21Shares files with the SEC for a spot Injective ETF, signaling growing institutional demand for the DeFi-focused $INJ blockchain
Author: Tanishq Bodh
October 20, 2025 — In a move that underscores crypto’s growing foothold in traditional finance, 21Shares has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) based on Injective Protocol’s native token, $INJ. The filing, submitted on October 20, represents the third Injective ETF application this year signaling mounting institutional interest in the layer-1 blockchain powering decentralized finance (DeFi) and real-world asset tokenization.
According to the Form S-1 filing, the 21Shares Injective ETF will track the CME CF Injective-Dollar Reference Rate, giving investors exposure to $INJ without holding tokens directly. The fund may also participate in staking, letting investors earn yields—an emerging feature in new crypto ETFs.
Custody will be managed by Coinbase Custody Trust Company and BitGo Trust Company, while CSC Delaware Trust will act as trustee. This mirrors the framework used for Bitcoin and Ethereum ETFs, ensuring secure and transparent asset management.
For 21Shares, one of the world’s largest crypto exchange-traded product issuers, this filing expands its U.S. presence. The company already operates a live Injective ETP in Europe and manages ETFs for Bitcoin, Ethereum, and Solana. The move underscores Injective’s appeal as a fast, interoperable blockchain supporting RWAs, synthetic equities, and AI-driven financial tools.
The filing follows two earlier applications this year, Canary Capital’s staked $INJ ETF and Rex Shares/Osprey Funds’ staking product. Together, the three filings span Australia, Europe, and the U.S., putting Injective in the same league as Bitcoin, Ethereum, and Solana, the only assets with multiple ETF bids.
Injective’s network continues to attract attention for its real-world applications, including pre-IPO derivatives, cross-chain bridges, and AI trading tools. Partnerships with firms such as Korea’s MK Media highlight its goal of merging traditional markets with decentralized infrastructure.
The Injective ETF could build on the success of Bitcoin and Ethereum spot products, which have drawn billions in inflows since approval. Analysts say a green light for Injective would expand the ETF market to high-utility altcoins, opening doors for assets like Avalanche and Chainlink.
Challenges remain. The SEC’s review process could extend into early 2026, depending on regulation and market stability. Yet, the agency’s recent approval of Solana ETFs hints at a more open stance toward altcoins.
For now, $INJ trades near recent levels, but analysts expect upside momentum if approval comes through. “This is the next phase of institutional DeFi,” one strategist noted. “It shows that investors are looking beyond Bitcoin and Ethereum.”
With its staking innovation, cross-chain technology, and Wall Street exposure, Injective is emerging as one of 2025’s most institutionally embraced blockchains.
Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.
Bitmine Purchase $236M in ETH as Lee Calls It Wartime Asset
Welf Finance Launches Regulated Wealth Platform in DIFC
AAVE Token Goes Live Natively on Solana via Sunrise DeFi
Ethereum Foundation Unstaking ETH Sparks Sell-Off Speculation
Bitmine Purchase $236M in ETH as Lee Calls It Wartime Asset
Welf Finance Launches Regulated Wealth Platform in DIFC
AAVE Token Goes Live Natively on Solana via Sunrise DeFi
Ethereum Foundation Unstaking ETH Sparks Sell-Off Speculation
