network to pay transaction fees and support transaction validation and security. Holders can earn rewards by delegating INJ to network validators through staking, and they can also vote on network operations and feature upgrades. The staking rewards in INJC come from that same participation in network operations.

Injective also offers tools for institutional asset issuance and management. Injective Mint allows institutions to set conditions for holding and transferring assets and to issue and manage tokenized assets. It has also introduced CypherOS, a platform designed to protect the confidentiality of information during trading and asset tokenization.

USDC, the stablecoin designed to track the value of the U.S. dollar, is used for fund transfers and trade settlement on the network. Native USDC issued directly on the Injective network exceeded $25 million as of October.

As of Oct. 22, the network had processed more than 3.13 billion cumulative transactions, according to Injective. Monthly active addresses totaled about 257,300 in October, based on data compiled by blockchain analytics platform Token Terminal.

Steven McClurg, chief executive officer of Canary Capital, said digital-asset investors are placing growing importance on what real financial demand each network serves. He described Injective as a finance-focused network with the features needed for trading and asset tokenization, and said the ETF highlights the growth potential of that financial infrastructure.

Eric Chen, co-founder of the Injective Foundation, said Injective was created with the goal of bringing financial markets onto blockchain rails. He said the Nasdaq listing would introduce Injective’s financial technology and services to investors in the U.S. securities market and help broaden the network’s use in real-world finance, from institutional asset issuance to trading and settlement.