Canary's staked Injective ETF starts trading on Nasdaq as INJC, with a 1.10% fee and expects to stake at least 90% of its tokens
Canary Capital's exchange-traded fund tied to Injective began trading on Nasdaq on Thursday. The Canary Staked INJ ETF, ticker INJC, holds INJ, the token of the Injective blockchain, and aims to earn more of it by taking part in the network's proof-of-stake validation, The Block reported. Net staking rewards are reflected in the fund's net asset value.
The prospectus, dated November 4, fills in the terms. The sponsor fee is 1.10% a year of the fund's INJ holdings. The sponsor expects at least 90% of the fund's INJ to be staked. Staking fees will not exceed 30% of rewards and are expected to equal that, leaving the fund about 70%. BitGo Bank & Trust is the custodian for the tokens. The Injective Foundation indicated it intended to buy up to $15 million of shares at $25 each to seed the fund.
The document also flags a constraint: staked INJ is subject to a 21-day unbonding period, during which it earns no rewards and cannot be transferred.
INJ rose more than 5% on Thursday, The Block reported. Two other Injective funds, from 21Shares and REX-Osprey, are still pending.
This story is reporting and analysis. It is not financial, legal or tax advice.
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