Injective co-founder and CEO Eric Chen says a 2027 launch for US-listed INJ ETFs is too far off, pointing to faster progress than he expected. Two applications — from 21Shares and Canary Capital — have moved forward with amended SEC filings in September, while Injective pushes ahead on US licensing and a European token registration.
Injective co-founder and CEO Eric Chen expects United States exchange-traded funds tied to the network's native token INJ to launch before 2027. Speaking to The Block at Korea Blockchain Week 2026, Chen said: "I think 2027 is a little bit too far", adding that progress has moved faster than he anticipated.
Two ETF bids inch forward
There are currently two ETF applications tied to INJ — the 21Shares Injective ETF and the Canary Staked INJ ETF — both initially filed in 2025. On September 18, 2026, 21Shares filed S-1 Amendment No. 1 for its spot Injective ETF, slated to trade on Nasdaq under the ticker TINJ. Canary Capital followed with Amendment No. 3 around September 25-28, 2026 for its staked INJ ETF, proposed for Cboe BZX under the ticker INJS, targeting staking of at least 90% of the fund's holdings with BitGo named as custodian.
A broader US licensing push
Chen's ETF comment came amid a wider licensing effort. Injective Institutional Services became an SEC-registered transfer agent in August, allowing the network-affiliated entity to maintain ownership records for securities. He said the registration marks only the start, with several more licenses in progress. Injective also shipped its Meridian upgrade on September 24 following a governance vote, which Chen described as letting institutional clients move from pilots to live onchain tokenization, offerings, and collateralization with built-in transfer controls.
Building out a European track
In Europe, Chen said Injective has submitted and finalized a Markets in Crypto-Assets white paper for INJ, now listed in the European Securities and Markets Authority's interim register — a disclosure step toward trading approval in the EU. He said licensing in the region moves slowly, so Injective is working with firms that already hold one, covering payments and tokenization work.
Beyond the filings, Injective's network activity gives the ETF push some backing: the chain has processed more than 3 billion total transactions, with roughly 42 million of those in the month before late September 2026.
Sources: The Block, Crypto Briefing
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