INJC 101: Everything You Need to Know About the Canary Staked INJ ETF INJC is the ticker for the Canary Staked INJ ETF, an upcoming US exchange-traded fund (ETF) that holds INJ, aims to stake most of it on Injective, and lets you own all of that through a regular brokerage account. You don't need a wallet, private keys, or a validator of your own, because you trade INJC the same way you would trade any stock or ETF. We've covered INJC piece by piece over the past few weeks: how it compares to holding INJ, how it compares to earlier INJ products, and how staking works inside the fund. This guide puts it all in one place. What Is INJC? INJC is a trust that holds spot INJ directly, the same basic setup US investors already know from spot bitcoin and ether ETFs. Canary Capital is the sponsor. The fund aims to track the price of INJ plus the staking rewards it earns, minus its fees. Canary first filed for it with the SEC in July 2025, has updated the filing several times since, and is now calling the fund "coming soon." It isn't trading yet. A couple of things are worth knowing up front. One INJC share is not one INJ. Each share represents a slice of the INJ the fund holds, so the share price won't match the INJ price, and the useful comparison is how much each moves in percentage terms. Like any ETF, INJC can also trade slightly above or below the value of its INJ during the day. You also can't create or redeem shares yourself. Large institutions called authorized participants do that in blocks of 10,000 shares, which keeps INJC's price close to the INJ behind it. Everyone else just buys and sells on the exchange. How Does Staking Work on Injective? Staking is what makes INJC a staked ETF, so it helps to start with how staking works on Injective itself. Injective runs on proof of stake. Independent validators operate the network and confirm transactions, and INJ holders delegate their tokens to those validators to help secure the chain. In return, delegators earn rewards paid in INJ, after the validator takes a small commission. As of October 22, 2026, staking INJ earns about 7% a year, based on the 7.05% staking APR shown on the Injective Hub. The rate adjusts over time: Injective tunes staking rewards automatically based on how much INJ is staked across the network, which helps keep the chain well secured. You can always check the latest rate on the Injective Hub. How Does Staking Work Inside INJC? INJC plugs into that same system, with professionals handling each step: The fund holds its INJ with BitGo, which controls the private keys at all times. Canary runs the staking program. The fund doesn't operate its own validator; third-party staking providers delegate its INJ to validators on Injective. At least 90% of the fund's INJ is staked under normal conditions. The rest stays unstaked so the fund can handle redemptions without waiting out the 21-day unbonding period. Rewards flow into the fund's wallets, less fees. The remaining INJ is restaked and shows up in the fund's daily value. For shareholders, there's nothing to claim or manage. Rewards are added back into the fund automatically, so each share represents a little more INJ over time. What are the tradeoffs? Rewards aren't guaranteed. They depend on network conditions and validator performance, and past rewards don't predict future ones. Slashing is possible. If a validator misbehaves or stays offline too long, it loses part of its stake, and delegated INJ shares that loss. Canary doesn't expect this, but it can happen. Staking can change. The share of INJ that's staked can move over time, and staking may not continue for the fund's entire life. INJC vs. INJ: What's the Difference? Both give you exposure to INJ, and both can earn staking rewards, but they suit different people. Holding INJ means you own the tokens and can use them across the Injective network. Holding INJC means you own shares in a fund that holds and stakes INJ for you. INJ is for people who want to use the network. If you want to choose your own validator, vote on governance proposals, take part in the Community BuyBack, or use INJ in apps, you need the tokens themselves. INJC is for people who want exposure through accounts they already have. If you'd rather skip wallets, keys, and validator choices, or you want INJ next to the stocks and ETFs in your existing brokerage account, INJC is built for that. You can't swap INJ for INJC shares directly, since only authorized participants create new shares. To switch, you'd swap INJ and trade into INJC with cash. Plenty of people will simply hold both. How Does INJC Compare to Earlier INJ Products? INJC is set to be among the first INJ ETFs in the US, though regulated INJ products have been around for a while. The first was AINJ, the exchange-traded product 21Shares launched with Injective Labs in July 