Canary Capital has taken the first step toward launching an Injective (INJ) exchange-traded fund (ETF) by creating a trust in Delaware, Cointelegraph reported.
The entity, called "Canary Staked INJ ETF," was registered on Monday, according to records from the Delaware Division of Corporations.
This move suggests the asset manager is exploring the possibility of creating an ETF that offers exposure to staked INJ, the native token of the Injective blockchain.
Although the formation of a trust in Delaware is often a preliminary step to filing documents with the SEC, it does not guarantee that the final product will be created.
It should be noted that Canary already applied in April to create a staked TRX ETF.