According to a recent presentation, the investment fund Canary Capital is seeking SEC approval for an injectable investment ETF. This application from Canary Capital constitutes a pioneering attempt to offer investors regulated exposure to staking INJ through an ETF.
Called the Canary Staked INJ ETF, the filing comes amid growing institutional interest in Injective, a layer-one blockchain designed for DeFi applications. Key tech companies such as Google Cloud and T-Mobile have joined the Injective Council, while Injective Labs has submitted a policy comment to the SEC, thereby contributing to the development of a framework for DeFi regulation.
"The proposed Canary ETF would provide retail and institutional investors with direct exposure to staking INJ through a regulated investment vehicle, effectively closing the gap between traditional finance and on-chain finance," reads an official statement.
Instead of simply holding INJ tokens, the proposed ETF will seek to implement the tokens in Injective's proof-of-stake consensus mechanism.
Following the filing, the price of INJ surged nearly 5%, trading at $13.95, while the daily trading volume soared by 3.95%. Canary Capital had already registered a legal trust for an Injective ETF in Delaware as the first step toward regulatory approval.