Canary Tries 90% Stake, 10% Doubt: INJ ETF Filing Gets a Third Amend-Meat 🍗

Canary Capital submitted Amendment No. 3 to Form S-1 for its Canary Staked Injective ETF with the U.S. Securities and Exchange Commission, according to a filing with the SEC. The product, if approved, would give investors regulated spot exposure to Injective alongside staking rewards, and would list on Cboe BZX under the ticker INJS. The revised prospectus lowers the issuer's planned staking share to "at least 90%" of INJ holdings, compared with full staking in earlier filings.

Canary detailed updates across its service-provider lineup, naming new or amended counterparties for price index provision, custody, transfer agent duties, and marketing. The fund is structured to track Injective's spot price while distributing staking-derived income to shareholders, though SEC sign-off remains pending.

Market reaction was modest but measurable. $INJ rose roughly 5% to about $8.6 over 24 hours, while futures open interest climbed nearly 11.30% in the same window. Canary joins a broader 2025 queue of staking-tied ETF proposals from issuers positioning around Ethereum, Solana, and other proof-of-stake networks.

Canary Capital, founded by Steven McClurg, did not disclose a target listing date. The filing was reported earlier by CoinGape. GasCope will track subsequent amendments and SEC responses as the review process continues.