21Shares filed an S-1/A amendment with the Securities and Exchange Commission for a spot Injective exchange-traded fund, proposing a Nasdaq listing under the ticker TINJ and benchmarking the fund to the FTSE Injective Index.
The filing disclosed the fund's structure and operational framework. The asset manager intends to track the FTSE Injective Index as the ETF's pricing benchmark and designated an administrator and custodian to oversee the fund's operations. The amendment represents a key step toward SEC approval, required before the fund can launch.
21Shares has built a track record in crypto ETF launches. The Swiss asset manager operates the Grayscale Ethereum Mini Trust and Grayscale Bitcoin Mini Trust on Nasdaq following the SEC's approval of spot bitcoin and ethereum ETFs in 2024. The company's filings lay out the operational and custody mechanics needed to satisfy the SEC's stringent requirements for crypto-tied funds.
Injective is a Layer 1 blockchain focused on decentralized finance and derivatives trading. The network's INJ token serves as its native asset and grants governance rights to holders. Injective runs a proof-of-stake consensus mechanism where INJ holders stake tokens to participate in block production and earn rewards.
The spot bitcoin ETF approval in January 2024 opened the door for traditional finance firms to launch crypto-tracking funds. The SEC has since approved multiple spot bitcoin and ethereum products, expanding the suite of vehicles available to institutional investors. Injective would be the first major alternative-layer-1 token to receive spot ETF treatment if the SEC greenlights the filing.
Approvals and amendments to crypto ETF filings are typically processed within months, though the SEC has discretion to request additional information or amendments. The TINJ fund's path depends on the SEC finding that the underlying INJ market has sufficient surveillance sharing arrangements and prevents fraud and manipulation.
