Pineapple Financial raised $100M to acquire Injective -$INJ, aiming to become its largest holder and stake tokens for yield.
Author: Tanishq Bodh
September 6, 2025 – Pineapple Financial (NYSE: PAPL) has raised $100 million to purchase Injective’s $INJ token, in one of the boldest treasury strategies in crypto to date. The fintech firm, which processed more than $2.5 billion in mortgages last year, will stake the tokens for an estimated 12% annual yield. At the same time, it plans to bring parts of its traditional finance business onchain with Injective.
Starting this month, Pineapple will buy $INJ in the open market through institutional asset managers. Moreover, all purchases will be revealed publicly to ensure transparency. At today’s prices, the plan represents about 7% of circulating supply, which instantly makes Pineapple a top-ten holder. Eventually, the company aims to become the largest $INJ holder globally.
Executives also confirmed that all tokens will migrate to Injective’s mainnet and be staked with validators. Since Injective has no private unlocks left, Pineapple can accumulate without facing dilution risks.
The raise attracted major players from both finance and crypto, including Kraken, FalconX, Canary Capital, the Injective Foundation, Monarq, and Abraxas. In addition, Injective executives will join Pineapple’s advisory board alongside veterans from Galaxy Digital, Circle, UBS, Merrill Lynch, and Gemini. Their combined expertise will guide treasury allocation and strengthen Injective’s role in the strategy.
Injective burns revenue to reduce supply, over 6.7 million tokens so far. As a result, Pineapple ’s staking strategy for Injective, combined with these burns, creates a long-term flywheel for value. Furthermore, the firm plans to channel billions in mortgage volume into Injective’s ecosystem, which could boost liquidity and accelerate adoption of real-world assets.
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Looking forward, Pineapple intends to conduct future raises dedicated to $INJ, compounding both staking yield and market share. Additionally, executives framed the strategy as part of a broader vision. “Traditional finance has always been about capital access,” Pineapple stated. “Injective offers the gateway to bring that entire system onto blockchain rails.”
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