21Shares has filed an amended registration statement with the U.S. Securities and Exchange Commission to list a spot Injective exchange-traded fund on Nasdaq, updating a product that would hold the INJ token and trade under the proposed ticker TINJ. The S-1/A, filed with the SEC on September 18, is the first amendment to a registration the asset manager originally submitted in October 2025 and adds fresh detail to a widening race to bring altcoin ETFs to U.S. markets.
What the Amended Filing Details
According to the preliminary prospectus, the 21Shares Injective ETF is a passive investment vehicle structured to track the price of INJ, the native token of the Injective Network, without the use of leverage or derivatives. 21Shares US LLC acts as sponsor, with CSC Delaware Trust Company as trustee. The trust would hold INJ through two custodians, Coinbase Custody Trust Company and BitGo Bank and Trust, and price its benchmark through FTSE International Limited using a volume-weighted average across qualifying INJ spot markets. The prospectus also leaves room for the sponsor to stake a portion of the trust’s INJ where it judges the move carries no undue legal or regulatory risk.
Injective’s Push Toward Institutional Reach
The filing lands as Injective deepens its institutional footprint. Financial data firm Pineapple Financial has tokenized $1 billion in mortgage records on the network, a move aimed at bringing real-world assets on chain, while the broader market has seen a wave of crypto fund applications from issuers including 21Shares and Grayscale, documented in an ongoing altcoin ETF race. A spot ETF would give U.S. investors a regulated wrapper for INJ exposure without directly holding the token.
What Still Has to Happen
The amended filing is not an approval. The registration statement must still be declared effective by the SEC before shares can be issued, and Nasdaq listing remains subject to notice of issuance. 21Shares has not disclosed a launch date, and the trust’s ability to stake INJ could introduce tax or regulatory considerations the sponsor says it will weigh before acting. Investors should treat the amendment as a step in a longer regulatory process rather than a completed product.