INJ ETF vs. INJ ETP, How INJC Compares to AINJ

INJ has had an exchange-traded product since July 2024, when 21Shares and Injective Labs launched AINJ on Euronext Amsterdam and Euronext Paris. European investors could trade staked INJ exposure through their regular broker. US investors couldn't.

The Canary Staked INJ ETF, ticker INJC, is the first US-listed INJ ETF. It puts INJ exposure, with staking built in, into the same brokerage account people use for stocks.

Both products hold real INJ, stake it and add the rewards to the value of each share. They differ on where they list, who can trade them, what you legally own and how they're priced. This guide traces how INJ got from Amsterdam to New York, then puts AINJ and INJC side by side.

How INJ Got From Amsterdam to New York

Each step lets a new group of investors hold INJ through a regulated venue.

July 2024: 21Shares and Injective Labs launch AINJ, the first INJ ETP, on Euronext Amsterdam and Euronext Paris. It stakes its INJ from day one.
December 2024: Valour lists Valour Injective SEK on Sweden's Spotlight Stock Market, priced in Swedish krona.
July 2025: Canary Capital files with the SEC for a staked INJ ETF.
April 2026: INJ futures go live on Bitnomial, a CFTC-regulated exchange. US traders get their first regulated INJ product.
June 2026: Merkle Capital opens M-INJ, the first regulated INJ fund in Thailand, supervised by Thailand's SEC.
Soon: INJC lists as the first US-listed INJ ETF.

The earlier products reached European brokers, Swedish brokers, Thai investors and US futures traders. INJC is built for the one account none of them could serve, a standard US brokerage account.

ETF or ETP, What's the Difference

ETP is the umbrella term. It covers any product that trades on an exchange like a stock and follows the price of something else. An ETF is one kind of ETP.

In Europe, most crypto ETPs are debt securities. AINJ is a note issued by 21Shares AG, a Swiss company, and backed by INJ held with custodians. Holding AINJ means holding a claim on the issuer, secured by that INJ.

INJC is a trust. Each share is an interest in a trust that holds INJ directly, the same structure US investors already know from spot bitcoin and ether ETFs.

INJC and AINJ Side by Side

	Canary INJC	21Shares AINJ
What you own	Shares of a trust that holds INJ	A debt security backed by INJ
Issuer	Canary Capital	21Shares AG
Where it trades	An American exchange TBD	Euronext Amsterdam and Euronext Paris
Trading currency	US dollars	US dollars in Amsterdam, euros in Paris
Who can trade	Investors whose US brokerage offers it	Investors in European countries where it's distributed. Not offered to US persons.
Who holds the INJ	BitGo, the fund's custodian	BitGo and Coinbase Custody, in cold storage
Staking	The fund stakes part of its INJ and keeps some unstaked to handle redemptions. Net rewards go into NAV.	Stakes its INJ. Rewards are reinvested and accrue daily to NAV.
Trading hours	American market hours	Euronext market hours
Costs	Sponsor fee, staking fees taken from rewards, brokerage costs	Annual product fee, brokerage costs, currency conversion if your account isn't in USD or EUR
Trading since	Soon	July 2024

Which One You Can Trade

Where you live decides most of this. 21Shares doesn't offer AINJ to US persons, which makes INJC the INJ exchange-traded product built for US brokerage accounts. Check availability with your brokerage.

In Europe, AINJ has traded since 2024 through banks and brokers across the region. At launch, 25 of them supported it, including Interactive Brokers, Saxo Bank, Swissquote and eToro. INJC access outside the US depends on your broker and your country.

Want to pick a validator, vote on upgrades or use INJ in Injective apps? Neither product does that. Those jobs need INJ held directly, in self-custody wallets. Our INJ vs. INJC guide walks through that choice.

What Each One Costs

Both products charge an annual fee that comes out of the INJ behind each share, and your broker charges its own costs on top. The fee types line up closely, with one extra for some European traders.

Holding INJC

A sponsor fee, charged as an annual percentage of the fund's assets and accrued daily
Staking fees, shared by the sponsor, staking providers and custodian, and taken out of rewards
Your broker's commission, if it charges one, plus the bid-ask spread on each trade

Holding AINJ

An annual product fee charged by 21Shares, taken from the product's value over time
Your broker's commission and the bid-ask spread on each trade
Currency conversion costs if your account isn't in US dollars or euros

Canary lists INJC's exact fees in the prospectus. 21Shares publishes AINJ's fees and staking terms on its product page.

How Each One Tracks INJ

One share of either product isn't one INJ. Each has its own price, so compare percentage moves, not price tags.

INJC values its INJ every trading day using the CoinDesk Injective rate at 4:00 p.m. ET, which sets the NAV. AINJ publishes a daily NAV in US dollars, with staking rewards added as they accrue. On the exchange, both can trade above NAV (a premium) or below it (a discount).

INJ trades around the clock. Both products catch up when their markets open, and Euronext opens hours before New York. A Sunday move in INJ shows up in AINJ on Monday morning in Europe and in INJC once New York opens.

The INJ behind each share also drifts. Fees take INJ out and staking rewards put it back, which is why neither product matches INJ move for move.

Before You Trade Either One

Both hold spot INJ. No futures, no leverage.
Neither pays staking rewards as cash. Rewards show up in the value of each share.
Most investors trade on the exchange. Large firms called authorized participants handle creating and redeeming shares.
Staking rewards vary and aren't guaranteed.
INJC holders don't receive airdrops or forked assets.

FAQ

Is INJC the First INJ ETP?

No. AINJ has traded in Europe since July 2024, and Valour listed an INJ ETP in Sweden that December.

Can I Trade AINJ From the US?

No. 21Shares doesn't offer AINJ to US persons. US investors can search for INJC in their brokerage account instead. Check availability with your brokerage.

Can I Trade INJC in Europe?

That depends on your broker and your country. Canary handles access questions.

Do Both Products Stake INJ?

Yes. AINJ has staked since launch and reinvests the rewards. INJC stakes part of its INJ and keeps some unstaked to cover redemptions. Rewards vary for both and aren't guaranteed.

Who Holds the INJ?

Institutional custodians, in both cases. INJC's INJ sits with BitGo. AINJ's sits with BitGo and Coinbase Custody in cold storage.

Can I Move From AINJ to INJC?

Not directly. You'd sell AINJ through a broker that carries it, then trade INJC through one that carries INJC. Selling can trigger taxes, so check with a tax adviser first.

What Does ETP Stand For?

Exchange-traded product. It's the broad category, and ETFs, ETNs and ETCs all sit under it.

Where Do I Find the Official Documents?

Canary publishes INJC's prospectus and fund details. 21Shares publishes AINJ's prospectus, final terms and key information document on its product page.

About Injective

Injective is the first blockchain purpose-built for finance, enabling users, institutions, and AI agents to trade, tokenize, and transact at scale. Proudly made in America, Injective provides foundational blockchain infrastructure for global markets, with embedded financial primitives spanning stablecoins, real-world assets, payments, and programmable perpetuals through a unified onchain engine. Injective is used by Fortune 500 companies, banks, fintechs, and governments to power an open economy where any asset can be accessed anytime, from anywhere. Builders can deploy across multiple virtual machines like WASM and EVM, connect to native financial modules, and launch markets with deep liquidity from day one. INJ is the native token powering the rapidly growing Injective ecosystem and the new internet economy.

Upcoming INJ ETF vs. INJ ETP, From AINJ to INJC