Pineapple Financial launches $100M Injective treasury, first public company to hold INJ

Key Takeaways

Pineapple Financial raised $100M to build the first Injective treasury by a publicly traded company, aiming for 12% staking yield.
The news comes as the SEC reviews Canary Capital’s staked Injective ETF application, with INJ trading near $12.8.

Pineapple Financial launched a $100 million Injective treasury strategy today, becoming the first publicly listed company to hold INJ tokens. The NYSE American-listed fintech company (PAPL) secured the funding through a private placement.

The treasury aims to generate approximately 12% passive yield through staking, positioning it among the highest returns across major blockchain networks. The initiative attracted investment from both traditional finance and crypto firms, including FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation.

“The launch of the first Injective digital asset treasury represents a defining moment for Injective and its ecosystem,” said Eric Chen, co-founder of Injective.

The announcement comes as Injective draws more attention, with the SEC opening a comment period on Canary Capital’s proposed staked INJ ETF. Filed in July, the application is open for 21 days of feedback and up to 90 days of review. If approved, it would trade on Cboe BZX and track Injective’s token through a staking structure.

INJ jumped 6% on the news to $13.30 before retracing later in the day. The token was last changing hands at $12.80.