Canary Capital filed a third pre-effective amendment for its proposed Staked INJ ETF with the U.S. Securities and Exchange Commission on September 24. The registration statement describes a trust that would seek to list on Cboe BZX, hold Injective's INJ token and earn additional INJ through staking. It is still a proposed product. The filing is not an SEC approval and the prospectus remains incomplete. SEC filing.
Under normal circumstances, the sponsor says it anticipates staking at least 90% of the trust's INJ through one or more service providers. BitGo Bank & Trust would retain custody of the private keys, and Canary says it would publish the current percentage of assets staked on each trading day. The trust would remain passively managed and would not use leverage or derivatives.
The amended document gives more detail on the tension between staking income and redemption liquidity. INJ that is undelegated enters a 21-day unbonding period during which it cannot be transferred and does not earn rewards. Canary describes a liquidity policy that could use credit facilities as backup, but states that the trust had not entered into such a facility as of the prospectus date.
Validator risk also remains tied to Injective governance. The filing says the proportion of delegated INJ forfeited for double-signing or downtime was set to zero as of September 15, although affected validators could still be jailed and lose rewards. INJ holders can change those parameters through onchain governance, and a later increase would apply to the trust's staked assets.
Several economic terms are still unfinished. The filing leaves the percentages for aggregate staking fees and the trust's retained rewards blank. The useful next milestones are an effective registration statement, completed fee terms and confirmation that exchange listing requirements have been met. Until those steps occur, the amendment documents the proposed structure rather than a live ETF.