Injective (INJ) traded at $8.44 on 5 November 2026, up 10.1% in 24 hours, after a Form 8-A filing disclosed that Nasdaq approved the listing of Canary Capital’s Staked INJ ETF. The filing covers the listing, not the launch. The trust’s registration became effective on 4 November, and Canary’s own fund page still showed no market price and zero net assets.
That distinction is the whole trade. INJ holders now own a token with an approved US exchange listing for a wrapper product, but no fund flows, no printed NAV and no authorised participants on the tape. The market repriced the pipeline in a session; the demand it implies has not arrived yet.
What Nasdaq approved, and what the filing does not say
Canary Staked INJ ETF filed Form 8-A12B with the SEC on 3 November, registering its common shares of beneficial interest under Section 12(b) of the Exchange Act. The form is explicit about the exchange step:
“An application for listing of the Shares of the Trust has been filed with and approved by The Nasdaq Stock Market LLC.”
Two more documents landed the next day. A Form EFFECT notice dated 4 November records that the registration statement became effective, and Canary filed a 424B3 prospectus under the same date. The filing chain, in order, is: pre-effective amendment No. 5 on 2 November, listing approval on 3 November, effectiveness and prospectus on 4 November.
None of those documents says trading has started. The prospectus uses conditional language, describing the shares as “expected to be listed for trading, subject to notice of issuance, on the Exchange under the ticker symbol INJC.” Canary’s fund page carried a 3 November snapshot with a market price of $0.00, net assets of $0.00 and an inception date of 4 November, with Luganodes listed as staking provider and 100.00% marked as staked.
For a trader, that means three things are still unknown: the first NAV, the first day’s volume, and whether any authorised participant creates a basket at launch. An ETF approval changes what can be bought. It does not, by itself, buy anything.
The fee and staking terms that decide the economics
The structure is not a plain spot wrapper. Canary stakes the holdings, and the fee stack reflects that. From the prospectus:
“The Trust will pay the Sponsor an annual fee of 1.10% of the Trust’s INJ Holdings.”
“The Sponsor anticipates that at least 90% of the Trust’s INJ will be staked under normal circumstances.”
“any staked INJ will be inaccessible for a period of 21 days”
Staking rewards are shared three ways. The prospectus caps the aggregate staking fee, covering the staking provider, the sponsor and the custodian, at no more than 30% of the rewards the trust generates. Holders keep the other 70%, and the sponsor fee is charged on INJ holdings rather than on assets under management in dollars.
| Term | Detail |
|---|---|
| Ticker / exchange | INJC, Nasdaq |
| Sponsor | Canary Capital Group LLC |
| Custodian | BitGo Bank & Trust, N.A. |
| Staking provider | Luganodes |
| Sponsor fee | 1.10% a year of INJ holdings |
| Staking fee cap | 30% of staking rewards |
| Staked share | At least 90% under normal conditions |
| Unbonding | 21 days |
| Seed purchase | Up to $15,000,000 at $25.00 per share, paid in INJ |
| Creation unit | 10,000 shares per basket |
| Pricing benchmark | CoinDesk Injective Benchmark Extended 60m NY Rate |
The seed line matters more than it looks. Injective Foundation, named in the filing as the Seed Capital Investor, “has indicated its intent to purchase up to $15,000,000 in Shares at a per-Share price of $25.00,” with proceeds expected in INJ rather than cash. Divide $15 million by the $25 share price and the seed is 600,000 shares. At today’s $8.44, one $25 share equals roughly 2.96 INJ, which puts the seed near 1.78 million INJ, about 1.78% of the 100 million supply. A single basket, at $25 per share across 10,000 shares, carries a $250,000 notional.
The arithmetic behind the $8.44 print
INJ has 100 million tokens in circulation, against a $844.8 million market capitalisation at the current quote. That fixes the multiples:
- A 2x move to $16.88 requires a $1.69 billion cap.
- A 10x move to $84.40 requires an $8.44 billion cap, just below Chainlink’s $8.84 billion and above Cardano’s $7.42 billion on today’s prints.
- A return to the $52.62 all-time high of 14 March 2024 is a 6.23x move and a $5.26 billion cap.
The fee stack has a clean break-even. With 30% of staking rewards taken and a 1.10% sponsor fee on holdings, the trust needs a gross staking yield above 1.571% for holders to end the year net positive on staking alone. That is 1.10 divided by 0.70, and it is the number to hold against whatever yield Injective’s validator set actually pays once the fund is funded. On a $10,000 position, the sponsor fee alone costs $110 a year before any price move.
Where the price sits after the pop
INJ printed a 24-hour range of $7.60 to $8.56, so the session’s measured move on a break of the high projects $9.52. That projection fails if price closes back under $7.60, the session low, and it needs volume to mean anything.
