Canary Capital Files for Staked INJ ETF, Betting on Injective Protocol

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Investment firm Canary Capital has submitted an S-1 application to the US Securities and Exchange Commission (SEC) for a staked INJ exchange-traded fund (ETF), according to a Thursday filing.

INJ serves as the native token of the Injective Protocol, a layer-1 blockchain specializing in decentralized finance (DeFi), facilitating governance, staking, and utility functions.

The proposed ETF aims to generate staking rewards by leveraging an “approved staking platform” to provide validation services, the filing states.

Canary Capital laid the groundwork for the fund in June by establishing a Delaware Trust, signaling its intent to launch the altcoin-based investment product. The filing represents the latest effort to introduce an altcoin ETF in the US market.

The move underscores the growing intersection of traditional finance and DeFi, a trend bolstered by recent SEC guidance that treats staking rewards as income rather than securities transactions. This regulatory clarity has enabled asset managers to participate in delegated staking as validators.