The proposal arrives at a time when ETF filings across the digital asset space are gaining momentum, reflecting how traditional finance is gradually warming up to blockchain-native assets beyond Bitcoin and Ethereum. For Injective, this represents a defining moment in its evolution—from a DeFi protocol powering derivatives and cross-chain liquidity to a contender in regulated investment markets.

Institutional Interest Builds Around INJ

21Shares’ latest submission follows a consistent push by the firm to broaden institutional access to the crypto sector. The company already offers products tracking major tokens but is now venturing deeper into lesser-represented assets that are drawing demand from professional investors.

Injective’s team welcomed the move, calling it a “clear indication of accelerating institutional interest.” The protocol’s inclusion among a handful of altcoins pursuing multiple ETF products underscores how its market narrative has matured in 2025.

October’s ETF Rush

The timing of 21Shares’ application is hardly coincidental. October has quickly become a pivotal month for crypto ETFs, with the U.S. Securities and Exchange Commission preparing to review a series of filings for XRP, Solana, Cardano, Litecoin, and HBAR.

New SEC guidelines introduced earlier this year have transformed the approval landscape. The generic listing framework now enables qualified products to pass through a streamlined process, cutting review periods from roughly nine months to less than three. That change has accelerated what many analysts are calling the “second wave” of crypto ETFs—this time focusing on altcoins rather than just Bitcoin and Ethereum.

Regulatory Tailwinds Return After Delays

The temporary U.S. government shutdown earlier this month briefly stalled SEC operations, pausing progress on several pending filings. Now that normal activity has resumed, observers expect multiple applications to clear in quick succession, potentially triggering a surge of new listings.

Analysts suggest that 21Shares’ decision to prioritize Injective under this new regime signals confidence in both the project’s fundamentals and its eligibility under the SEC’s revised criteria.

If approved, the Injective ETF would strengthen the growing bridge between decentralized protocols and traditional investment markets—an area where 21Shares continues to lead with strategic precision.

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