Solana News Today: CBOE Files 19b-4 for Staked INJ ETF, Potential Third Staked Crypto ETF in U.S.

The Chicago Board Options Exchange (CBOE) has advanced the approval process for a staked Injective (INJ) ETF proposed by Canary Capital, submitting a 19b-4 filing to list the product on its BZX platform. This move positions the fund as a potential third staked cryptocurrency ETF in the U.S., following the recent approvals of staked Solana (SOL) and staked Ether (ETH) ETFs. The filing aligns with growing regulatory clarity under the Trump administration, which has signaled support for crypto-based investment vehicles [1].

Canary Capital initiated the process on July 25 with an S-1 application to the U.S. Securities and Exchange Commission (SEC) for the staked INJ ETF, which aims to generate staking rewards through an "approved staking platform." If approved, the ETF would track the performance of Injective’s native token, a decentralized finance (DeFi) protocol focused on derivatives trading infrastructure [2]. The Cboe’s 19b-4 filing, submitted July 28, is a procedural step required for new listings, with the SEC expected to set key deadlines by early September [3].

The regulatory landscape has shifted significantly in recent months. A May 2025 ruling by the SEC clarified that staking does not violate securities laws, a development described as “a major step forward” for the U.S. crypto industry by Alison Mangiero, head of staking policy at the Crypto Council for Innovation [4]. This guidance removes a critical barrier for staked ETFs, which combine traditional fund structures with blockchain-based yield generation. The Cboe’s prior approvals for staked SOL and ETH ETFs demonstrate the feasibility of the model, though the unique mechanics of Injective’s staking protocol may require additional scrutiny [5].

Market implications for INJ remain uncertain. The token, currently trading at $15.10—over 71% below its 2024 high of $52—could benefit from increased liquidity and visibility if the ETF gains traction. Historical patterns suggest that ETF inflows significantly boost asset prices, as seen with Bitcoin (BTC) and Ethereum (ETH) post-approval. However, Ethereum’s recent performance highlights risks: its spot ETF debut in June 2025 initially caused a 38% price drop, partly due to outflows from competing funds like Grayscale’s ETHE [6].

The SEC’s review timeline remains a wildcard. While initial feedback is expected by September, the full 240-day review period could delay a final decision until March 2026. This prolonged timeline underscores the regulator’s cautious approach to crypto products, despite recent policy shifts. Investors will closely watch whether the agency maintains its May staking guidance or introduces new constraints [7].

The Cboe’s dual applications for the staked INJ ETF and the Invesco Galaxy Solana ETF indicate a strategic push to diversify its cryptocurrency offerings. The exchange’s BZX platform, which manages equity listings, now includes staked tokens under BZX Rule 14.11, reflecting evolving investor demand for yield-generating assets [8]. If listed, the fund would offer a novel product in the regulated market, blending blockchain innovation with traditional trading infrastructure [9].

The filing highlights the maturing U.S. crypto ETF market, where institutional adoption is accelerating. Staked ETFs, by integrating passive income streams into tradable assets, address key investor priorities: liquidity and yield. Their success could catalyze further innovation, provided regulatory hurdles are navigated effectively. The outcome of the Cboe’s application may set a benchmark for future applications, as asset managers and exchanges compete to capture the expanding crypto investment space [10].

Sources:

[1] Cointelegraph. [https://cointelegraph.com/news/cboe-staked-inj-etf-of-canary-capital](https://cointelegraph.com/news/cboe-staked-inj-etf-of-canary-capital)

[2] Binance. [https://www.binance.com/en/square/post/27591292837201](https://www.binance.com/en/square/post/27591292837201)

[3] X (BSCNews). [https://x.com/BSCNews/status/1950054946650673354](https://x.com/BSCNews/status/1950054946650673354)

[4] The Block. [https://www.theblock.co/post/364524/cboe-equities-exchange-takes-the-next-step-and-files-for-canarys-staked-inj-fund](https://www.theblock.co/post/364524/cboe-equities-exchange-takes-the-next-step-and-files-for-canarys-staked-inj-fund)

[5] Bitget. [https://www.bitget.com/news/detail/12560604883811](https://www.bitget.com/news/detail/12560604883811)

[6] Cboe. [https://cdn.cboe.com/resources/regulation/rule_filings/pending/2025/SR-CboeBZX-2025-099.pdf](https://cdn.cboe.com/resources/regulation/rule_filings/pending/2025/SR-CboeBZX-2025-099.pdf)

[7] CoinGape. [https://coingape.com/cboe-files-to-list-invesco-galaxy-solana-etf/](https://coingape.com/cboe-files-to-list-invesco-galaxy-solana-etf/)

[8] Bitget. [https://www.bitget.com/news/detail/12560604883699](https://www.bitget.com/news/detail/12560604883699)

[9] X (BSCNews). [https://x.com/BSCNews/status/19501153****3504454](https://x.com/BSCNews/status/19501153****3504454)

[10] ADVFN. [https://mx.advfn.com/bolsa-de-valores/COIN/SOLUSD/crypto-news/96512701/cboe-files-to-list-staked-injective-etf-from-canar](https://mx.advfn.com/bolsa-de-valores/COIN/SOLUSD/crypto-news/96512701/cboe-files-to-list-staked-injective-etf-from-canar)