Pineapple's $100M INJ Stake Bridges Wall Street and Onchain Finance

Pineapple Financial Inc. (NYSE: PAPL) has launched a $100 million Injective Digital Asset Treasury (DAT) strategy, marking a significant pivot into blockchain-based finance. The Toronto-based fintech firm announced the acquisition of 678,353 Injective (INJ) tokens for $8.9 million as the initial phase of its plan to become the largest holder and staker of INJ. The tokens, staked onchain, are projected to generate an annual yield of 12.75%, nearly double Ethereum's current staking rate and 1.8 times higher than Solana's. This move follows a $100 million private placement in September 2025, funded by institutional investors including FalconX, Kraken, and the Injective FoundationPineapple Launches $100M Injective Treasury with $8.9M INJ Purchase^[1].

The strategy aims to leverage INJ's role as the native asset of Injective, a blockchain platform designed for financial applications. By anchoring its treasury in INJ, Pineapple seeks to align with the growing tokenization trend, which is projected to reshape capital flows in global markets. CEO Shubha Dasgupta emphasized that the investment reflects the company's belief in "transparent and accessible finance," with INJ positioned to enable blockchain-based infrastructure for mortgage and real-world asset tokenizationPineapple Financial Announces $100M Injective Treasury Strategy^[2]. The company also highlighted Injective's institutional readiness, citing its capacity to process over $60 billion in transactions and its 1,000% year-to-date network usage growthPineapple’s INJ Treasury Strategy Targets 12.75% Yield^[3].

Pineapple's approach extends beyond yield generation. The firm plans to integrate Injective's decentralized financial tools into its mortgage operations, including data management, settlement processes, and asset tokenization. This integration could streamline traditional financial workflows, addressing inefficiencies in legacy systems. Eric Chen, co-founder of Injective Labs, noted that Pineapple's strategy accelerates the convergence of Wall Street and onchain finance, reinforcing Injective's role as a "blockchain built for financial applications"Pineapple Completes First INJ Purchase^[4].

The private placement attracted a mix of traditional and crypto-native investors, with subscription receipts issued at $3.80 to $4.16 per unit. Proceeds will fund further INJ acquisitions, with additional onchain deployments expected in the coming months. Pineapple has committed to transparency, pledging regular disclosures on treasury activity and staking performance. However, the company acknowledges risks, including INJ price volatility and potential accounting adjustments if market conditions shiftPineapple Financial Closes $100M Private Placement^[5].

Analysts highlight the strategic boldness of Pineapple's move, given its $3.9 million market capitalization at the time of the private placement. The $100 million raise, more than 25 times the company's pre-announcement valuation, underscores a high-stakes bet on blockchain's potential to disrupt traditional finance. While the 12.75% staking yield offers a compelling return, the success of the strategy hinges on sustained INJ price stability and the broader adoption of tokenized financial infrastructurePineapple’s $100M INJ Move Dwarfs Market Cap^[6].