The Delaware Division of Corporations’ website reveals that the trust entity named “Canary Staked INJ ETF” was formed on Monday. This marks Canary Capital’s initial step in potentially offering a fund centered on staked Injective (INJ).

Delaware trust formation is typically the precursor to additional filings with the Securities and Exchange Commission (SEC) by ETF issuers seeking to launch an ETF for trading. While a Delaware trust does not guarantee the introduction of an ETF, it is a common starting point for several crypto-tracking ETFs.

No specific details have been disclosed about Canary Capital’s proposed INJ fund. However, it’s worth noting that the firm filed for an ETF in April, with the aim of holding TRX (TRX), the native token of the Tron blockchain, and staking a portion of these tokens to generate yield.

On a similar note, asset manager 21Shares launched an Injective exchange-traded product in Europe in July that tracks the INJ token and reinvests staking yields.

Following the establishment of the Delaware trust by Canary Capital, the Injective token has seen a 3.7% rise in the last 24 hours, with a 10.5% increase observed over the week. This news has stirred excitement among the blockchain community, with DappRadar reporting a slight increase in transactions and users on the Injective blockchain.

Despite the Trump administration’s promise to relax crypto regulations, the SEC has expressed concerns over the legality of crypto staking ETFs under current securities laws. However, industry analysts are hopeful about resolving these legal challenges.

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