Pineapple Financial, a Toronto-based mortgage brokerage listed on NYSE American under PAPL, has migrated standardized residential mortgage records to the Injective blockchain. The deployment, announced September 4, 2026, covers 2,079 mortgage files with an associated loan value of approximately $1 billion—or about $1.1 billion in asset market capitalization tracked by Token Terminal. However, the company and Injective stress that this sum represents the value of the underlying mortgages, not crypto liquidity, loans, or capital deposited on-chain.
The initiative began in December 2025 with 1,259 credit files and has since added 820 records, an increase of roughly 65% from the starting point. That still represents only about 7.2% of Pineapple’s planned migration of more than 29,000 historical mortgage files. The full portfolio has been valued at approximately C$13.7 billion, described by Injective as more than $10 billion without explicit currency conversion.
Each on-chain record, designated PAPL0, includes more than 500 data points such as debtor profiles, contractual terms, payment histories and risk metrics. Injective frames PAPL0 as an on-chain counterpart to an existing loan file, not a mortgage security. It does not grant ownership of the underlying loan, borrower property rights, or claims on principal and interest payments. Legal ownership and payments remain governed by the original mortgage documents and servicing arrangements.
Pineapple also maintains a separate $100 million corporate treasury in INJ, reflecting deeper ties to the Injective ecosystem. The Injective Foundation is identified in Pineapple’s SEC filing as one of the company’s largest shareholders and a related party. The network says its infrastructure has processed more than 2.3 billion cumulative transactions and offers low transaction costs and sub-second finality for institutional workloads.
Pineapple plans future products including a gated Mortgage Data Marketplace for institutional analytics and Pineapple Prime, which is intended to offer on-chain access to mortgage-backed yield. That product remains “coming soon,” and its legal structure, access rules, and connection to loan cash flows are not yet detailed. For now, Injective serves primarily as a verification layer for mortgage data, a notable but limited expansion into tokenized real-world assets.
