Canary's staked INJ fund is trading as INJC

Canary Capital's staked INJ fund is trading on Nasdaq under the ticker INJC. The sponsor's page lists an inception date of November 4, 2026. Nasdaq's trader notice set the start of trading for November 5. A note this morning that the fund is now trading is describing a listing that opened on Thursday, not a debut on Sunday.

The trust's stated objective is exposure to the price of the INJ it holds, minus expenses and other liabilities. A second objective is to earn more INJ by taking part in Injective's proof-of-stake process. Staking, in plain words, is locking tokens so they help run the network, in return for more tokens. The lock is not a dividend check. The explainer is here: https://cryptokeymedia.com/news/what-is-staking

Canary's page, as of November 6, is a small book with a full staking mark and no rate yet. The market price was $26.90. The net asset value was $26.86. The premium was 0.17 percent. Net assets were $16.1 million. Daily volume was 11,931 shares, which at $26.90 is about $321,000. The sponsor fee is 1.10 percent. BitGo Bank & Trust is the digital-asset custodian. Luganodes is the staking provider. The page marks 100 percent of the INJ as staked, and it prints a gross staking rate of 0.00 percent and a net staking rate of 0.00 percent.

The footnote is the mechanism the ticker is being sold on. The staking rate is not issued directly to investors. Accrued rewards are included in the daily net asset value. A shareholder does not receive INJ. If rewards accrue, they change what a share is worth. On the November 6 print, nothing had accrued. A fund can be marked fully staked and still show a rate of zero. Those two lines are both on the page.

A share is not a wallet. The holder does not have the keys, cannot move the INJ, and cannot choose the validator. The custodian holds the tokens. The sponsor takes the 1.10 percent fee out of the trust. The secondary objective can add tokens to the pile. It can also fail to, which is what a 0.00 percent rate is saying so far. The price of the share can still move with the price of INJ. The rate line and the price line are not the same number.

The size is the other number that should travel with the ticker. $16.1 million of assets and about $321,000 of share volume in a day is a listed product, and it is not a deep book. A premium of 0.17 percent is the gap between $26.90 and $26.86. It is not evidence that demand is large. The page does not say how many shares exist, and it does not say whether the $16.1 million is the seed or later buying.

The Block, writing on November 5, named two other applications tied to INJ, one from 21Shares and one from REX-Osprey. Neither is this ticker. INJC is the one with a sponsor page, a November 6 net-asset figure, and a Nasdaq listing. An application is not a share a brokerage account can buy.

The desk note on the listing is here:

What comes next is a rate that is not zero, or a net-asset figure that is no longer $16.1 million. Until the page prints either one, the record is the November 6 line: INJC on Nasdaq, 100 percent marked staked, rewards pointed at the net asset value, and a staking rate of zero.