The first INJ staking ETF in the US landed on Nasdaq, but first-day trading volume was only 2,933 shares.

Canary Capital’s Canary Staked INJ ETF (ticker INJC) began trading on Nasdaq on November 5 as the first U.S.-listed staking ETF for Injective’s INJ token, but it drew only about 2,933 shares in first-day volume, opening at $25.15, peaking at $26.45 and closing near $26.15. Canary’s website showed roughly $15 million in net assets, matching the Injective Foundation’s seed subscription, with about 1.91 million INJ held at a NAV near $25 and a premium/discount close to zero, while INJ itself rose 9% in four hours on the news. The debut looked thin next to Bitwise’s Solana staking ETF at about $56 million and Canary’s own XRP ETF at about $58 million in first-day volume, suggesting authorized participants and outside capital did not arrive in size. The fund targets staking at least 90% of assets, retains a buffer for redemptions given Injective’s 21-day unbonding period, charges a 1.10% annual fee and takes about 30% of staking rewards, leaving investors with a net yield likely near 4% versus a headline figure closer to 7%. With INJ’s market cap around $800 million and roughly half the supply already staked, the fund’s 1.91 million INJ is small relative to circulating supply, so the product is mainly a narrative and access channel for brokerage and IRA accounts for now. The metrics to watch are whether authorized participants keep creating shares, whether AUM grows beyond the $15 million seed, and whether volume and premiums/discounts stabilize.