SEC receives amended S-1/A filing for 21Shares Injective ETF as altcoin ETF race heats up
The proposed fund would trade under ticker TINJ on Nasdaq and track INJ tokens through the FTSE Injective Index, with discretionary staking built into the strategy.
The SEC has received an amended registration statement for the 21Shares Injective ETF, moving the proposed fund one step closer to potentially becoming a publicly traded product. The amended S-1/A updates the original filing from October 2025, and would give traditional investors regulated access to INJ, the native token of the Injective Network.
If approved, the ETF would list on Nasdaq under the ticker TINJ. The fund’s strategy centers on passively tracking INJ token performance via the FTSE Injective Index, with an added twist: discretionary staking of a portion of holdings to boost returns.
What the filing reveals
The 21Shares Injective ETF is structured as a Delaware statutory trust, sponsored by 21Shares US LLC. The original S-1 landed on the SEC’s desk on October 20, 2025, and this latest amendment keeps the registration active and updated as the review process continues.
The preliminary prospectus makes clear that shares haven’t traded publicly yet, and no financial statements are included at this stage.
The fund plans to stake a portion of its INJ holdings at its discretion, a strategy designed to optimize performance while staying within regulatory guardrails. Staking rewards for INJ ranged from 9.3% to 13.62% annually in 2025, which gives the ETF a yield dimension that most equity-focused products simply can’t match.
As of September 1, 2026, the circulating supply of INJ stood at approximately 92.8 million tokens, with a market capitalization near $488 million.
21Shares and the altcoin ETF frontier
21Shares is no stranger to wrapping digital assets in traditional financial packaging. Among its existing products: a 21Shares Injective Staking ETP that has been available to European investors, making this US filing a logical extension of an existing product line.
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The firm was also among the first wave of issuers to bring spot Bitcoin and Ethereum ETFs to US markets, partnering with ARK Invest on the ARK 21Shares Bitcoin ETF.
After spot Bitcoin ETFs launched in January 2024 and spot Ethereum ETFs followed later that year, asset managers have been racing to file for products covering Solana, XRP, Litecoin, Cardano, and a growing list of layer-1 and DeFi tokens.
Why INJ, and why now
Injective is a layer-1 blockchain built on the Cosmos SDK, designed specifically for decentralized finance applications. Its focus areas include decentralized exchanges, derivatives, and cross-chain trading infrastructure.
The staking yield, hovering in the low double digits during 2025, provides a performance tailwind that pure price-tracking products can’t replicate.
The $488 million market cap is worth scrutinizing. For comparison, Bitcoin’s market cap is measured in the trillions, and even Ethereum sits comfortably above $200B in most market conditions. An INJ ETF attracting just tens of millions in assets could represent a significant percentage of the token’s total float.
The choice of the FTSE Injective Index as the benchmark is also notable. FTSE Russell, a subsidiary of the London Stock Exchange Group, has been expanding its digital asset index offerings.
Custody arrangements remain unfinalized according to the filing, which is another detail the SEC will likely want nailed down before giving any green light.