It’s been ten days since the first U.S. INJ staking ETF launched, and just 2,933 shares traded on its first day—the words “the first” didn’t bring in any real money.
Canary’s INJC listed on Nasdaq on November 5. It’s the first spot INJ ETF in the U.S., and it also offers staking: at least 90% of its holdings are usually staked, with rewards reflected directly in its net asset value rather than paid out in cash. BitGo is the custodian. The fund launched with $15 million in seed capital, subscribed by the Injective Foundation with approximately 1.91 million INJ.
INJC opened at $25.15 on its first day and closed at around $26.15, with just 2,933 shares changing hands all day. By comparison, Bitwise’s SOL staking ETF traded about $56 million on its first day, while Canary’s own XRP ETF traded about $58 million. INJ is currently around $6.90, down about 13.3% in 24 hours, with an intraday low of $6.56 and a market cap of around $680 million.
The nominal annualized staking yield is about 7%, but after the 1.10% management fee and a roughly 30% cut of staking rewards, the actual yield comes to about 4%. My take: for ETFs tied to small-cap chains, the prestige of a listing and genuine demand are two different things. First-day trading shows that U.S. investors aren’t interested in INJ yet, and a 4% staking yield can’t keep up with INJ’s double-digit daily swings. Two things to watch next: whether INJC’s assets can grow beyond $15 million, and whether INJ can climb back above $7. If the fund can’t attract more assets, “the first” will just be a label.
$INJ
Data as of: 2026-11-15 02:47 UTC
For informational purposes only; this is not investment advice.
Canary’s INJC listed on Nasdaq on November 5. It’s the first spot INJ ETF in the U.S., and it also offers staking: at least 90% of its holdings are usually staked, with rewards reflected directly in its net asset value rather than paid out in cash. BitGo is the custodian. The fund launched with $15 million in seed capital, subscribed by the Injective Foundation with approximately 1.91 million INJ.
INJC opened at $25.15 on its first day and closed at around $26.15, with just 2,933 shares changing hands all day. By comparison, Bitwise’s SOL staking ETF traded about $56 million on its first day, while Canary’s own XRP ETF traded about $58 million. INJ is currently around $6.90, down about 13.3% in 24 hours, with an intraday low of $6.56 and a market cap of around $680 million.
The nominal annualized staking yield is about 7%, but after the 1.10% management fee and a roughly 30% cut of staking rewards, the actual yield comes to about 4%. My take: for ETFs tied to small-cap chains, the prestige of a listing and genuine demand are two different things. First-day trading shows that U.S. investors aren’t interested in INJ yet, and a 4% staking yield can’t keep up with INJ’s double-digit daily swings. Two things to watch next: whether INJC’s assets can grow beyond $15 million, and whether INJ can climb back above $7. If the fund can’t attract more assets, “the first” will just be a label.
$INJ
Data as of: 2026-11-15 02:47 UTC
For informational purposes only; this is not investment advice.
