Pineapple Tokenizes $4.1B Loan Portfolio on Injective, Spurring RWA Adoption

Pineapple Financial, a Canadian fintech firm, has launched a collateralized loan tokenization platform on the Injective blockchain. This platform is designed to migrate the company's entire loan portfolio—over 29,000 collateralized loans valued at approximately $10 billion—to the blockchain. In the first phase, Pineapple has already tokenized more than 1,200 loan files worth roughly $4.12 billion.

Each tokenized loan record includes over 500 data points, aimed at improving transparency and operational efficiency. The move is part of a broader industry trend toward real-world asset tokenization, which is seen as a potential game-changer for financial markets. Pineapple plans to migrate its full historical portfolio over the coming months and will continue to onboard new loans.

The company is also building two new products on the tokenized dataset: a Mortgage Data Marketplace and Pineapple Prime, a product intended to offer onchain mortgage-backed yield opportunities.

The Mortgage Data Marketplace will provide compliant access to anonymized loan data for benchmarking and analytics purposes. Pineapple Prime is designed to leverage the tokenized assets to create new investment opportunities.

Strategic Implications for Financial Markets

The shift to tokenized mortgages marks a significant step in the digitization of traditional financial assets. By moving loan data to a blockchain, Pineapple Financial aims to streamline workflows, enhance automated verification, and create real-time audit trails. This approach could reduce administrative costs and fraud risks while improving risk modeling and data sharing with institutions.

The use of the Injective blockchain is a key component of this strategy. Injective is known for its high speed and low transaction costs, making it well-suited for handling sensitive financial data. Pineapple has also made a significant financial commitment to the Injective ecosystem, having announced plans to purchase $100 million worth of INJ tokens. This move positions Pineapple as a major stakeholder in the network and reflects confidence in the platform's long-term potential.

Regulatory and Market Considerations

Despite the benefits of tokenization, the process is not without challenges. Regulatory frameworks for tokenized real-world assets are still evolving. Pineapple's early adoption of the technology positions it as a pioneer in shaping best practices and standards for the industry. However, broader adoption will depend on the clarity and consistency of regulatory guidelines across jurisdictions. Differences in how countries define digital asset custody and blockchain records could create uncertainty for institutional participants.

Pineapple CEO Shubha Dasgupta emphasized the company's commitment to data security and privacy. The platform employs enterprise-grade encryption, modern identity and access controls, continuous monitoring, and secure data governance. These measures are intended to protect client data at every stage of the lifecycle. As tokenized assets become more prevalent, maintaining trust through robust security will be crucial for both institutional and retail investors.

Outlook for Pineapple and the Industry

The migration of Pineapple's mortgage portfolio to a blockchain is expected to have a ripple effect across the industry. By demonstrating the feasibility and benefits of tokenized real-world assets, Pineapple could encourage other fintech and traditional financial institutions to explore similar initiatives. The company's current annual funding of over $2.2 billion and its operations as a Canadian mortgage brokerage network position it as a significant player in the market.

For investors, Pineapple's recent financial results show a mixed picture. The company reported FY revenue of $3 million, a 11.5% year-over-year increase, while total expenses declined 8.9% to $5.9 million. Despite a reduction in operating losses, the company still faces challenges in achieving profitability. The cash on hand as of August 31, 2025, was $2.1 million, up from $0.6 million in the same period the previous year. These figures suggest that while the company is making progress, it will need to continue to manage costs and generate revenue to support its expansion into blockchain-based services.