On Thursday, Thailand-based Merkle Capital announced the launch of M-INJ, Asia’s first regulated investment vehicle tied to Injective’s native INJ token. The launch of the product allows Thailand-based investors to get exposure to the digital asset through a regulated structure, without the hassle of actually holding it.
Merkle Capital’s Injective token product goes live
Supervised by the Thai financial watchdog – the Securities and Exchange Commission (SEC) – M-INJ will allow both retail and institutional investors to hold INJ. The launch also adds Asia to a regulated footprint being developed by INJ across major geographies around the world.
INJ is now one of the handful of digital assets that can be obtained through a regulatory compliant way in both the U.S. and Asia. To recall, in April 2026, U.S.-regulated INJ futures contracts went live on Bitnomial, a Commodities and Futures Trading Commission-regulated (CFTC) crypto trading platform.
At the time, INJ joined the small club of cryptocurrencies, alongside the likes of Bitcoin (BTC), Ether (ETH), XRP, and Solana (SOL) that had CFTC-regulated futures. Recent positive regulatory developments in the U.S. point toward the country’s willingness to attract more crypto derivatives markets onshore.
On May 29, the CFTC had approved the first regulated crypto perpetual in the U.S., bringing one of the largest pools of crypto trading volume into a regulated venue for the first time.
INJ is also benefitting from rising institutional interest. For example, both 21Shares and Canary Capital have filed for U.S. INJ exchange-traded-funds (ETFs). Notably, Canary Capital’s staked INJ ETF is speculated to advance through Cboe.
Details of the M-INJ product
Before understanding the finer workings of the M-INJ product, it’s important to know a little more about Merkle Capital. The firm was the first in Thailand to bag the prestigious Digital Asset Fund Management license from the Thai SEC.
The firm already runs more than a dozen investment vehicles – including Bitcoin Alpha (M-BTCA) which holds BTC for the long term, Large Cap (M-LCAP) which tracks top assets with automatic rebalancing, an Ethereum ecosystem strategy (M-ETHE) which covers layer-1 and smart contract platforms, and others.
M-INJ is just Merkle Capital’s latest endeavor and the first product which involves Injective’s INJ token. It leverages Merkle’s framework – including the same custody, compliance, and risk controls – as used in other financial products, and holds the assets for its clients directly.
M-INJ holds both INJ and the USDC stablecoin, and shifts weight between them as markets move. Across a year, at least 80 percent of the product’s value will stay in digital assets, indicating that it is a directional position on INJ with a stablecoin buffer, not a hedged product.
Further, the investment vehicle runs on an accumulation model, meaning that gains compound inside the product instead of being paid out as dividends. Since there is no fixed maturity date, investors can increase or decrease their position on any business day.
Injective’s mainnet has operated for over 4 years without any interruption, and has all its tokens already in circulation. Recent price analysis shows that INJ is eyeing the $10 target.
