TLDR:
- The technical amendment defines BitGo as custodian and U.S. Bancorp for cash management.
- The fund plans to delegate all its assets to staking providers to generate yields.
- INJ price faces a technical downtrend while the market awaits approval.
A new chapter has been added to the race for crypto-asset-based financial products. On Thursday, it was revealed that Canary Capital updated its filing with the U.S. Securities and Exchange Commission (SEC) for its Injective staking ETF.
The firm refined the operational details to ensure this vehicle offers regulated exposure to the INJ token and its native rewards. This amendment seeks to provide the project with greater structural clarity at a time when institutional interest in on-chain yield is surging.
If approved, the fund would not only track Injective’s spot price performance but also generate extra yield. To achieve this, Canary plans to deposit all the trust’s tokens with one or more third-party staking providers, whose names will be disclosed in later stages of the process.
Operational Structure and Technical Market Challenges
The proposal outlines a strategic division of responsibilities: BitGo Trust Company will act as the digital asset custodian, while U.S. Bancorp Fund Services will handle transfer agency and cash custody duties. Additionally,
the Injective staking ETF would be listed on Cboe, utilizing a dedicated INJ-USD reference index to ensure valuation transparency.
However, despite these administrative movements and progress, the Injective market continues to show signs of weakness. In the short term, the price of INJ remains under pressure, recording lower highs and lower lows on the 4-hour chart after failing to break above the $6.00 resistance level. Momentum indicators, such as the RSI near the 30 zone and a MACD in negative territory, confirm that sellers remain in control.
In summary, analysts and traders are now waiting to see if the news regarding the optimization of the Injective staking ETF can inject the necessary volume to reclaim the $5.00 zone. For now, sentiment remains cautious, and any technical rebound is viewed as a correction within a dominant downtrend, pending a final green light from the SEC for this innovative financial product.
