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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17362, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7.18 Regarding Trading Halts
Previous / Next Documents
Previous: 2025-16439, Request for Comments on the Renewal of a Previously Approved Information Collection: Application for Waiver of the Coastwise Trade Laws for Small Passenger Vessels
MARAD wants to keep collecting info from small passenger vessel owners who ask to skip certain U.S. trade rules. This helps protect American boat builders and businesses. More people are applying now, so MARAD is asking for your thoughts before renewing this paperwork, which takes more time and money than before.
Next: 2025-16442, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 2, To List and Trade Shares of the Grayscale Cardano Trust (ADA) Under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares)
The SEC is taking more time to decide if NYSE Arca can list and trade shares of the Grayscale Cardano Trust (ADA), a new crypto-based investment. This affects investors interested in ADA shares and could impact when these shares become available to trade. The decision delay means folks should stay tuned for updates before buying or selling ADA on the exchange.