INJ Jumps More Than 20% After 21Shares Revises Injective ETF Filing

INJ extended its rally as 21Shares submitted an amended registration statement for a proposed Injective exchange-traded fund, adding to momentum that had already built after Injective launched natively on Solana. INJ rose roughly 18% over the 24 hours to Sept. 19, with CoinMarketCap showing the token around $6.88 at the latest reading. Over the same 24-hour window, INJ moved from about $5.98 to $7.60, pushing above $7.00 before briefly nearing $7.70 and then holding near the top of the range. Trading activity climbed alongside price. CoinMarketCap data put Injective's market capitalization near $759.8 million, up 23.8% over the period. Reported 24-hour trading volume rose to about $281 million, an increase of 194.4%, with a volume-to-market-cap ratio of 36.61%. Supply figures showed about 99.97 million INJ in circulation versus a reported total supply of 100 million, implying most tokens were already circulating during the latest move. Fully diluted valuation was estimated near $760.05 million. On the regulatory front, 21Shares filed an amended Form S-1 registration statement on September 18 for its proposed Injective ETF. The amendment follows the original filing dated October 20, 2025. The filing itself does not grant approval or authorize trading. Under the updated proposal, the fund would list on Nasdaq under the ticker TINJ and use the FTSE Injective Index as its pricing benchmark. The amendment also permits discretionary staking of INJ held by the fund, with reports citing a target staking range of 40% to 60% depending on liquidity needs, allowing staking rewards to be reflected in the product. BNY Mellon is listed as administrator, transfer agent, and cash custodian in the revised document. The earlier S-1 identified 21Shares US LLC as the sponsor and outlined plans to hold INJ directly. The SEC review remains ongoing, and custody arrangements are still not finalized. The price spike also came after INJ became available on Solana as a native SPL token, expanding access through Solana-based trading and DeFi venues including Jupiter, Raydium, Meteora, Pump.fun, and DFlow. With the Solana rollout and ETF amendment occurring in the same window, available market data do not clearly separate buying tied to one catalyst versus the other. Separately, a widely circulated technical outlook suggests INJ could advance toward $15.80 if its higher-low pattern holds, marking the first major resistance level. A move above $15.80 would put $33.20 on watch, with $47.16 cited as a subsequent target if the uptrend continues, following a sequence of higher lows after major cycle highs in 2021 and 2024. This material is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments involve risk, and past performance does not guarantee future results.