Canary Capital registered a Delaware trust, creating the holding entity that precedes the application for an Injective ETF. The fund is intended to include the INJ token and allow staking and generating passive income.
Canary Capital registered a Delaware company in advance of applying for an Injective (INJ) ETF. The entity has been filed under the number 10221067, under the name ‘Canary staked INJ ETF.’ The Injective team also announced the possibility for an ETF filing in the near future.
BREAKING: CANARY STAKED $INJ ETF REGISTERED IN DELAWARE 🚨
— Injective 🥷 (@injective) June 9, 2025
The creation of a trust in Delaware precedes additional filings with the US Securities and Exchange Commission, starting the discussion and waiting period until the ETF is approved. The fund will initially be tailored to US-based investors. INJ is also among the tokens known as ‘Made in USA’, based on the team’s main location and US-based fundraising.
INJ is already gaining mainstream exposure from the European markets, where 21Shares launched an ETP. The product also offers proceeds from staking. ETPs are sometimes easier to launch, though funds still attempt to build full ETFs for greater exposure and higher liquidity. Altcoin ETFs are still relatively few, as most of the buyers accumulate BTC or ETH.
Canary Capital has been known for attempting a long list of ETFs for older, well-established altcoins, which may shine if given new attention. The investment fund has proposed ETFs for TRON, Litecoin, Hedera, Sui, Axelar, and even Pengu. The investment company aims for expansion, where most of the new ETF filings focus on Solana and XRP.
Injective may bring traditional finance to DeFi
The attempt to create an ETF based on Injective will potentially invite mainstream investments into the DeFi space. Injective has been one of the most active chains, claiming to be built specifically for scalable decentralized finance.
In the past few months, Injective increased its daily active users, up to 48K daily.
Injective’s user base expanded in the last two months, as DeFi regained the interest of investors. | Source: Token Terminal
The chain still pays out incentives to its validators, while generating around $40K in daily fees. Currently, Injective has negative daily earnings of over $1M, mostly due to incentives. However, INJ is not inflationary, and has a total supply of 100M tokens, with around 97M in circulation.
The attention for a wider selection of crypto assets suggests this cycle has not abandoned altcoins and tokens, but may continue to boost liquidity.
Currently, Injective locks in $28.86M in total value, lagging behind other L1s. The platform is just building up its DeFi liquidity, tapping increased demand for lending and DEX swaps.
Following the news of a potential ETF, INJ tokens expanded by 4.7% up to $13.56. INJ has rallied up to $40, and is considered undervalued compared to other L1 tokens. INJ open interest is near its higher range for the past three months, recovering to $68M. The overall consensus is that INJ lags due to the slow altcoin season, but may hold the potential for a higher price range and wider adoption.
INJ tokens are 100% unlocked, expecting no shocks of increased circulation. Staking also takes INJ off the market. INJ is listed on Binance, though most of its volumes are currently on DigiFinex.
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