The seven-day picture is stretched. The mean of hourly closes over the past 168 hours is $7.35, which leaves spot 14.8% above its own weekly average. The 24-hour mean sits at $8.00, and that is the first level a pullback would test. Turnover was $120.1 million in 24 hours, about 14% of market cap, roughly 14.2 million INJ changing hands.
Two things can both be true here. INJ is up 9.7% over 30 days while Bitcoin is down 6.7% and Ethereum down 10.8% on the same window, and it is still 84% below its 2024 high. A single-session 10% move on a listing approval does not repair a two-year drawdown; it changes the near-term positioning.
The cross-asset check
Part of the move is beta, not approval. Bitcoin was up 2.2% and Ethereum 3.8% over the same 24 hours, on a broad risk bid after the US midterms. INJ’s 10.1% is roughly four times that, which is where the ETF headline shows up, but the available evidence does not let anyone separate the two cleanly. Attribution here is correlation with a dated catalyst, not proof of cause.
| Asset | Price (5 Nov, 11:20 UTC) | 24h | 7d | 30d | Market cap |
|---|---|---|---|---|---|
| INJ | $8.44 | +10.1% | +8.3% | +9.7% | $844.8M |
| BTC | $80,246 | +2.2% | +0.1% | -6.7% | $1.613T |
| ETH | $2,417.93 | +3.8% | +4.2% | -10.8% | $295.4B |
| ZEC | $1,318.67 | +0.5% | +5.2% | -2.4% | $22.4B |
Zcash is the useful comparison for size, not price. ZEC carries a $22.4 billion cap, 26.6 times INJ’s, after a privacy-driven re-rating that has already happened. INJ at $844.8 million is a mid-cap with an approved ETF wrapper and no assets in it yet; ZEC is a far larger asset trading on a thesis the market has already accepted. Two different stages of the same ETF theme.
What would change the read
The first test is funding. A published NAV, a first basket and any disclosed seed purchase in INJ convert the approval from paperwork into demand, and the seed is the cleanest signal because it is denominated in the token rather than cash.
The second is the launch date. “Subject to notice of issuance” is deliberate language, and a slip in the first trading day would leave the 10% pop resting on a headline with no flow behind it. The 21-day unbonding period also limits how fast baskets can be created and redeemed, which matters for tracking error in the first weeks.
The third is competition for the same mandate. 21Shares has its own amended S-1 for a spot Injective ETF on Nasdaq, filed in September, and Canary has already run this playbook with its Staked TRX fund, which filed a final prospectus for the TRXS listing. Two Injective wrappers in the pipeline split the eventual flow rather than doubling it.
Position sizing should reflect what is proven. The listing approval is a fact, the fee schedule is a fact, and the $15 million seed intent is a filing statement. Trading, NAV and flows are not facts yet. INJ at $8.44 is a chart that has priced the first group and is waiting on the second.
Frequently Asked Questions
Is the Canary Staked INJ ETF trading yet?
No trading start has been announced in the filings reviewed. Nasdaq approved the listing application, the registration statement became effective on 4 November 2026, and the prospectus describes the shares as expected to be listed “subject to notice of issuance.” Canary’s fund page showed a $0.00 market price and $0.00 net assets in its 3 November snapshot.
What does INJC charge?
A 1.10% annual sponsor fee on the trust’s INJ holdings, plus a staking fee capped at 30% of the staking rewards generated. Holders keep about 70% of staking rewards, and the break-even gross staking yield is 1.571%.
Why is INJ up today?
Injective rose 10.1% to $8.44 on 5 November after Canary Capital’s Form 8-A disclosed Nasdaq’s approval of the Staked INJ ETF listing, and after the registration became effective on 4 November. A broad crypto bid, with Bitcoin up 2.2% and Ethereum up 3.8%, added to the move.
How large is Injective compared with other large caps?
INJ’s market capitalisation is $844.8 million on a 100 million token supply. That is 26.6 times smaller than Zcash’s $22.4 billion, about 1.9% of Ethereum’s $295.4 billion, and a return to the 2024 high of $52.62 would value the network at $5.26 billion.
Does the ETF buy INJ on the open market?
Not directly. Authorised participants create and redeem baskets of 10,000 shares by delivering INJ, or cash to buy it, to the trust’s custodian BitGo. Secondary-market buying happens through brokers, and the seed purchase by Injective Foundation is expected to be settled in INJ rather than cash.
Data: CoinGecko, SEC EDGAR, Canary Capital. Prices are a snapshot at 11:20 UTC on 5 November 2026 and move continuously.
This article is for information only and is not investment advice. Prices, levels and market data are a point-in-time snapshot and can change at any moment.
