Canary Capital expands its ETF selection with new INJ filing

Canary Capital has expanded its ETF selection with a new filing, this time for a staking Injective (INJ) ETF. The selection points to growing trust in selected altcoins in the new wave of funds. 

Canary Capital has filed with the US Securities and Exchange Commission, starting the process for an ETF based on Injective (INJ). The new fund will include staking and will expose US investors to INJ staking, joining the trend of ETFs with on-chain passive income. 

Injective greeted the ETF opportunity as a potential institutional recognition of its technology. 

1/ History is being made today!

Canary Capital just filed the first US Staked $INJ ETF with the SEC, giving institutions and everyday investors a regulated path to access the native Injective token through traditional brokerages and banking rails.

Here's why it's a big deal 🧵 pic.twitter.com/GkLtkR41N1

— Injective 🥷 (@injective) July 17, 2025

The Injective Trust set up by Canary Capital will stake INJ on the native Injective network, with an allocation of only a part of the total holdings. INJ staking is relatively high yield, with up to 11.5% in rewards. The exact INJ staking rewards depend on the selected validator, where each one has a different ranking and risk profile. 

If approved, the ETF will show a willingness to consider smaller networks and directly tap the value of staking coins and the ecosystem of validators. The Injective network relies on 51 validators for its security, with varying returns and reliability. Kiln remains the leading validator with over $68M in staking, followed by a node run by Deutsche Telekom. 

INJ rallies by 25% last week

Following the exposure from Canary Capital, INJ expanded by 25% in the past week to $13.49. INJ has attempted to build a reputation of being a key platform for DeFi, though it has grown at a slower pace compared to other chains. 

INJ is among the relatively smaller networks, with around 71K daily active addresses. Activity on Injective picked up in July, following a long period of inactivity.

As of July, the Injective DeFi sector was still limited, with around $37M in total value locked. While Injective has been actively building, its DeFi sector lags behind larger networks. 

Despite the relatively slow performance, Canary Capital’s interest in INJ shows the focus is shifting to eligible altcoins. Canary Capital is one of the funds to expand to previously overlooked altcoins. 

The list of potential Canary funds includes LTC, TRX, SUI, and HBAR, in addition to the most closely watched filings for XRP and SOL. 

Injective taps RWA demand

Injective is one of the networks aiming to tap the RWA narrative. Injective Labs introduced a BUIDL token listing, tracking BlackRock’s tokenized money fund. 

In general, Injective aims to build Web3 infrastructure, spanning both on-chain activity and financial value. 

So far, Injective has shown one successful ETP for the European Market. 21Shares launched its AINJ ETP, demonstrating the demand for regulated INJ products.

Injective is a relatively new addition to the crypto space, launching just before the 2021 bull market. The project raised $59.7M in several funding rounds, with Binance and Mark Cuban joining in. 

The public sale raised around $7.1M, leaving most of the INJ tokens to insiders. All INJ tokens have been unlocked, and the token trades closed to its fully diluted valuation of $1.39B.

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