Bitnomial Launches Injective Futures, Opening Door to Potential ETF

Bitnomial, a US crypto derivatives exchange, has launched a futures product tied to Injective (INJ), expanding altcoin derivatives in the regulated US market.

Cointelegraph reported on June 15 that Bitnomial had listed a monthly futures contract based on the Injective token. The contract is settled in INJ, allowing investors to trade price movements without directly holding the underlying asset. Margin can be posted in cryptocurrency or US dollars.

The listing marks Injective's first entry into the regulated US derivatives market. It also lays the groundwork for a potential spot exchange-traded fund approval. Under US Securities and Exchange Commission rules, an ETF listing requires a period of futures trading history, and the new product could help establish a track record of at least six months.

Canary Capital has already filed for an INJ ETF that includes a staking structure, and Cboe BZX has submitted a related proposed rule change to the SEC.

Bitnomial is offering immediate access to institutional investors. It plans to roll out services for retail investors in the coming weeks through its Botanical platform. The company also plans to add INJ-based perpetual futures and options.

Bitnomial is regulated by the Commodity Futures Trading Commission. It operates a futures and options trading platform, a clearinghouse and brokerage services. In January, it launched an Aptos (APT)-based futures product as part of its push into altcoin derivatives.

The US crypto futures market remains centered on major assets such as Bitcoin (BTC) and Ether (ETH). Expansion into altcoin derivatives has been limited amid regulatory uncertainty, and Bitnomial is one of the few firms actively pushing into the segment.

Bitnomial sought to list XRP futures in 2024, but the effort led to litigation after the SEC moved to block it. The company later launched the product in March 2026 following a policy shift. Major exchanges including Coinbase and Kraken are also expanding their presence in the regulated US derivatives market through new products and acquisitions.