The Nasdaq exchange has welcomed a new altcoin-based investment vehicle that does more than just hold raw underlying assets. Canary Capital officially launched the Injective ETF under the ticker INJC on November 5, 2026. The product marks the first Injective ETF on a U.S. exchange to directly incorporate staking into its portfolio.
The following day, on November 6, 2026, Injective Labs CEO Eric Chen and Canary Capital CEO Steven McClurg were in New York to ring the opening bell. Early market interest was reflected in the fund’s assets under management. At the close of its first two trading sessions, INJC’s net asset value (NAV) reached $16.12 million, with the number of outstanding shares holding steady at 600,000.
How Staking Rewards Accrue to Fund Value
The structure of INJC is designed differently from conventional spot ETF products that leave underlying assets idle with a custodian. The fund engages investors’ INJ tokens in the Injective network’s proof-of-stake mechanism. Yield earned from validating transactions is channeled back to increase the portfolio’s net asset value after deducting daily operational expenses.
According to registration documents filed with the U.S. Securities and Exchange Commission (SEC), the fund manager is required to stake at least 90% of INJ holdings under normal market conditions. A report dated November 6, 2026, noted that all eligible assets, or 100%, were actively staked or queued with validator Luganodes. To operate the vehicle, Canary charges an annual sponsor fee of 1.10% and operates the product without registration under the Investment Company Act of 1940.
Institutional Expansion and Network Activity
The launch of this exchange-traded product coincides with Injective’s infrastructure expansion. Just three days before the ETF began trading, on November 2, 2026, Injective rolled out its Institutional Rail service. The new facility provides direct application programming interface (API) connectivity for banks and trading firms to the blockchain infrastructure.
Activity on Injective’s ledger shows cumulative transaction processing volume surpassing 3.13 billion through late October 2026. Alongside that transfer volume, the ecosystem has burned 7.27 million INJ tokens through periodic buyback auctions. In the spot market, the INJ token traded around $8.10 as of November 9, 2026, posting a 12.74% gain over the past seven days.
For traditional capital market investors, vehicles like INJC open opportunities to earn staking rewards without the hassle of managing private wallets or vetting validators independently. An annual sponsor fee of 1.10% serves as the cost for that convenient access on a mainstream stock exchange.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
