Canary Capital Files for Staked Injective ETF, Will INJ Price Recover From 30% Monthly Drop?

Group 1: ETF Submission and Structure - Asset manager Canary Capital has filed an S-1 registration statement with the U.S. SEC for a proposed staked Injective (INJ) ETF, which would provide regulated exposure to the INJ cryptocurrency and the option to earn staking rewards [2][3] - The ETF is set to list on Cboe and will track the performance of Injective based on the INJ-USD CCIXber Reference Rate price index, with shares created and redeemed in blocks of 10,000 [4] - U.S. Bancorp Fund Services will act as the transfer agent and cash custodian, while BitGo Trust Company will serve as the digital asset custodian [4] Group 2: Marketing and Distribution - Paralel Distributors LLC has been appointed as the marketing agent for the Injective ETF [5] Group 3: Growth of the Injective Ecosystem - The Injective ecosystem has experienced significant growth, with weekly transaction counts rising from the 0-1,000 range in 2023 to nearly 1 million transactions per week [6] - Transaction activity includes decentralized exchanges, minting, staking, derivatives, swaps, NFT interactions, and other on-chain operations, indicating expanding usage beyond basic token transfers [7] - Injective is also involved in the tokenization of real-world assets, including a $10 billion mortgage portfolio being brought on-chain [7][8]