Just In: Canary Capital Files For First Injective ETF, INJ Price Up

Canary Capital has made history with the filing of the first-ever staked Injective exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). The INJ price surged as much as 5% amid this development, providing a bullish outlook for the altcoin.

Canary Capital Eyes Injective ETF Approval

According to a SEC filing, Investment fund Canary Capital is seeking the SEC’s approval for an Injective ETF. Canary Capital’s filing is the pioneering attempt to offer investors regulated exposure to staked INJ via an ETF.

Dubbed the Canary Staked INJ ETF, the filing comes amid heightened institutional interest in Injective, a layer one blockchain built for DeFi applications. Key technology players, including Google Cloud and T-Mobile, have joined the Injective Council.

“The proposed Canary ETF would provide retail and institutional investors with direct exposure to staked INJ through a regulated investment vehicle, effectively bridging the gap between traditional and on-chain finance,” read an official statement from Injective.

Rather than merely holding INJ tokens, the proposed ETF will seek to deploy the tokens in Injective’s proof-of-stake consensus mechanism.

Amid the filing, INJ price rallied by nearly 5% to trade at $13.92 while daily trading volumes spiked by 3.95%. It is worth noting that Canary Capital had previously registered a statutory trust for a staked Injective ETF in Delaware, hinting at plans to offer this fund.

With the fund incorporation and S-1 filing out of the way, an exchange is expected to file the 19b-4 form to list and trade shares of the Injective. This would officially kickstart the approval process.

Canary Capital has already filed for XRP and SOL ETFs with the US SEC. Early in the week, the CEO of Canary Capital predicted that XRP ETFs would outperform ETH and SOL ETFs, citing regulatory clarity and positive adoption metrics.