Injective co-founder and CEO Eric Chen expects US exchange-traded funds (ETFs) tied to INJ to launch before 2027 as two applications linked to the token move through the regulatory process.
Chen shared the outlook during an interview at Korea Blockchain Week 2026, although he stopped short of giving a specific launch date. The expectation comes as Injective expands its regulatory footprint in the US and Europe while building infrastructure aimed at institutional adoption.
Two Applications Remain
The US currently has two ETF applications tied to INJ, according to the Securities and Exchange Commission’s (SEC) website. The applications are for the 21Shares Injective ETF and the Canary Staked INJ ETF, both of which were initially filed in 2025. The two issuers submitted amended S-1 registration statements in September.
Canary’s application has been moving through the process since last year. In July 2025, Cboe filed to list shares of the proposed Canary Staked INJ ETF after Canary Capital submitted an S-1 application earlier that month. The proposed product seeks to provide exposure to INJ while incorporating staking rewards. Chen expects the process to move faster than a 2027 timeline would suggest.
“I can’t comment on the specific time, but I think 2027 is a little bit too far,” Chen said. “It’s actually way sooner than I expected as well, so we’ll see.”
His expectation comes as regulated crypto investment products continue to draw capital in the US. Spot Bitcoin ETFs attracted as much as $189.8 million in inflows on October 2, following $102.7 million a day earlier, while Ether ETFs remained under redemption pressure. At the latest count, SoSoValue data showed that the combined assets under management (AUM) of spot crypto ETFs covering 12 assets had reached $130.91 billion at press time.
Spot crypto ETFs across 12 assets reach a combined $130.91 billion in AUM. Source: SoSoValue.Injective has also expanded its regulatory infrastructure as it prepares for greater institutional activity. Injective Institutional Services became an SEC-registered transfer agent for tokenized securities in August, allowing the network-affiliated entity to maintain official ownership records and process securities transfers. Chen described the registration as an early part of Injective’s broader US licensing strategy.
Injective Expands Regulatory Push
Chen said the transfer agent registration represents only the beginning of Injective’s licensing efforts in the US.
“In terms of U.S. licensing, I think transfer agent is basically the very start. There’s going to be a few more licenses that we’ll be working on,” Chen said.
Injective also launched its Meridian upgrade on September 24 following a governance vote. Chen described it as an institutional upgrade designed to move clients from pilot programs toward live onchain tokenization, offerings and collateralization, with transfer controls built around compliance requirements.
The network’s institutional push has extended to real-world assets. Pineapple Financial recently moved more than $1 billion in residential mortgage records onchain through Injective and plans to eventually migrate more than 29,000 funded mortgages worth over $10 billion.
Injective is pursuing regulatory progress in Europe as well. Its MiCA white paper for INJ has been finalized, while the token appears in the European Securities and Markets Authority’s interim register. Chen said Injective is working with already licensed firms in the region as it develops projects involving payments and tokenization.
The ETF applications now add another route through which Injective could extend its reach into regulated markets. Recent US developments have continued to widen that market, including the SEC’s approval of 3x leveraged Bitcoin and Ether ETFs, although those funds still need to complete the registration process before trading begins.
INJ faces a fourth rejection at triangle resistance as the Accumulation/Distribution Indicator points to continued selling pressure. Source: TradingView.Press-time data shows that INJ continues to underperform, with the asset trading lower within a bullish triangle structure. Its latest attempt at a rally was rejected at the pattern’s resistance level, marking the fourth rejection from this zone and raising the risk of further weakness.
The Accumulation/Distribution Indicator, a volume-weighted indicator, also points to continued distribution as it trends lower. Total traded volume has declined to roughly -12.84 million at press time, suggesting that selling pressure remains dominant despite INJ trading within a bullish structural pattern.