Injective expects U.S. INJ ETF launch before 2027 amid licensing push

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Injective eyes INJ ETF launch

Highlights

Two U.S. ETF applications tied to INJ, 21Shares Injective ETF and Canary Staked INJ ETF, have amended S-1 filings and expect launch before 2027.
Injective Institutional Services gained SEC transfer agent registration in August and is seeking further licenses to enhance its institutional strategy in the U.S.
In Europe, Injective completed the MiCA white paper process for INJ and is advancing tokenization initiatives through partnerships with licensed firms and major financial institutions.

ETF applications advance alongside regulatory buildout

The Block reported that two U.S. exchange-traded fund applications tied to INJ are currently under review, the 21Shares Injective ETF and the Canary Staked INJ ETF. Both filings were initially submitted in 2025, and amended S-1 registration statements were filed in September, indicating progress in the approval process.

Speaking at Korea Blockchain Week 2026, Chen says he cannot comment on a specific launch date but expects U.S. ETFs linked to Injective's native token to arrive before 2027. He describes that timeline as sooner than he had expected.

Chen connects that outlook to a broader institutional strategy in the U.S. Injective Institutional Services became an SEC-registered transfer agent in August, allowing the network-affiliated legal entity to maintain ownership records for securities, and he says the company is pursuing additional licenses beyond that first registration.

He also says Injective's Meridian upgrade strengthens its institutional proposition. The network released Meridian on Sept. 24 after a governance vote, and Chen describes it as an upgrade aimed at helping clients move from pilot projects to live on-chain tokenization, offerings and collateralization with compliance-focused transfer controls.

Europe and tokenization remain key growth areas

In Europe, Chen says a Markets in Crypto-Assets, or MiCA, white paper for the INJ token has been submitted and finalized. Injective said in July that it had completed the notification and publication process for the paper, and INJ is listed in the European Securities and Markets Authority's interim register as part of the disclosure path toward admission to trading in the EU.

Chen says securing a regional license is progressing slowly, so Injective is working with firms that already hold one. He adds that the company is preparing a collaboration with large financial institutions, with the work focused on payments and tokenization.

For tokenized real-world assets, Chen identifies private markets as a particularly important opportunity. He says blockchain-based structures can compress processes that traditionally take months in conventional finance, reducing the layers of intermediation needed before assets become liquid investment instruments.

In our earlier coverage of SpaceX-linked tokenized shares, we noted that surging demand for tokenized stocks is accelerating the push to bring traditional equity exposure onto blockchain rails. The article also cautioned that retail buyers can still face familiar constraints such as limited IPO allocations and post-listing volatility, even when access is packaged through crypto platforms.

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