Pineapple Financial moves $1 billion in mortgage records onto Injective blockchain

Sep 4, 2026

Pineapple Financial has migrated 2,079 residential mortgage records, valued at approximately $1.1 billion, onto the Injective blockchain. Designated as PAPL0, the on-chain records function as an auditable data layer containing over 500 data points per loan. This initiative, launched in December 2025, represents 7% of Pineapple's goal to migrate its entire $10 billion portfolio of 29,000 mortgages. Additionally, Pineapple holds a separate $100 million INJ treasury staked via Kraken.

Pineapple mortgage records migration

▪Pineapple Financial plans to eventually migrate its entire funded portfolio of more than 29,000 mortgages, valued at over $10 billion, onto the Injective blockchain.
▪Each migrated mortgage record on the Injective blockchain contains more than 500 data points, including borrower profiles, loan terms, funding history, and risk indicators.
▪Pineapple Financial migrated 2,079 residential mortgage records, representing approximately $1.1 billion in asset value, onto the Injective blockchain as of September 2026.
▪Pineapple Financial launched its mortgage migration initiative in December 2025 with approximately 1,259 mortgage records.
▪The on-chain mortgage records migrated by Pineapple Financial function as a data layer on top of the original loans, which retain their existing legal structure.

PAPL0 market cap growth

▪The tokenized mortgage records on Injective are designated as PAPL0, which represents the records rather than ownership of the underlying loans.
▪The asset market cap of PAPL0 reached approximately $1.1 billion by September 2026, representing an approximate 48% increase over a nine-month period since its December 2025 launch.

Injective blockchain integration

▪Pineapple Financial selected Injective, a layer-1 blockchain focused on financial applications, to host its migrated residential mortgage records.
▪Pineapple Financial's migration of 2,079 records represents approximately 7% of its ultimate target of migrating over 29,000 mortgages onto the Injective blockchain.

INJ digital asset treasury

▪Pineapple Financial holds a separate $100 million Injective (INJ) digital asset treasury to deepen its integration with the Injective ecosystem.
▪Pineapple Financial stakes Injective (INJ) tokens from its treasury, utilizing Kraken as the primary validator for the holdings.

Mortgage data marketplace products

▪Pineapple Financial plans to launch a permissioned Mortgage Data Marketplace to provide institutional buyers with access to anonymized, loan-level analytics.
▪Pineapple Financial plans to introduce a product called Pineapple Prime to allow investors to access mortgage-backed yield opportunities on-chain.

Real estate tokenization sector

▪The Dubai Land Department launched the second phase of a pilot in February 2026 after tokenizing approximately $5 million in property on the XRP Ledger.
▪Apex Group joined Goldman Sachs, Archax, and LRC Group in June 2026 on a tokenized real estate fund issued through Goldman Sachs' Digital Asset Platform.
▪The tokenized real estate sector holds approximately $226.5 million in distributed value, representing a small fraction of the broader $38.8 billion tokenized real-world asset market.