Canary Capital's Staked INJ ETF began trading on Nasdaq on Nov. 5 under the ticker INJC, giving ordinary brokerage accounts a way to hold Injective's INJ token without setting up a wallet. It isn't a plain spot tracker. The fund keeps its INJ with a custodian and, per its registration statement, expects to stake at least 90% of that INJ under normal circumstances.

That one design choice, keeping most of the holdings staked rather than idle, is what separates INJC from a product that simply mirrors INJ's price. It also changes what a share is worth from one day to the next, and it comes with a fee charged on the same INJ the fund holds.

Key Facts

  • INJC listed on Nasdaq on Nov. 5 and holds INJ directly, with BitGo as custodian.
  • The prospectus anticipates staking at least 90% of the fund's INJ under normal circumstances, and the sponsor's annual fee is 1.10% of those holdings.
  • Staked INJ carries a mandatory 21-day unbonding period, when the tokens can't be transferred or withdrawn, and INJ's total supply was 122,895,808 as of Sept. 15, 2026, with 58,037,697 INJ, about 47.2% of it, bonded to validators.

The custody, staking, fee, unbonding and supply details all come from the fund's registration statement filed with the SEC (424B3).

What a Share Actually Holds

Buying INJC through a broker gets you a claim on a pile of INJ that BitGo holds for the fund. You don't pick validators, manage keys or claim rewards yourself, and that convenience is the product. The tradeoff is that Canary decides how the staking is run and pays for it out of the fund: the sponsor fee runs at 1.10% a year on the INJ the trust holds.

The 21-Day Queue Behind Every Staked Coin

Injective puts a 21-day unbonding period on staked INJ. When the fund unstakes, those tokens can't move and earn nothing for three weeks. A holder barely notices. The fund might: the staked portion isn't instantly sellable, so any cash it needs, whether for expenses or redemptions, has to wait out that queue before the coins can be turned into dollars.

Where the Fee Meets the Rewards

The 1.10% fee is measured against the same INJ that produces the staking rewards, so the fund only gets ahead if those rewards clear the fee and its other running costs. How far ahead is hard to say from the public material: Canary's fund page describes the staking approach but doesn't publish a current net yield, and the documents reviewed don't spell out the exact path rewards take to a holder. That's the number that decides whether the INJ behind each share grows or shrinks over time, and for now it isn't public.

INJ's Supply, as the Filing Counts It

As of Sept. 15, 2026, INJ's total supply was 122,895,808 tokens, about 22.9% more than the 100,000,000 issued at the token generation event. Of that supply, 58,037,697 INJ, roughly 47.2%, was bonded to validators. Those figures set the ground the fund is staking into: a network where close to half the supply is already locked up and earning rewards.

INJC's first real test is arithmetic. A plain INJ tracker moves one for one with the token; a staked one has to earn back its 1.10% before it shows anything extra. Until a net yield is published, or the fund's net asset value per share starts pulling away from INJ itself, what you're buying is the staking wrapper, not a demonstrated premium.