• The Block reports that Canary Capital has launched the Staked INJ ETF on Nasdaq under the ticker INJC.
• The fund seeks to earn additional INJ through Injective's proof-of-stake validation, with net staking rewards reflected in its net asset value.
• Fee, custodian and staking-provider terms were not stated in The Block's report; read the prospectus before drawing conclusions on cost or counterparty risk.
• Two other INJ ETF applications, from 21Shares and REX-Osprey, are reported as pending, so INJC is not the only product in the queue.
• The launch widens brokerage access to INJ; it does not by itself show on-chain demand or fund inflows.

Canary Capital has launched its Staked INJ ETF on Nasdaq under the ticker INJC, The Block reported on 5 November 2026. The fund holds Injective's INJ token and seeks to earn additional INJ through the network's proof-of-stake validation, with net staking rewards reflected in its net asset value. The product matters as plumbing: it moves staking yield inside a brokerage-accessible wrapper. What it does not yet show is demand, because the reporting reviewed contains no inflow or asset figures.

What the fund actually offers

The core mechanism is that staking rewards accrue inside the fund rather than being paid out. According to The Block, net staking rewards are reflected in net asset value, so a shareholder's return combines the INJ price with the rewards the fund earns after costs. Canary Capital's prospectus on SEC EDGAR is the authoritative document for the terms. The Block's report does not state the fee, custodian or staking provider, so those remain items to verify rather than assume.

Why the Injective angle is about distribution

Injective's chief executive, Eric Chen, said in a release that investors can now gain exposure to INJ through the brokerage accounts they already use, as quoted by The Block. That is a claim about access, and it is the verifiable part of the story. Whether access converts into assets is unknown. The Block also reports that Injective says it has tokenized over $1 billion in assets, a company figure that this piece does not independently confirm.

A crowded queue sits behind the first product

The Block reports two other INJ ETF applications as pending: the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF. If those list, fee and structure differences will become the competitive variables, since the underlying asset and the staking yield are the same. For a reader tracking funding and deals in crypto infrastructure, the signal is that sponsors are racing to wrap staking yield, not that the underlying network has changed.

What to watch and what it means for you

Treat the launch as a product milestone, not a verdict on the token. Check the prospectus for the fee, the custodian, who operates the validators, and how slashing and unbonding periods are handled, because staking in a fund adds operational risk that spot exposure does not. Then watch the fund's reported assets and share-price tracking over the coming weeks. Those figures, once issued by the issuer, will say more than the listing itself.