Two Funds, Two Approaches Injective CEO Eric Chen said at Korea Blockchain Week 2026 that a U.S. spot ETF tied to $INJ could arrive before 2027. Speaking on October 5, Chen said he believes 2
Injective CEO Eric Chen said at Korea Blockchain Week 2026 that a U.S. spot ETF tied to $INJ could arrive before 2027. Speaking on October 5, Chen said he believes 2027 may be too late a timeline for such products to launch.
Two separate applications are working through the SEC's review process. On September 18, 2026, 21Shares filed S-1 Amendment No. 1 for its spot Injective ETF, slated to trade on Nasdaq under the ticker TINJ. The fund is structured as a passive vehicle designed to track the price of INJ directly, without leverage or derivatives. Custody is managed by Coinbase Custody Trust and BitGo Bank, with pricing based on a volume-weighted average across INJ spot markets.
The second application comes from Canary Capital. The firm submitted Amendment No. 3 for its staked INJ ETF on September 24, 2026, with the product proposed to list on Cboe BZX under the ticker INJS. The fund's primary objective is to provide exposure to the spot price of INJ, with a secondary aim of earning additional returns through staking rewards generated by validating transactions on Injective's proof-of-stake network. CoinDesk Indices provides the pricing benchmark.
The ETF applications sit alongside a wider compliance build-out at Injective. On August 19, 2026, Injective confirmed that its affiliate, Injective Institutional Services, had been registered with the SEC as a transfer agent. The registration gives Injective a regulated way to maintain ownership records for tokenized securities and process changes to them.
Transfer agents are a core part of traditional securities market infrastructure, handling official ownership records, transfers, distributions, and corporate actions. By securing this registration, Injective Institutional Services becomes one of the first layer-1 blockchains to hold that regulated function, allowing those processes to run on distributed-ledger infrastructure while remaining compatible with U.S. securities law. Injective plans to integrate the transfer agent role with Injective Mint, its onchain platform for issuing and managing tokenized assets. Eric Chen has indicated the network will continue pursuing additional licenses as institutional adoption grows.
Sources:KuCoin News: 21Shares files amended S-1 for spot Injective ETF on NasdaqCrypto Briefing: SEC receives amended S-1/A filing for 21Shares Injective ETFSEC.gov: Canary Staked INJ ETF Form S-1/A (Amendment No. 3)