2024 on Euronext Amsterdam and Paris. Since then, the list has grown across several countries: ETF or ETP: what's the difference? ETP is the broad term for any investment product that trades on a stock exchange, and an ETF is one type of ETP. AINJ and INJC both let you trade INJ exposure on an exchange, both stake, and both charge annual fees taken from the INJ behind each share. The difference is the wrapper. AINJ is structured as a note issued by 21Shares AG, a Swiss company, and backed by INJ held with custodians. INJC is a US trust that holds INJ directly, closer to the spot bitcoin and ether ETFs US investors already trade. Where it trades A US exchange, in US dollars Euronext Amsterdam (USD) and Paris (EUR) Custody BitGo BitGo and Coinbase Custody Staking Stakes at least 90% of its INJ; rewards added to the fund (subject to change) Stakes INJ; rewards added to the product Costs Annual sponsor fee, to be set in the prospectus, plus a staking fee 2.50% annual product fee Who can trade Investors whose US brokerage offers it European investors; not offered to US persons The biggest change is access. AINJ was built for European investors and has never been available to US persons. INJC brings the same kind of exposure, with staking included, to US brokerage accounts. How Do You Trade INJC? Once INJC lists, trading it works like trading any other ETF. Search the ticker INJC in your brokerage account and place an order during US market hours. The fund itself has no minimum investment. A few quick checks before you trade: Make sure your broker offers it. Availability depends on your broker, your account type, and where you live. Ask about retirement accounts if you want INJC in an IRA. Some brokers allow it and some don't. Read the prospectus. It lays out the fees and the full details of how the fund works. Who Is INJC For? INJC is a good fit if you want INJ exposure, with staking rewards built in, in the same account where you already hold stocks and ETFs. That includes people who've avoided crypto exchanges and self-custody, as well as advisors and institutions that want a familiar, brokerage-held way to own INJ. If you want to vote on governance, pick validators, join the Community BuyBack, or use INJ in apps across Injective, holding INJ directly is still the way to go. FAQ Can I trade INJC yet? Not yet. Canary has announced INJC as coming soon, and it isn't trading as of October 22, 2026. Once it lists, you'll find it by searching the ticker in your brokerage account. Is INJC the first INJ ETF? It's set to be among the first in the US. The first INJ exchange-traded product was 21Shares AINJ, which launched in Europe in July 2024. Does one INJC share equal one INJ? No. Each share represents a slice of the INJ the fund holds, so compare percentage moves rather than prices. Do INJC holders earn staking rewards? Yes, indirectly. Rewards are restaked and added to the fund's value, so each share represents more INJ over time. They're never paid out as cash, and they aren't guaranteed. What's the current INJ staking rate? About 7% a year. The Injective Hub showed a staking APR of 7.05% on October 22, 2026. INJC's rate will run a bit lower after fees and the INJ it keeps unstaked. How much of INJC's INJ is staked? At least 90% under normal conditions. The rest stays unstaked so the fund can handle redemptions quickly. Who holds the INJ? BitGo, the fund's custodian, holds the INJ and its private keys. Staking providers handle delegation only. Can I vote on Injective governance through INJC? No. INJC holders own fund shares rather than INJ, so they don't vote on proposals or pick validators. Can I trade INJC on weekends? No. INJC trades during US market hours on weekdays. INJ itself trades around the clock. Can I hold INJC in a retirement account? It depends on your broker and account type, so ask your broker before you place an order. Can I trade INJC outside the US? It depends on your broker and your country. The Short Version INJC opens Injective up to a whole new audience. For the first time, US investors will be able to own INJ, with staking rewards built in, through a US-listed ETF that sits right alongside the stocks and funds in their brokerage accounts. BitGo holds the INJ, professional staking providers put at least 90% of it to work securing the network, and rewards build up as more INJ behind every share. It marks a major step in INJ's journey from crypto-native token to mainstream financial asset, arriving as Injective continues to grow as the blockchain built for finance. Hold INJ directly, INJC, or both: there are now more ways than ever to be part of it. Staking rate as of October 22, 2026, from the Injective Hub. This article is for informational purposes only and is not investment advice. INJC has not launched; any offering will be made only by prospectus.