Canary Capital Files S-1 for its Staked INJ ETF

Canary Capital amended its staked INJ ETF application with the U.S. Securities and Exchange Commission (SEC). The issuer has revealed significant changes to its prospectus to provide investors with regulated exposure to Injective and staking rewards.

Canary Capital Updates Staked INJ ETF with the US SEC

Canary made a first amendment to its S-1 form for its staked INJ ETF, according to a latest filing with the US SEC. If approved, the trust will list on Cboe and offer exposure to spot Injective price, along wth additional Injective earnings via its staking program.

U.S. Bancorp Fund Services will serve as transfer agent and cash custodian for the trust. BitGo Trust Company is selected as the custodian. While the staking provider is not mentioned, the sponsor plans to stake all INJ tokens through one or more staking providers.

Canary Capital has revealed details, including price index, custodians, and share distribution plan. The exchange-traded fund will track Injective price performance as measured by the INJ-USD CCIXber Reference Rate price index.

The issuer will sell or redeem staked INJ ETF in blocks of 10,000 shares. Other details disclosed in the filings include Paralel Distributors LLC as marketing agent.

The key details of the management fee and ticker symbol for Canary Staked INJ ETF were not disclosed yet. These details could appear in the next S-1 filings.

Injective Price Remains in Downtrend

Injective price fell more than 4% in the past 24 hours amid selling pressure in the broader crypto market. The price currently trades at $4.58, with an intraday low and high of $4.54 and $5.08, respectively. Trading volume has slightly increased by 5% over the last 24 hours, indicating interest among traders.

In the daily timeframe, the price is below the 50-MA, 100-MA, and 200-MA at the time of writing. The price is moving in convergence with a drop in Relative Strength Index (RSI) to 30.67, signaling a potential rebound in the coming days.

Analysts recommended investors to consider an entry near $4.50 for a reclaim of $5.50. Traders must keep an eye on rising trading volumes to confirm an upside momentum.

CoinGlass data showed buying in the derivatives market in the last few hours. At the time of writing, the total Injective futures open interest jumped almost 0.80% in the past hour and 2% over the last 4 hours. The 24-hour INJ futures open interest is down nearly 5%. Notably, it increased 2% on Binance, 1.60% on Bybit, but dropped 1% on OKX.