Cboe has filed to list a staked Injective ETF from Canary Capital, opening doors for institutional access to INJ staking rewards. Here's what it means for crypto markets.
Author: Tanishq Bodh
July 29, 2025 – In a significant step for institutional crypto adoption, Cboe has submitted a 19b-4 filing to the SEC to list the Canary Staked Injective ETF. If approved, this would allow traditional investors to gain exposure to Injective’s INJ token while also receiving staking rewards—all through a fully regulated exchange-traded fund.
The ETF is being developed by Canary Capital, a firm specializing in crypto-native investment vehicles. It’s designed to mirror Injective’s price performance plus yield from staking, offering a new way to benefit from DeFi rewards without needing to self-custody tokens or manage validators.
Staking has emerged as one of the most lucrative crypto features—but remains inaccessible for many institutions due to technical and regulatory hurdles. This ETF would bridge that gap, offering staking yields as income under updated SEC guidance, while still providing exposure to Injective’s token performance.
This move aligns with other recent staked ETF proposals, including:
Injective Protocol is a fast, interoperable layer-1 chain focused on decentralized finance. It supports on-chain order books, perpetual swaps, and novel synthetic assets. The INJ token powers governance, staking, and network fees.
As of July 29, INJ was trading at $25, with growing speculation that the ETF filing could catalyze a run toward $30+, especially as staking yields are integrated.
Crypto X lit up with takes, ranging from “Bullish for INJ ” to “Institutions are finally catching up.” But the SEC has not yet acknowledged the filing. The review process can take up to 240 days, meaning a potential decision might land in March 2026.
If greenlit, the ETF could enhance:
Although recent SEC guidance clarified that staking rewards aren’t securities, debates around bills like the CLARITY Act and concerns about validator centralization could still shape the final decision. Critics fear that ETFs may give disproportionate control to a few custodians or staking providers.
Although recent SEC guidance clarified that staking rewards aren’t securities, debates around bills like the CLARITY Act and concerns about validator centralization could still shape the final decision. Critics fear that ETFs may give disproportionate control to a few custodians or staking providers.
Staked ETFs represent a new generation of crypto financial products—ones that offer yield, compliance, and simplicity. If successful, the Injective ETF could serve as a blueprint for other alt-L1 staking assets to enter institutional portfolios.
Injective’s token, INJ, was one of the top-performing altcoins in 2023–2024, rising over 1,500% from its cycle low. This ETF could mark its entry into the next league of institutional-grade crypto assets.
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