- Canary Capital filed a prospectus for a Nasdaq-listed exchange-traded fund, ticker INJC, that holds Injective tokens directly and intends to stake more than 90% of its holdings
- The fund retains approximately 30% of staking rewards as a fee, passing through roughly 70% of the rewards earned to investors
- BitGo Bank & Trust will serve as custodian, and the fund charges a 1.10% annual sponsor fee with the sponsor covering up to $200,000 per year in trust expenses
Canary Capital Group LLC filed a prospectus with the SEC on November 4, 2026 for a new exchange-traded fund designed to give investors exposure to Injective, a blockchain network focused on decentralized finance applications, while also capturing staking rewards typically unavailable through a standard spot ETF structure. The fund, trading under the ticker INJC on Nasdaq, will hold Injective tokens directly rather than tracking the asset through derivatives or a trust structure that avoids direct custody.
The prospectus specifies that the fund intends to stake more than 90% of its Injective holdings, participating in the network’s proof-of-stake validation process to earn staking rewards on behalf of shareholders. Of those rewards, the fund retains approximately 30% as a staking fee, passing through the remaining roughly 70% to investors, a structure that gives the fund an additional revenue stream beyond simple price appreciation in the underlying token.
BitGo Bank & Trust will serve as the fund’s custodian, a role the firm has taken on for a number of other crypto-asset investment products given its established institutional custody infrastructure. The fund’s overall sponsor fee is set at 1.10% annually, with Canary Capital separately agreeing to cover up to $200,000 per year in trust-related expenses, a provision designed to shield the fund’s net asset value from certain administrative costs.
For valuation purposes, the fund’s net asset value will be benchmarked to the CoinDesk Injective Benchmark Extended 60-minute New York Rate, giving it a standardized, third-party reference price for calculating daily NAV rather than relying on a single exchange’s quoted price. Using an independent benchmark rather than a single venue’s price feed is a common design choice meant to reduce the fund’s exposure to any one exchange’s temporary price dislocations.
A staking-enabled structure for an altcoin ETF reflects a broader trend of crypto-asset fund issuers moving beyond simple spot-price tracking toward products that more fully replicate the economics of actually holding and staking the underlying token. The full prospectus is available on SEC EDGAR.
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