Ah, the native token of the illustrious Injective blockchain, poised to waltz into the realm of exchange-traded funds in the grand old US of A! It appears that our dear friends at Canary Capital have conjured a trust in Delaware, a delightful little creation that promises to offer a taste of staking exposure to the token. How quaint! 🎩
According to the ever-reliable Delaware Division of Corporations, the entity known as “Canary Staked INJ ETF” was birthed on a fine Monday, marking the asset manager’s first tentative step towards unveiling a fund dedicated to the staked Injective (INJ). One can only imagine the champagne corks popping! 🍾
Crypto ETFs: The Delaware Trust Chronicles
Filing for a trust in Delaware is akin to the first act of a grand play, where an ETF issuer takes its initial bow before the Securities and Exchange Commission, hoping for a standing ovation when the ETF is finally launched for trading. Bravo! 👏
Now, let us not be naive; creating a Delaware trust does not guarantee that a fund manager will follow through with an ETF. Yet, many a crypto-tracking ETF has begun its journey with the creation of such a trust. It’s like a rite of passage, really! 🎭
As for the details of Canary Capital’s seemingly grand INJ fund, they remain shrouded in mystery. However, the company did file for an ETF in April to hold the native token of the Tron blockchain, TRX (TRX), and stake a portion of these tokens to generate yield. A clever little scheme, locking some away to support the blockchain and earn more tokens as a reward. How very industrious! 💼
Meanwhile, the asset manager 21Shares has already launched an Injective exchange-traded product in Europe, tracking the INJ token and capturing staking yield for reinvestment. One must keep up with the Joneses, after all! 🏰
A Rise Amidst the ETF Whirlwind
In a delightful twist of fate, the Injective token has gained a sprightly 3.7% over the last 24 hours, all thanks to Canary Capital’s creation of the Delaware trust. The blockchain’s X account shared this joyous news on Monday, and one can only imagine the celebrations! 🎉
INJ has risen over 10.5% this week, as DappRadar reveals a slight uptick in transactions and users. It seems the Injective blockchain is not merely a wallflower at the crypto ball! 💃
Injective markets itself as a layer-1 blockchain, focusing on the ever-so-chic realms of artificial intelligence agents and the tokenization of real-world assets and stocks. Truly, it is the belle of the crypto ball! 🌟
SEC: The Watchful Guardian of Crypto-Staking ETFs
Our dear fund issuers have filed for various novel crypto ETFs under the Trump administration, which has promised to loosen the chains of crypto regulations. Yet, the SEC, ever the vigilant guardian, has raised concerns that crypto staking ETFs might not be legally permitted under securities laws. How very dramatic! 🎭
Last month, the regulator’s staff informed REX Financial and Osprey Funds, who are eager to launch ETFs tracking Ether (ETH) and Solana (SOL) with staking, that their current structure might not meet the definition of an investment company. A rather inconvenient plot twist! 📜
Nevertheless, analysts remain optimistic that the companies and the SEC can navigate this legal labyrinth. “REX lawyers say they can work it out,” quipped Bloomberg ETF analyst Eric Balchunas in a recent X post. One can only hope they have a map! 🗺️
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2025-06-10 08:54