The Chicago Board Options Exchange (Cboe) has made a big move towards expanding regulated cryptocurrency investment products in the US by filing to list shares of Canary Capital’s proposed staked Injective exchange-traded fund (ETF).
This filing, which was sent to the US Securities and Exchange Commission (SEC) on July 28, 2025, comes after Canary Capital’s S-1 application on July 17. The goal is to give regular investors access to the Injective Protocol’s governance token (INJ) while also earning staking rewards through an approved platform.
The Cboe’s 19b-4 file holds significant importance in the crypto investment world, particularly because the rules have become more favourable with the election of Donald Trump as US president. If approved, this ETF would become the third staked altcoin ETF. The first two were staked Solana (SOL) and Ether (ETH) ETFs, which were approved on June 30, 2025.
The SEC hasn’t officially acknowledged the filing yet, but investors expect a response within 30 to 45 days, which might be by early September.
The whole review process, on the other hand, might take as long as 240 days, which could mean that a final decision isn’t made until March 2026. A major SEC decision in May 2025 stressed that staking does not break securities regulations, which is very important for these types of investments.
The proposed ETF aims to increase liquidity and visibility of the Injective Protocol’s INJ token. Right now, the token is trading at $15.10, which is more than 71% less than its all-time high of $52 on March 14, 2024. If the ETF is approved, it might draw in both institutional and retail investors, which could push INJ’s price back up to its former high.
The fund’s structure, which includes staking rewards, gives investors a new way to earn interest, which is in line with the growing trend of traditional and decentralized finance (DeFi) coming together.
Historical data shows that Bitcoin’s price experienced significant growth in February 2024 when ETF inflows came in. However, Ethereum’s spot ETF launch had little impact on the market, which suggests that altcoin ETFs may have different effects.
Injective Protocol is a layer-1 blockchain that focuses on DeFi. It provides lending platforms, decentralized markets, and derivatives. The ETF would stake INJ tokens to get network benefits, making it easier for people unfamiliar with crypto infrastructure to stake their tokens.
This structure makes the ETF more appealing by mixing price exposure with passive income. It could also set a standard for other altcoin-based ETFs in the future. The SEC’s decision to treat staking as a non-securities activity is another sign that these products are likely to work, which encourages new ideas in the crypto investment industry.
The Cboe’s application for Canary Capital’s staked Injective ETF is a big step towards bringing traditional finance and DeFi together. The ETF could help the token gain market attention and attract more investors by giving them regulated access to INJ and its staking rewards. The crypto community is waiting for a ruling from the SEC that could change the future of altcoin investment vehicles in the US.
