21Shares has filed an amended S-1 registration statement for its proposed Injective ETF, seeking to list the product on Nasdaq under the ticker TINJ, according to the filing. The fund would track INJ through the FTSE Injective Index, while the product remains unapproved for listing and its custody arrangements are still being finalized.

The amended filing says the ETF would benchmark against the FTSE Injective Index and aims to give investors exposure to the INJ token through a traditional exchange-traded product. The filing also says the fund may use part of its INJ holdings for staking in order to earn staking rewards.

21Shares previously submitted the initial application for the product in October 2025. Deepened review of the filing history confirms that the original S-1 registration statement was filed on October 20, 2025, by 21Shares US LLC, placing the proposed fund into the SEC registration process.

The product is not yet cleared to list, and material details remain open. The current information indicates that custody arrangements have not been finalized, and no approval has been granted for trading on Nasdaq. The filing therefore marks a procedural step rather than a completed launch.

The amendment also fits into a wider expansion by 21Shares across single-asset crypto ETFs in the U.S. market. Other filings tied to digital assets such as Dogecoin and Hyperliquid suggest the issuer is continuing to test demand for crypto funds beyond the largest tokens, even as approval standards may vary from one asset and product design to another.

Why It Matters

The filing matters because it broadens the institutional ETF push into another non-BTC, non-ETH token and keeps the single-asset altcoin ETF theme active in the U.S. market. For Injective, a proposed Nasdaq-listed fund from a known issuer adds another channel through which traditional investors could eventually gain exposure without holding the token directly.

It also highlights an unresolved structural question in crypto ETFs: whether products that hold proof-of-stake assets can include staking features inside a regulated wrapper. That issue goes beyond INJ and could shape how future crypto commodity funds are designed, reviewed, and brought to market.