Canary

Injective

ETF COIN

The native token behind the Injective blockchain could be getting an exchange-traded fund in the US, as Canary Capital created a trust in Delaware for a product that appears to offer staking exposure to the token.&nbsp;
The Delaware Division of Corporations website shows the entity “Canary Staked INJ ETF” was formed on Monday, the asset manager’s apparent first step to offering a fund based around staked Injective (<a href="/injective-price-index" rel="noopener noreferrer nofollow">INJ</a>).
<h2 id="crypto-etfs-typically-start-with-delaware-trust">Crypto ETFs typically start with Delaware trust</h2>
Filing for a trust in Delaware is usually the first step an ETF issuer takes before further filings are made with the Securities and Exchange Commission to launch an ETF for trading.
Creating a Delaware trust doesn’t necessarily mean a fund manager will follow up with an ETF, but multiple crypto-tracking ETFs started with the creation of a Delaware-based trust.
<figure><img src="https://s3.cointelegraph.com/uploads/2025-06/01975852-9cc5-703f-997e-8ba37c7f45e4" title="" alt="Canary Capital spins up Delaware trust for staked Injective ETF">
 <figcaption style="text-align: center;">A regulatory entry showing Canary Capital’s staked INJ ETF trust. Source: Delaware Division of Corporations
 </figcaption>
</figure>
There are currently no details on Canary Capital’s seemingly planned INJ fund, but the company <a href="https://cointelegraph.com/news/canary-files-for-staked-trx-etf" rel="noopener noreferrer nofollow">filed for an ETF in April</a> to hold the Tron blockchain’s native token, TRX (<a href="/tron-price-index" rel="noopener noreferrer nofollow">TRX</a>), and <a href="https://cointelegraph.com/learn/articles/defi-staking-proof-of-stake-pos-coins" rel="noopener noreferrer nofollow">stake</a> a portion of the tokens to generate yield, locking some of them up to support the blockchain to receive more tokens as a reward.
Asset manager <a href="https://cointelegraph.com/news/21shares-injective-etp-staking-euronext" rel="noopener noreferrer nofollow">21Shares launched</a> an Injective exchange-traded <a href="https://cointelegraph.com/learn/articles/etp-vs-etf" rel="noopener noreferrer nofollow">product</a> in Europe in July that similarly tracks the INJ token and captures staking yield for reinvestment.
Canary Capital did not immediately respond to questions about its Delaware trust.
<h2 id="injective-token-gains-on-a-possible-etf">Injective token gains on a possible ETF</h2>
The Injective token gained 3.7% over the last 24 hours amid Canary Capital’s creation of the Delaware trust, with the blockchain’s X account <a href="https://x.com/injective/status/1932137682559283589" rel="noopener noreferrer nofollow">sharing</a> news of the trust on Monday.
<figure><img src="https://s3.cointelegraph.com/uploads/2025-06/01975852-a24f-725f-aaa4-4956ce964350" title="" alt="Canary Capital spins up Delaware trust for staked Injective ETF">
 <figcaption style="text-align: center;">INJ has gained over the past day, continuing a modest rally from the past week. Source: <a href="https://pro.cointelegraph.com/coins/injectiveprotocol" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a>
 </figcaption>
</figure>
INJ is up over 10.5% on the week as DappRadar <a href="https://dappradar.com/chain/injective" rel="noopener noreferrer nofollow">shows</a> the blockchain has seen a slight uptick in transactions and users over that time.
Related: <a href="https://cointelegraph.com/news/blackrock-bitcoin-etf-fastest-70-billion-assets-under-management" rel="noopener noreferrer nofollow">BlackRock’s Bitcoin fund blows past $70B in record pace for ETFs</a>&nbsp;
<a href="https://cointelegraph.com/news/deutsche-telekom-validator-injective-blockchain" rel="noopener noreferrer nofollow">Injective markets</a> itself as a <a href="https://cointelegraph.com/learn/articles/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology" rel="noopener noreferrer nofollow">layer-1</a> blockchain focused on artificial intelligence agents and tokenizing real-world assets and stocks, areas that are among some of the currently trendy applications for crypto.
<h2 id="sec-concerned-about-crypto-staking-etfs">SEC concerned about crypto-staking ETFs</h2>
Fund issuers have filed for various novel crypto ETFs under the Trump administration, which has pledged to loosen crypto regulations. Still, the SEC has raised concerns that crypto staking ETFs might not be legally allowed under securities laws.
Last month, the <a href="https://cointelegraph.com/news/sec-says-rex-osprey-staked-etf-may-not-qualify" rel="noopener noreferrer nofollow">regulator’s staff told</a> REX Financial and Osprey Funds, which are looking to launch ETFs tracking Ether (<a href="/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) and Solana (<a href="/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) with staking, that the funds with their current structure might fail to meet the definition of an investment company, which is needed for them to list for trading.
<figure><img alt="Canary Capital spins up Delaware trust for staked Injective ETF" src="https://s3.cointelegraph.com/uploads/2025-06/01975854-aec5-7c1c-9b86-0e13602151b1" title="">
 <figcaption style="text-align: center;">SEC’s letter on staking ETF filings raises concern over the structure of the ETFs. Source: <a href="https://www.sec.gov/Archives/edgar/data/1771146/000000000025005772/filename1.pdf" rel="noopener noreferrer nofollow">SEC</a>
 </figcaption>
</figure>
Analysts are, however, optimistic that the companies and the SEC can overcome the legal hurdle. “REX lawyers say they can work it out,” Bloomberg ETF analyst Eric Balchunas wrote in a May 31 X <a href="https://x.com/EricBalchunas/status/1928854622682108273" rel="noopener noreferrer nofollow">post</a>.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/danger-signs-bitcoin-retail-abandons-institutions-sky-wee/" rel="noopener noreferrer nofollow">Danger signs for Bitcoin as retail abandons it to institutions — Sky Wee</a>

Canary Capital spins up Delaware trust for staked Injective ETF

Table of Contents

Cointelegraph

Other articles published on Jun 10, 2025

Join our free newsletter for daily crypto updates!