Canary Capital Moves Toward Staked Injective ETF with Delaware Trust Filing

Highlights:

• Canary Capital filed a Delaware trust for a possible Injective ETF focused on staking rewards for investors.
• The Staked Injective ETF could offer U.S. investors access to DeFi income through blockchain token staking.
• INJ price increased after the trust filing as investors reacted to potential mainstream ETF exposure.

Canary Capital, a digital asset and crypto fund management company, has created a Delaware-based trust that may lead to the launch of an exchange-traded fund linked to the Injective blockchain. The entity, listed as “Canary Staked INJ ETF,” was registered under number 10221067. This marks the first known step in bringing a staked Injective ETF to the U.S. market. Many businesses prepare Delaware trusts first, before presenting legal documents to the U.S. Securities and Exchange Commission.

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BREAKING: CANARY STAKED $INJ ETF REGISTERED IN DELAWARE 🚨

— Injective 🥷 (@injective) June 9, 2025

INJ, Injective’s native token, would be included in the new fund, and staking it would allow for generating rewards. This would involve holding tokens with the ETF on the Injective network, supporting its network, and getting rewards. This model offers a way for investors to benefit from token performance and staking income.

The firm has already tried to introduce a crypto staking fund in the past. The company filed an application for a TRX token-based ETF back in April. The fund aimed to stake a portion of the TRX holdings to collect yield. The company has also filed proposals for ETFs involving other altcoins such as Sui. It even submitted an application to track the Pudgy Penguins ecosystem, combining exposure to the PENGU token and related NFTs.

Staked Injective ETF Could Add DeFi Exposure for U.S. Investors

The proposed Staked Injective ETF would provide U.S.-based investors with exposure to one of the more active DeFi-focused blockchains. Injective works as a primary network to back tokenized real-world assets and the use of artificial intelligence. Since it supports scalability and decentralized finance, it serves as a strong candidate for investment platforms that use staking. The company’s filing points to an increased goal to introduce altcoin ETFs into the U.S. market beyond Bitcoin and Ethereum.

Another product offering the same benefits is already present in Europe. 21Shares, the world’s largest crypto ETP provider, launched an INJ ETP on Euronext Paris and Amsterdam. In Europe, ETPs have less difficulty than ETFs in the United States, whose setup involves more legal and bureaucratic processes. Despite that, Canary’s approach follows the same path taken by earlier crypto fund issuers.

The SEC has already signaled concerns about other staking-based ETFs. Last month, the agency informed REX Financial and Osprey Funds that their proposed Ether and Solana staking ETFs conflict with the 6C-11 rule. This uncertainty may also affect the future of Canary’s Injective fund. However, forming a Delaware trust remains a critical first step toward opening investor access.

INJ Sees Price Boost as Trust Filing Gains Attention

Following news of the trust filing, the price of INJ has shot up 5.15% to $13.67. In addition, the trading volume is up 15.05% to 115.7 million. Meanwhile, the market value of the coin stands at $1.36 billion. The token remains fully unlocked, with around 97 million of the 100 million supply already in circulation. Injective holds about $28.53 million in total value locked as of press time. 

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