Nasdaq quietly added a new crypto ETF to its tape this week: Canary Capital’s Canary Staked INJ ETF began trading under the ticker INJC on Nov. 5, according to a Nasdaq trader notice dated Nov. 4 and Canary’s launch announcement. The fund aims to give investors exposure to Injective (INJ) — the native token of the Injective network — while capturing staking rewards through a managed, exchange-listed vehicle. What the product does (and doesn’t) - INJC bundles price exposure to INJ with an attempt to pass through staking income generated by Injective’s proof-of-stake network. - Important caveat: owning shares of the ETF is not the same as holding or controlling INJ tokens in a self-custodied wallet. The fund handles custody, validator selection and all operational choices through its service providers, so investors won’t be choosing validators, managing keys, or voting in on-chain governance themselves. How staking is reflected Injective runs on proof-of-stake, where token holders can delegate to validators and earn rewards. Canary says net staking rewards will be incorporated into the ETF’s net asset value (NAV). The emphasis on “net” matters: fund fees, staking arrangements, validator performance and timing can all reduce the final value delivered to shareholders. Investors should read the prospectus to understand fees, mechanics and risks rather than assuming staking payouts resemble fixed interest. What Nasdaq’s notice means (and doesn’t) Nasdaq’s trader notice identified the ETF’s designated liquidity provider and confirmed the start of trading and valuation dissemination — concrete proof the product is listed. It does not, however, guarantee investor demand, daily liquidity in stressed markets, or that shares will always trade in line with NAV. Why this is different from big Bitcoin ETFs Spot Bitcoin ETFs have become a market barometer because creation/redemption flows are visible and large. A smaller-token ETF like INJC faces different dynamics: thinner underlying markets, more concentrated network risks, and a smaller investor base. That can translate into higher volatility and wider spreads. Product suitability depends on ETF structure and an investor’s tolerance for those risks, not merely the convenience of buying a ticker. What to watch after launch The most informative metrics over the coming days and weeks will include: - Shares outstanding and assets under management (AUM) - Realized fund flows (inflows/outflows) - Trading volume and bid-ask spreads - How staking income is accounted for and reported - Ongoing fees and any operational disclosures These figures will tell you more about the product’s traction and liquidity than a single-day INJ price move or launch-day hype. Bottom line INJC’s listing is a verified milestone in the continuing diversification of crypto ETFs beyond Bitcoin and Ether. It expands access to a smaller PoS token via traditional brokerage channels, but it also shifts custody and operational control away from end users. Whether Canary’s staked INJ ETF becomes a durable, liquid choice for investors will be proven by its trading record and how transparently it delivers staking economics. This article was written by the News Desk and edited by Samuel Rae. Featured image: Nasdaq display at Times Square (historic illustrative photo; not the 2026 Canary Staked INJ ETF listing). Photo: bfishadow on Flickr via Wikimedia Commons, CC BY 2.0. Read more AI-generated news on: https://app.chaingpt.org/news