Injective’s Native Token INJ Gains Regulated Access in Asia, Joining a Select Group of Assets Regulated in Both the US and Asia

Injective’s native token, INJ, now has a regulated investment vehicle in Asia. Merkle Capital has launched M-INJ, the first regulated fund built around INJ in the region, supervised by Thailand’s SEC. Investors can hold INJ through a regulated structure with no token custody and no exchange account required. The fund is open to both retail and institutional investors.

The launch adds Asia to a regulated footprint INJ has been building across major markets. Most digital assets remain outside regulated markets. INJ is now inside them in both the United States and Asia.

INJ Across Regulated Markets

INJ already trades as a regulated derivative in the United States. On April 15, 2026, US-regulated INJ futures went live on Bitnomial, a CFTC-regulated exchange now owned by Kraken’s parent company. That placed INJ among the small group of digital assets with CFTC-regulated futures in the US, alongside Bitcoin, Ethereum, Solana, and XRP.

US regulators are moving more of the crypto derivatives market onshore. The CFTC has now approved the first regulated crypto perpetual in the United States, bringing one of the largest pools of crypto trading volume into a regulated venue for the first time. That shift points regulated markets toward the kind of derivatives Injective was built to run.

Institutional access is also forming around INJ. Both 21Shares and Canary Capital have filed for US INJ ETFs, with Canary’s staked INJ product advancing through Cboe. In Washington, Injective launched the Injective Policy Institute, its policy and research arm, which works directly with US regulators and lawmakers on the rules for onchain finance. INJ now carries regulated futures, active ETF filings, a policy presence in Washington, and a regulated fund in Asia. That combination is rare among digital assets.

Expanding Injective’s Regulated Footprint

Until now, INJ exposure in Thailand meant buying and holding the token yourself. That ruled out most of the market. Institutions face compliance rules and custody mandates that make spot crypto hard to touch. Retail investors carry exchange accounts, wallet security, and the full burden of self-custody.

M-INJ removes both barriers. The strategy is supervised by Thailand’s SEC Office and holds INJ on the investor’s behalf. Assets sit with a third-party custodian under the standards a regulated manager has to meet. Investors get INJ exposure inside a structure their compliance team already understands. It is a single regulated venue open to both retail and institutional investors.

Who Merkle Capital Is

Merkle Capital was the first firm in Thailand to receive a Digital Asset Fund Management license from the Thai SEC. It operates inside Cryptomind Group, a digital asset firm that has run in the Thai market for years across research, advisory, and asset management.

M-INJ is not Merkle’s first strategy. The firm runs more than a dozen, spanning single assets and themes. Bitcoin Alpha (M-BTCA) holds Bitcoin for the long term. Large Cap (M-LCAP) tracks top assets with automatic rebalancing. Blockchain Infrastructure (M-BLOCK) and an Ethereum ecosystem strategy (M-ETHE) cover Layer 1 and smart contract platforms. A stablecoin strategy (M-STA) and several trigger products round out the lineup. Every strategy screens assets through Merkle’s own framework and holds them for clients directly.

M-INJ applies that framework to Injective. Outside its Bitcoin strategies, Merkle rarely builds a fund around a single asset. M-INJ is the first it has built around INJ, run under the same custody, compliance, and risk controls Merkle applies across its other strategies.

The Strategy in Action

M-INJ holds INJ and USDC and shifts weight between them as markets move. Across a year, at least 80% of its value stays in digital assets. This is a directional position on INJ with a stablecoin buffer, not a hedged product. When conditions turn, the strategy raises its USDC weight to manage risk, then rotates back into INJ.

It runs on an accumulation model. Gains compound inside the strategy instead of paying out as dividends. There is no fixed maturity. Investors can increase or decrease their position on any business day, subject to Merkle’s minimums. Merkle’s digital asset team manages the strategy under Thai SEC supervision. Minimums, fees, and full mechanics live on Merkle’s page.

Why Regulated Entities Choose INJ

Injective is a Layer 1 blockchain built for finance made in America. It runs an onchain orderbook, settles with sub-second finality, and supports the creation and trading of tokenized assets at the protocol level. Injective’s mainnet has operated without any halts for over four years and its entire token supply is already circulating. That architecture and background is why regulated products keep forming around INJ.

Tokenization and real world assets have moved from proposals into live markets. Institutions are putting real assets onchain, and Injective was built to carry them. A fund manager choosing INJ is choosing the chain built for the trend its clients are already asking about.

INJ supply moves the opposite way from most tokens. The INJ 3.0 mechanism reduces supply over time. Protocol revenue buys INJ on the open market and burns it, so the float tightens as usage grows. Demand from a fund like M-INJ meets a shrinking supply. For a strategy with no fixed end date, accumulation against a deflationary asset is the core of the thesis.

What Comes Next

M-INJ is live. Retail and institutional investors in Thailand can now hold INJ through a regulated structure, and the same model can support further regulated INJ products across Asia. Full terms are on Merkle’s page.

INJ now sits inside regulated markets that can hold, list, trade, and stake it, in the United States and in Asia.

M-INJ is Merkle Capital's regulated product. This is not investment advice from Injective, and digital assets carry risk. For full strategy details, fees, and suitability, see merkle.capital/funds/injective.

About Injective

Injective is a lightning fast interoperable layer one blockchain optimized for building premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.