SEC Opens Public Comment on Proposed Staked Injective ETF

The U.S. Securities and Exchange Commission (SEC) is inviting feedback on whether a staked Injective (INJ) exchange-traded fund should be allowed to move forward, adding another crypto-linked product to its growing review list.

According to an SEC filing released Monday, the agency has requested public comments on the Canary Staked INJ ETF proposal within the next 21 days. After that, regulators have up to 90 days to issue a decision on approval, denial, or further extension.

Canary’s proposal

The filing, submitted last month, seeks approval for an ETF that would track INJ – the native token of the Injective blockchain – while also reflecting staking yields. If cleared, the fund would be listed on the Cboe BZX Exchange, the same venue that hosts several recently approved spot crypto ETFs.

Market maturity argument

In its Aug. 11 submission, the exchange pointed to Injective’s market expansion, noting its capitalization of more than $1.4 billion as evidence of resilience. It also argued that INJ trading’s “geographically diverse and continuous” structure makes the asset difficult to manipulate compared with traditional equity or futures markets.

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What’s next

The review comes amid heightened momentum for crypto-based ETFs, following approvals for Bitcoin and Ethereum products earlier this year. If successful, the Canary fund would mark the first staked INJ ETF in the U.S., potentially broadening institutional access to the Injective ecosystem.