21Shares has filed a revised S-1/A for its spot Injective ETF, code TINJ, on Nasdaq.
On September 19, the SEC received 21Shares’ amended filing. This is an updated version of the original application submitted in October 2025. If approved, TINJ will be listed on Nasdaq, passively tracking the FTSE Injective Index, and it can also use part of its holdings to stake and earn yield.
21Shares has already been doing Injective staking ETPs in Europe for a while. This time, it’s bringing essentially the same setup to the United States.
Pay attention to this detail: staking.
This is the most interesting part of this latest wave of ETF applications. In 21Shares’ ETF application for Hyperliquid, it mentions staking 30% to 70% of the holdings. The Injective filing also includes a staking option.
What does staking mean? It means the ETF isn’t just passively holding tokens. It locks up the tokens, earns network rewards, and then counts that portion of the rewards as part of the fund’s return.
In the SEC’s eyes, this has been controversial all along. Does staking count as issuing securities? Do staking rewards count as consideration under an investment contract? Those questions have previously blocked the staking versions of ETH ETFs. Now 21Shares is trying first on smaller assets like INJ and HYPE.
But don’t confuse an application with approval.
21Shares has a long queue of S-1 filings. Solana, SUI, SEI, ONDO, and also Hyperliquid. SUI is already listed on Nasdaq under the ticker TSUI. The Injective filing moving to S-1/A means the SEC has issued its first round of comments and 21Shares is responding. There’s still a ways to go before the 19b-4 approval to list.
And Injective isn’t exclusive to 21Shares. Canary’s Staked INJ ETF was submitted to the Cboe back in July 2025. 21Shares has experience with Injective ETPs in Europe, but in the U.S. market, first-mover advantage may not necessarily belong to it.
— Qingliuqu #sec收到21sharesinj现货etf修订申请
On September 19, the SEC received 21Shares’ amended filing. This is an updated version of the original application submitted in October 2025. If approved, TINJ will be listed on Nasdaq, passively tracking the FTSE Injective Index, and it can also use part of its holdings to stake and earn yield.
21Shares has already been doing Injective staking ETPs in Europe for a while. This time, it’s bringing essentially the same setup to the United States.
Pay attention to this detail: staking.
This is the most interesting part of this latest wave of ETF applications. In 21Shares’ ETF application for Hyperliquid, it mentions staking 30% to 70% of the holdings. The Injective filing also includes a staking option.
What does staking mean? It means the ETF isn’t just passively holding tokens. It locks up the tokens, earns network rewards, and then counts that portion of the rewards as part of the fund’s return.
In the SEC’s eyes, this has been controversial all along. Does staking count as issuing securities? Do staking rewards count as consideration under an investment contract? Those questions have previously blocked the staking versions of ETH ETFs. Now 21Shares is trying first on smaller assets like INJ and HYPE.
But don’t confuse an application with approval.
21Shares has a long queue of S-1 filings. Solana, SUI, SEI, ONDO, and also Hyperliquid. SUI is already listed on Nasdaq under the ticker TSUI. The Injective filing moving to S-1/A means the SEC has issued its first round of comments and 21Shares is responding. There’s still a ways to go before the 19b-4 approval to list.
And Injective isn’t exclusive to 21Shares. Canary’s Staked INJ ETF was submitted to the Cboe back in July 2025. 21Shares has experience with Injective ETPs in Europe, but in the U.S. market, first-mover advantage may not necessarily belong to it.
— Qingliuqu #sec收到21sharesinj现货etf修订申请