Updated Injective (INJ) ETF Filings Submitted to SEC, Highlighting Divergent Staking Strategies

Two US-based firms, 21Shares and Canary Capital, have submitted updated applications to the Securities and Exchange Commission (SEC) for proposed Injective (INJ) Exchange-Traded Funds (ETFs). These filings represent procedural advancements in the regulatory process, and the ultimate approval of these applications by the SEC remains uncertain.

Why This Matters

The materials describe a narrow update: 21Shares and Canary Capital have submitted updated filings to the SEC for proposed Injective (INJ) ETFs. Whether the SEC will approve the Injective ETF applications.

Procedural Update

The materials describe an update to existing applications: 21Shares and Canary Capital have submitted updated filings to the SEC for proposed Injective (INJ) ETFs. The ultimate approval of these Injective ETF applications by the SEC remains uncertain.

Broader Context

Source materials place the factual news in this context: Two applications are carrying ETF expectations for the INJ token: the 21Shares Injective ETF and the Canary Staked INJ ETF.

Divergent ETF Strategies Emerge

The 21Shares Injective ETF, proposed for listing on Nasdaq under the ticker TINJ, has filed an S-1 Amendment No. 1. According to filings, this ETF plans to hold INJ directly, with the issuer retaining discretion over whether to stake these tokens. This discretionary approach offers flexibility, allowing 21Shares to adapt to potential shifts in rules, market conditions, or operational risks.

In contrast, Canary Capital has submitted Amendment No. 3 for its proposed staked INJ ETF, slated for Cboe BZX under the ticker INJS. The filings state that Canary’s structure commits at least 90% of the fund’s holdings to staking. This strategy means the fund’s appeal may heavily depend on staking rewards, while also introducing operational complexities related to validator selection and custody arrangements.

Infrastructure and Context

Both applications name traditional financial service providers. BitGo is identified as the custodian for Canary’s proposed ETF, with BNY Mellon and US Bank also named as service providers in the documents. CoinDesk is set to provide the pricing benchmark for Canary’s ETF.

These updated filings, with 21Shares’ amendment on September 18, 2026, and Canary Capital’s around September 25-28, 2026, follow 21Shares’ original filing in October 2025. The Injective chain has demonstrated significant activity, processing over 3 billion total transactions to date. In the past month, as of late September 2026, approximately 42 million transactions were recorded on the chain. The existence of a European exchange-traded product tied to INJ and US-listed INJ futures indicates some existing regulated exposure to the asset.

Remaining Uncertainties

Despite these procedural advancements, significant uncertainties remain. The primary uncertainty is whether the SEC will ultimately approve these Injective ETF applications. Further questions revolve around the specific operational risks associated with Canary’s staking-heavy approach and how market conditions or regulatory changes might influence 21Shares’ discretionary staking strategy. The filings suggest growing institutional interest in regulated crypto products, but the path to approval for these specific Injective ETFs is not guaranteed.