Pineapple Financial this week kicked off what it calls a landmark effort to bring Injective’s native token, $INJ, to traditional finance, announcing a $100 million private placement to create a publicly traded digital asset treasury that will be dedicated to accumulating INJ. Injective framed the move on X (formerly Twitter) as “a historic step in bringing $INJ to Wall Street for the first time.”
The fintech firm said the $100 million initial capital will be deployed over “weeks and months” to build what Pineapple describes as the world’s largest publicly traded INJ treasury, and signaled that the program could expand beyond the initial raise: “$100 Million to Start. Infinite More Ahead,” the Injective post quoted Pineapple as saying.
Backers from both crypto and traditional finance participated in the transaction, Pineapple and subsequent reporting said. Named participants include FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, the Injective Foundation and others, a lineup Pineapple says shows institutional confidence in the strategy. D. Boral Capital acted as the exclusive placement agent for the raise.
Why it Matters
Pineapple’s move is notable for two reasons. First, it creates a direct, publicly traded vehicle for investors who want exposure to INJ without buying crypto on exchanges: by holding INJ on its balance sheet, a listed company’s shares give traditional stock investors an indirect way to participate. Second, Injective argues the arrangement will accelerate the tokenization of real-world and financial assets on its chain, saying the step “will allow Injective to bring an unmatched set of tokenized assets to its blockchain, unlocking a truly multi-trillion dollar market opportunity.”
Markets reacted modestly to the announcement. Early trade summaries for Pineapple’s tickers showed movement following the news, with some platforms reporting small gains as investors priced in the potential upside of a crypto-backed treasury. Analysts and traders will likely watch the company’s filings and subsequent disclosures closely to see exactly when and how INJ purchases are executed.
The Pineapple initiative comes as other market participants explore regulated ways to offer exposure to tokens like INJ. Asset managers have been filing or exploring crypto-linked products in recent months, and Injective itself has been the focus of growing institutional interest due to its focus on tokenized finance and DeFi infrastructure. The Pineapple program, a publicly listed company explicitly accumulating INJ, represents a different path to bridge on-chain assets and traditional financial markets.
Investors will be watching Pineapple’s disclosures for details on the timing and mechanics of INJ purchases, custody arrangements, and any lockups or trading restrictions. Regulators and market participants will also track whether other publicly traded firms follow suit, and whether tokenized treasuries spur broader Wall Street participation in native blockchain tokens.
Pineapple and Injective both framed the move as the opening act of a larger strategy, one meant to expand institutional access to on-chain assets while using a public company shell as the bridge to Wall Street. If the program scales as promised, it could become a high-profile example of how traditional finance and crypto markets can interoperate, but much will hinge on execution, transparency and regulatory clarity in the weeks and months ahead.
