SEC Receives Amended S-1/A for 21Shares Injective ETF as Altcoin ETF Race Heats Up

The SEC has received an amended registration statement for the 21Shares Injective ETF, moving the proposed fund a step closer to becoming a publicly traded product, according to Crypto Briefing. The amended S-1/A updates the original October 2025 filing and would give traditional investors regulated access to INJ, the native token of the Injective Network. If approved, the ETF would list on Nasdaq under the ticker TINJ, passively tracking INJ via the FTSE Injective Index, with a twist: discretionary staking of a portion of holdings to boost returns. Structured as a Delaware statutory trust and sponsored by 21Shares US LLC, the fund's original S-1 landed on October 20, 2025, and the latest amendment keeps the registration active as the review continues. The preliminary prospectus notes shares have not traded publicly and no financial statements are included yet. INJ staking rewards ranged from 9.3% to 13.62% annually in 2025, giving the ETF a yield dimension most equity-focused products cannot match. As of September 1, 2026, INJ's circulating supply stood at about 92.8 million tokens, with a market capitalization near $488 million. 21Shares is no stranger to wrapping digital assets in traditional packaging, already offering a 21Shares Injective Staking ETP to European investors and having been among the first issuers of spot Bitcoin and Ethereum ETFs via its ARK 21Shares Bitcoin ETF partnership. Since spot Bitcoin ETFs launched in January 2024 and Ethereum products followed later that year, asset managers have raced to file for funds covering Solana, XRP, Litecoin, Cardano and a growing list of layer-1 and DeFi tokens. Injective is a layer-1 blockchain built on the Cosmos SDK for decentralized finance, focused on decentralized exchanges, derivatives and cross-chain trading. Its low-double-digit staking yield offers a tailwind pure price-tracking products can't replicate. The $488 million market cap is notable: for comparison, Bitcoin's is in the trillions and Ethereum's typically above $200 billion, so an INJ ETF drawing even tens of millions could represent a meaningful share of the token's float. The choice of the FTSE Injective Index — from London Stock Exchange Group's FTSE Russell — is also notable as the firm expands its digital-asset indexes, while custody arrangements remain unfinalized, a detail the SEC will likely want settled before any approval.