Pineapple Financial Stock Rockets On Bold Move Into Injective Treasury

Toronto-based Pineapple Financial Inc. (NYSE:PAPL) stock jumped over 100% on Friday after the company closed a $100 million private placement, becoming the first publicly traded firm to establish a digital asset treasury anchored in Injective's (CRYPTO: INJ/USD) native token, INJ, which offers one of the industry's highest staking yields.

Pineapple issued 24,642,700 subscription receipts through the financing, split into two tranches at $3.80 and $4.16 per receipt, with a weighted average purchase price of about $4.04. The company plans to use the proceeds to purchase INJ and establish a dedicated Injective treasury.

Eric Chen, Injective's co-founder, called the move a milestone for institutional on-chain finance, saying the transaction demonstrated Wall Street's growing adoption of Injective as market infrastructure. Pineapple's strategy is expected to generate an estimated 12% yield.

Also Read: Rocket, Mr. Cooper Stocks Rally After Merger Approval, Rate Cut Hopes Lift Market Mood

CEO Shubha Dasgupta said the raise underscored Pineapple's belief that INJ could enable finance to shift onto blockchain-based systems, making capital flows more transparent and efficient.

The offering drew support from investors across traditional finance and crypto, including FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation.

Price Action: PAPL shares are trading higher by 103.14% to $8.410 at last check Friday.

Read Next:

• Sora Ventures Launches $1 Billion Bitcoin Treasury Fund To Accelerate Corporate Adoption Across Asia

Image via Shutterstock