Injective's $INJ token has gained ground after the first US-listed exchange-traded fund tied to the asset began trading on Nasdaq. The move puts a spotlight on the @injective ecosystem and raises questions over whether the rally can last.

What the Canary Staked INJ ETF Offers

Canary Capital's Canary Staked INJ ETF trades on Nasdaq under the ticker INJC. Nasdaq's November 4 trader notice confirmed the listing would begin on Thursday, November 5. Canary Capital then announced the launch in a press release dated November 6.

The fund seeks to provide exposure to the price of INJ, the native token of the Injective blockchain network. Under normal conditions, it aims to stake at least 90% of its INJ holdings, leaving the balance available for redemptions. Rewards are added to daily net asset value rather than paid to shareholders as cash.

Costs apply. The fund charges a 1.10% annual management fee and takes about 30% of staking rewards as fees. BitGo serves as custodian. Fund ownership is not the same as directly holding or controlling INJ.

Canary Capital CEO Steven McClurg said the product gives investors access to a blockchain purpose-built for finance through a familiar exchange-traded structure. The firm also runs the Canary XRP ETF and Canary HBAR ETF.

Price Reaction and What Comes Next

INJ moved higher around the launch. It was among the biggest gainers in the top 100 cryptocurrencies over 24 hours, up about 5% at $8.23, for a weekly gain of 10%. That came during a broader crypto market decline that mirrored a tech stock sell-off.

Early trading in the fund itself was light. Yahoo Finance data shows INJC traded 2,933 shares on its debut, opening at $25.15, reaching a high of $26.45 and closing at $26.15. The fund holds about 1.91 million INJ, with net assets of $15 million. By comparison, Bitwise's Solana staking ETF recorded about $56 million in first-day trading volume, and Canary's XRP ETF about $58 million.

Analysts caution that a listing alone does not guarantee a lasting rally. 24/7 Wall St. noted that XRP's ETF debuted with $250 million and still fell 9%. Further products may add competition: two other ETF applications are tied to INJ, the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF.

For now, the useful indicators are less about a single day's price. Shares outstanding, assets under management, realised flows, bid-ask spreads, trading volumes and fees are the figures to watch. Whether INJ holds its gains and whether INJC draws steady inflows will shape the answer to the question now facing the market.

Sources

The Block: Canary's Injective ETF debuts on Nasdaq with exposure to staking rewards

GlobeNewswire: Canary Capital Launches the First U.S. Spot Staked INJ ETF

Bitcoin.com News: Canary Capital Brings Injective to Nasdaq With New INJ Staked ETF