Pineapple Financial Soars 61% on $100M Funding, INJ Token Strategy
Fintech firm becomes the first publicly traded company to add Injective's INJ token to its corporate treasury, signaling a major crypto-finance convergence.
Shares of Pineapple Financial Inc. (PAPL) surged more than 61% after the fintech platform announced it had and launched an innovative digital asset treasury strategy.
The company issued approximately 24.6 million subscription receipts at a weighted average price of $4.04 each. The proceeds are designated to anchor a new corporate treasury strategy focused on INJ, the native token of the Injective blockchain. This strategic pivot makes Pineapple the , a move that bridges the gap between traditional capital markets and decentralized finance.
The private placement attracted significant interest from prominent institutional investors across both finance and crypto, including FalconX, Monarq, Abraxas, Kraken, and Blockchain.com. This diverse backing signals strong market confidence in the integration of blockchain infrastructure within established financial frameworks.
Pineapple Financial stated its INJ treasury strategy is expected to generate a passive yield of approximately 12%, creating a substantial recurring revenue stream. The move is designed to position the company at the forefront of the growing tokenization trend being explored by global financial institutions.
Eric Chen, Co-Founder of Injective, commented on the significance of the deal. "The completion of Pineapple’s $100 million private placement and its decision to anchor the corporate treasury in INJ ," he said.
For Pineapple Financial, this initiative represents a bold step into the future of finance, leveraging a blockchain that has already processed over $60 billion in transactions. The company's allocation to INJ underscores a belief that digital assets can foster a more transparent and accessible financial system.