21Shares Files Amended S-1/A for Injective ETF on Nasdaq
Injective (INJ)
Editor:
Eugene Serbin
cryptobriefing.com reports that the SEC has received an amended S-1/A filing from 21Shares for an Injective ETF, advancing the product toward a potential public listing. The proposed fund, which would trade under the ticker TINJ on Nasdaq, aims to track INJ tokens via the FTSE Injective Index while incorporating discretionary staking to enhance returns. Sponsored by 21Shares US LLC, this Delaware statutory trust updates an original filing from October 20, 2025, keeping the registration active during the review process.
The strategy allows the fund to stake a portion of its holdings, targeting yields that ranged from 9.3% to 13.62% annually in 2025. This structure offers traditional investors regulated access to INJ, the native token of the Injective Network, a layer-1 blockchain built on the Cosmos SDK for decentralized finance. As of September 1, 2026, INJ had a circulating supply of approximately 92.8 million tokens and a market capitalization near $488 million.
The filing notes that custody arrangements remain unfinalized, a detail the SEC will likely scrutinize before granting approval. 21Shares, already known for spot Bitcoin and Ethereum ETFs, is extending its existing European staking product line to the US market. The preliminary prospectus clarifies that shares have not yet traded publicly and no financial statements are included at this stage.
How the market reacted
Whalio's own Binance spot order flow for INJ, measured when this story was written up on 18 September 2026. Not the outlet's figures.
Whalio data shows INJ trading at $5.72 with a 24-hour spot volume of $8,557,535. Buy ratios stand at 53.5% for the 1-hour window and 55.1% for the 4-hour window, compared to a 49.7% ratio over the last 24 hours, indicating that buying pressure is building in the short term. Volume deltas reflect this shift, showing positive inflows of +$12,362 over the past hour and +$386,902 over four hours, contrasting with a negative delta of -$44,437 over the full day. The Cumulative Volume Delta (CVD) closed at +$1,345,212, with net buying occurring in 18 of the last 24 hours. These metrics suggest that recent trading activity has seen a surge in buy-side dominance relative to the daily average.
The latest daily buy ratio of 53.4% sits at the 91st percentile of the last 322 days, against a median of 49.8% - among the strongest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for INJ, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 50.4%, making the current 1-hour ratio of 53.5% slightly above the weekly norm. However, the latest day's buy ratio was -0.7 points lower than the weekly average, suggesting a slight moderation in buying intensity compared to the broader trend. Volume over the last day was 0.93x the weekly average, indicating trading activity was slightly below typical levels. Price declined 3.8% over eight days, with a total volume delta of +$118,903 for the period. This represents a period of mixed sentiment, with four days of net buying out of seven, but overall negative price action.