Canary Capital just filed its first pre-effective amendment to the S-1 registration for the Staked INJ ETF. Doesn't sound thrilling on the surface, but this marks real momentum toward a major milestone.

Here's the deal: an S-1 is essentially the regulatory filing that asset managers submit to the SEC when pursuing ETF approval in the U.S. A pre-effective amendment means the company is actively iterating with regulators, working through their feedback to address any concerns. It's the back-and-forth dance between issuer and the SEC that often precedes green-light approval.

For INJ holders, this signals that staked-INJ ETF infrastructure is inching closer to reality. Once approved, it could unlock institutional access to INJ staking yields through a traditional investment vehicle.