NYSE-Listed Pineapple Financial Expands Injective Treasury with $2M INJ Purchase

• NYSE-listed Pineapple Financial has purchased 560,000 Injective (INJ) tokens worth $2 million as part of its cash purchase program.
• The first purchase was in October, where the company accumulated 678,000 tokens at $12.4; this batch has lost 76% of its value at current prices.

Canadian mortgage brokerage company Pineapple Financial has announced a fresh round of INJ token purchases, this time totaling $2 million as it continues to transition into a INJ Treasury company.

The NYSE-listed Pineapple announced the move on Thursday, revealing it had acquired 560,647 INJ tokens for $2 million, and indicating that it will continue to increase its position in the years ahead. As of Thursday, the firm held $20.8 worth of INJ tokens.

“Our conviction in Injective remains unchanged,” it added.

The company first purchased Injective tokens in October last year, acquiring 678,353 INJ tokens worth $8.9 million at the time. A month earlier, it had completed a $100 million private placement to establish an Injective digital asset treasury. The stated goal was to become “the world’s largest holder and staker of $INJ.” The company stakes all its tokens.

The tokens it purchased in October have now lost over 75% of their value, down from $12.4 at the time to $3.31 at press time. However, this has not affected the company’s strategy and it continues to accumulate.

Pineapple’s contribution to the Injective ecosystem goes beyond the token accumulation. It has indicated plans to integrate the network’s DeFi infrastructure and asset tokenization into its mortgage operations. Injective has recently announced IIP-619 and the Community Buyback to spark the token’s recovery.

“The Injective investment underscores our conviction in the strength of the $INJ token’s future and our ambition to create the world’s largest and most productive INJ treasury platform,” CEO Shubha Dasgupta commented.

According to a financial report published a week ago, the company claims to have $42.74 million in its digital asset treasury, consisting of the $20 million in INJ, $5 million in stablecoins and $15 million in cash. However, with its shares trading at $0.73, the company’s entire market cap is less than half its DAT at around $20 million.

The Rise of Digital Asset Treasury Companies

Pineapple Financial is one of dozens of listed companies that are gradually pivoting from their original business lines to become digital asset treasuries.

Strategy remains the industry poster boy, and its turnaround from a struggling enterprise solutions company to hit $120 billion in market cap last year has inspired these DATs to continue accumulating. Initially, treasuries were limited to BTC and ETH, but they are now branching out into smaller tokens.

As we reported, one such DAT, the Solana Company, recently announced that it would allow institutions to borrow against their natively staked SOL, which gave its stock a big boost. Another DAT, Sui Group, announced in January that it would launch a new Sui-based stablecoin for token buybacks.

Financial experts have warned against these DATs, which they say is crypto’s latest bubble, and once it explodes, thousands of investors will lose billions of dollars. This year, DATs have been hit hard by token price drops, shedding nearly a fifth of their stock value as other industry benchmarks improved slightly.