INJ rose more than 5% on Thursday as Canary Capital’s staking ETF, which offers exposure to Injective’s INJ token, launched on Nasdaq.
According to The Block, the Canary Staked INJ ETF will trade on Nasdaq under the ticker INJC. The product allows investors to access INJ through their existing brokerage accounts.
The fund’s launch aims to expand the pool of investors who can invest in Injective without using a crypto wallet directly. Injective CEO Eric Chen said investors can access INJ through the brokerage accounts they already use.
Staking rewards will be added to the fund’s value
The ETF aims to earn additional INJ by participating in the Injective network’s proof-of-stake validation process. The net staking rewards generated through this process will be reflected in the fund’s net asset value.
Injective is a blockchain focused on on-chain financial applications such as trading, derivatives, and tokenization. Canary Capital CEO Steven McClurg said investors are beginning to take an interest in networks focused on specific use cases, beyond the largest digital assets.
INJ rose more than 5% on the same day
According to data cited in the source, INJ’s gain on Thursday exceeded 5%. The new ETF provides access to the token through a brokerage account, while the report contains no data on inflows to the fund or its trading volume.
Two other ETF applications are pending
Applications have also been filed for the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF. These two products are still at the proposal stage and are proceeding separately from Canary’s announced launch.
Not investment advice.