Pineapple Financial (NYSE American: PAPL) announced its first open‑market purchase of 678,353 Injective (INJ) tokens valued at approximately $8.9 million, marking the initial step in a planned $100 million Digital Asset Treasury (DAT) strategy.
According to the company’s official statement, all purchased tokens will be held and staked directly on the Injective blockchain, forming part of a structured treasury diversification initiative.
🚨Pineapple Financial $PAPL has executed its first strategic purchase of INJ from the open market, acquiring 678,353 $INJ worth approximately $8.9 Million.
— Pineapple PAPL (@PAPLpineapple) October 7, 2025
This is the first cash purchase in a series of planned open market acquisitions.
Infinite more ahead. pic.twitter.com/gtziEXQ4gY
The move follows Pineapple’s recent $100 million private placement, which was established to fund a dedicated Injective‑based treasury. The company described this first acquisition as the beginning of a series of cash purchases to gradually build on‑chain holdings.
Treasury designed for long‑term allocation
Pineapple said the INJ tokens will be staked on‑chain to generate yield from network rewards, with current estimates suggesting an annual return of roughly 12.75 %. The initiative aims to integrate blockchain‑based assets into Pineapple’s financial operations while maintaining compliance within the firm’s existing corporate framework.
“This initial 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,” said Shubha Dasgupta, Chief Executive Officer of Pineapple Financial.
The company’s strategy reflects a broader industry trend of traditional or fintech entities allocating a portion of their balance sheet to digital assets that offer yield potential through decentralized finance (DeFi) mechanisms rather than purely holding crypto as speculative assets.
Broader market context
Injective (INJ) is a layer‑one blockchain focused on decentralized finance applications, including derivatives trading and liquidity provision.
For Pineapple, the initiative represents an early experiment in using on‑chain treasuries to complement traditional finance operations. If successful, this model could inform how public companies approach digital asset exposure through regulated and yield‑generating vehicles rather than speculative trading.