NYSE-listed Pineapple Financial (PAPL) has purchased an additional 560,647 INJ tokens worth $2 million, deepening its commitment to building a digital asset treasury centered on the Injective blockchain. The company announced the acquisition on February 20, 2026, as part of its ongoing market cash purchase program, stating its conviction in INJ's future remains unchanged.
This marks the firm's second major public purchase. Its first was in October 2025, when it acquired 678,353 INJ tokens for $8.9 million at an average price of $12.4 per token. That initial batch has since lost over 75% of its value, trading around $3.31 at the time of the recent announcement, yet the company's strategy persists. Pineapple Financial stakes all its INJ holdings and aims to become "the world's largest holder and staker of $INJ."
The firm's digital asset treasury now reportedly holds $20.8 million worth of INJ, part of a total treasury valued at $42.74 million, which also includes $5 million in stablecoins and $15 million in cash. Notably, the company's entire market capitalization, with shares trading at $0.73, is approximately $20 million—less than half the value of its digital asset treasury.
Beyond mere accumulation, Pineapple has indicated plans to integrate Injective's DeFi infrastructure and asset tokenization into its core mortgage brokerage operations. This move aligns with a broader trend of listed companies pivoting to become digital asset treasuries (DATs), inspired by earlier successes like MicroStrategy.
The news coincided with positive technical and on-chain developments for Injective. The INJ price surged 20% intraday, reacting to Pineapple's accumulation and a recent community buyback that burned approximately 54,999 INJ. Furthermore, the Injective community approved IIP-620, a technical upgrade that caps dynamic gas fees, increasing network predictability. On-chain data shows exchange balances dropping, with supply outside of exchanges rising, signaling accumulation behavior.
