Canary refiles S-1 for a staking Injective ETF, detailing custodians, staking plan and Cboe BZX listing, as INJ price and derivatives markets show mixed signals.
Summary
- Canary’s updated S-1 outlines a staking Injective ETF that tracks spot INJ and delegates tokens to staking providers to generate additional returns.
- BitGo will be named custodian, US Bancorp Fund Services will manage and handle cash, and the ETF plans blocks to create/redeem 10,000 shares on Cboe BZX.
- The INJ spot price is showing a modest recovery from recent lows, while overall open interest on futures has declined, even as activity in short-term derivatives increases.
Canary Capital has filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission for the proposed Injective exchange-traded fund, according to regulatory filings.
Canary Capital Files Updated S-1
The updated filing includes details on the price index, custodians and share distribution plan for the ETF. The trust’s primary investment objective is to provide exposure to the spot injective price, while its secondary objective is to generate returns through participation in a staking program, the SEC filing said.
BitGo will serve as custodian of the exchange-traded fund, the filing said. US Bancorp Fund Services is named as trustee, transfer agent and cash custodian for the trust. The filing revealed that the ETF plans to stake all of the trust’s tokens through one or more staking providers, although no specific staking providers have been identified.
The issuer did not disclose the management fee or ticker symbol for the ETF in the current filing.
Under the amended S-1, the trust will hold Injective tokens and determine its net asset value by reference to the CoinDesk Injective USD CCIXber 60m New York Rate price benchmark. CoinDesk Indices calculates this benchmark based on a 60-minute time-weighted average price of the INJ-USD CCIXber reference rate, the filing said.
According to the document, the issuer will sell or redeem ETF shares in blocks of 10,000. The filing also listed Paralel Distributors LLC as its marketing agent. The ETF plans to list and trade on the Cboe BZX Exchange, providing spot injective price exposure along with additional income through the staking program.
Canary Capital previously registered a legal trust for the proposed Injective ETF in Delaware. Additional S-1 amendments are expected in the coming weeks that will reveal further details, according to market observers.
According to market data, the Injective token traded at levels that showed a slight recovery from recent lows, despite broader selling pressure in the market. Trading volume has increased modestly in recent hours.
Data from the derivatives markets shows that overall open interest on futures for Injective has decreased over the past 24 hours, while open interest on shorter-term futures on several major exchanges has increased, data from the trading platform shows.
