Canary’s Injective ETF debuts on Nasdaq with exposure to staking rewards

Canary Capital has launched the Canary Staked INJ ETF, offering investors exposure to Injective's native INJ token. The fund will trade on the Nasdaq under the ticker INJC.The ETF seeks to earn additional INJ through in Injective's proof-of-stake validation process, with net staking rewards reflected in its net asset value."Injective was designed from the ground up for trading, tokenization, markets, and financial applications," said Canary Capital CEO Steven McClurg in a press release. "We believe investors are increasingly looking past the largest digital assets and toward the specialized networks building the next generation of on-chain financial infrastructure."Injective is a Layer 1 blockchain focused on onchain financial applications, including trading, derivatives, and tokenization. Its native token was up more than 5% on Thursday.In August, Injective's affiliate, Injective Institutional Services, became an SEC-registered transfer agent amid an expanding tokenization push."In terms of U.S. licensing, I think transfer agent is basically the very start," Injective CEO Eric Chen told The Block last month, noting that "an Injective institution can actually be the clearinghouse for settlement."Injective says it has tokenized over $1 billion in assets to date. As of Oct. 22, Injective had processed more than 3.13 billion transactions and permanently burned more than 7.27 million INJ across its monthly token buybacks."Investors can now gain exposure to INJ through the brokerage accounts they already use," Chen said Thursday in a release. "We built Injective to bring financial markets onchain. Canary's launch connects that mission to a broader base of investors, giving them a familiar way to access the asset that powers Injective."There are two other proposed ETF applications tied to INJ: the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF.