A Thai-regulated digital asset manager just made it easier for investors across Asia to buy into Injective without navigating unregulated crypto exchanges. Merkle Capital’s new M-$INJ fund is the first regulated investment vehicle in Asia built exclusively around the $INJ token.
The fund, which launched on June 4, is supervised by Thailand’s Securities and Exchange Commission. It targets both retail and institutional investors who want exposure to $INJ through a compliant structure.
What Merkle Capital actually built
Merkle Capital secured the first Digital Asset Fund Management license from the Thai SEC back in January 2022. Since then, the firm has built out custody and compliance infrastructure around Bitcoin-focused products and a managed Ethereum strategy called M-ETHE.
M-$INJ is a departure from those earlier efforts. It’s Merkle’s first single-asset strategy, meaning the fund holds one token and one token only. No blended baskets, no diversified crypto index play. Just $INJ.
The broader regulatory picture for $INJ
Merkle’s launch doesn’t exist in a vacuum. Injective has been quietly accumulating regulatory legitimacy across the globe.
In the US, $INJ futures are already trading on Bitnomial, a CFTC-regulated exchange. On top of that, several institutions, including Canary Capital, have filed applications for $INJ exchange-traded funds as of mid-2026.
What this means for investors
The obvious implication is access. Before M-$INJ, an institutional investor who wanted $INJ exposure had two options: buy it on an exchange and manage custody themselves, or skip it entirely. M-$INJ changes that equation. A regulated fund with proper custody protocols, auditing, and Thai SEC oversight removes the operational friction that keeps institutions on the sidelines.
The risk side of the ledger deserves attention as well. A single-asset fund is inherently concentrated. If $INJ’s price drops 50%, the fund drops 50%. There’s no basket diversification to cushion the blow. The compliance structure protects against counterparty and custody risk, not market risk.
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