Read this article on bsc.news Nasdaq has approved the listing of the Canary Staked INJ ETF, a fund that would give US investors regulated exposure to Injective's $INJ token along with staking
Nasdaq has approved the listing of the Canary Staked INJ ETF, a fund that would give US investors regulated exposure to Injective's $INJ token along with staking rewards. Injective (@injective) highlighted the development as a step toward wider institutional participation.
The fund, managed by Canary Capital, will trade under the ticker INJC. A Form 8-A filed with the US Securities and Exchange Commission states that an application to list the fund's shares has been filed with and approved by The Nasdaq Stock Market LLC.
According to the fund's prospectus, its investment objective is to provide exposure to the price of INJ held by the trust, less expenses. The sponsor anticipates that at least 90% of the trust's INJ will be staked under normal circumstances. Some INJ may be held back to meet redemptions or pay trust expenses, the filing says.
Earlier filing details reported by crypto media show a 1.10% annual sponsor fee. The Defiant reported that the INJC fund would charge that fee while staking at least 90% of its INJ. Reports citing the SEC filings also say BitGo will act as custodian.
Approval of the listing does not mean the ETF is open for trading. The Defiant noted that the fund's registration must become effective before shares can be sold. The prospectus describes the shares as expected to be listed, subject to notice of issuance.
The filing also carries a risk warning: shareholders in the trust will not benefit from the protections afforded to investors in INJ futures contracts on regulated futures markets. Staked assets can also be subject to penalties and liquidity constraints, which are common risks for staking products.
If launched, INJC would offer traditional investors a regulated route to gain exposure to $INJ without holding the token directly or managing a crypto wallet. Whether it attracts meaningful inflows will only become clear once trading begins.
SEC filing: Canary Staked INJ ETF Form 8-A12B
SEC filing: Canary Staked INJ ETF Form 424B3 prospectus
The Defiant: Nasdaq Approves Listing of Canary's Staked Injective ETF
