Canary Capital has submitted an amended S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for its proposed staked Injective (INJ) exchange-traded fund (ETF). The filing, which updates an earlier submission, provides new operational details for the fund, which aims to offer investors regulated exposure to the spot price of INJ while also generating yield through a staking program.
The proposed ETF plans to list on the Cboe BZX Exchange. Its net asset value will be tracked using the CoinDesk Injective USD CCIXber 60m New York Rate pricing benchmark, calculated by CoinDesk Indices. The trust will hold INJ tokens, with BitGo Trust Company serving as the digital asset custodian and U.S. Bancorp Fund Services acting as administrator, transfer agent, and cash custodian.
All INJ tokens held by the trust will be staked through one or more providers, though specific entities have not been named. The filing notes that staking rewards come with inherent risks, including potential slashing and lock-up periods common to proof-of-stake networks. Shares will be created and redeemed in blocks of 10,000, and Paralel Distributors LLC is named as the marketing agent.
Key details remain undisclosed, including the ETF's ticker symbol and management fee, which are expected in future amendments. The sponsor, Canary Capital Group LLC, emphasizes that the ETF is not registered under the Investment Company Act of 1940, meaning it lacks certain regulatory protections of traditional investment funds, and shares are considered speculative.
Despite the filing, the INJ token price has shown little positive reaction, continuing to trade under significant bearish pressure. At the time of reporting, INJ was trading around $4.56, down over 5% in 24 hours and having depreciated more than 83% over the past year. Technical analysis suggests the token is below key moving averages, though a slight increase in trading volume and derivatives open interest on exchanges like Binance and Bybit was noted. Analysts indicate a potential rebound if the price holds above $3.47, with a resistance level near $5.25.
