Cboe Seeks Approval to Trade New Canary Staked INJ Crypto ETF Shares
Published Date: 8/28/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the new Canary Staked INJ ETF, a special fund tied to commodities, starting soon. This change affects investors looking for fresh ways to invest in commodity-based assets and could open up new money-making opportunities. The SEC is now asking for public feedback before giving the green light.
Analyzed Economic Effects
7 provisions identified: 6 benefits, 0 costs, 1 mixed.
Proposed listing of Canary Staked INJ ETF
The Cboe BZX Exchange filed to list and trade the Canary Staked INJ ETF, a trust formed on June 9, 2025, that would hold spot INJ. The Trust filed a Form S-1 dated July 17, 2025, and the Shares will not trade on the Exchange until that Registration Statement is effective and the listing is approved.
ETF may stake INJ and earn rewards
The Trust may stake all or a portion of its INJ through staking providers and, in consideration, the Trust would receive all or a portion of staking rewards which may be treated as income to the Trust. The Trust will disclaim incidental rights (for example, from forks or airdrops) and not include such IR assets in NAV.
Custody in segregated cold storage; no lending
The Trust's INJ will be held by a third-party Custodian in segregated cold storage addresses separate from the custodian's other customers, and the Custodian will not loan, hypothecate, pledge, or otherwise encumber the Trust's INJ without the Trust's instruction.
Daily NAV and real-time IIV pricing rules
The Trust's NAV will be calculated once daily using the CoinDesk INJ USD CCIX 60 min NY Rate as of 4:00 p.m. ET, and an Intraday Indicative Value (IIV) will be updated every 15 seconds during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET). Pricing benchmark data and the IIV will be widely disseminated through market data vendors and the Consolidated Tape Association.
Trading halt rules tied to pricing and NAV dissemination
The Exchange may halt trading in the Shares under BZX Rule 11.18 and Rule 14.11(e)(4)(E)(ii), including if the IIV or the Pricing Benchmark value is not being disseminated as required or if the NAV is not available to all market participants; if the dissemination interruption persists past the trading day, trading will be halted no later than the next trading day.
Minimum listing and creation/redemption mechanics
The Shares will be subject to BZX Rule 14.11(e)(4), requiring at least 100,000 Shares outstanding at the start of listing, and Creation Baskets will be in blocks of 10,000 Shares; creations and redemptions can occur in cash or in-kind (INJ) and authorized participants are responsible for certain price differences during cash creations/redemptions.
Disclosure of risks and lack of regulated last-sale data
The Exchange will issue an Information Circular before trading begins explaining special risks, including that there is no regulated source of last-sale information for INJ and that the Commission has no jurisdiction over INJ trading as a commodity; prospectus delivery requirements will also be emphasized.
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