The NYSE American-listed mortgage firm has put more than $1 billion of residential loan records on Injective, a layer-one network, as part of a broader push into real-world asset tokenization. Pineapple plans to migrate its full $10 billion mortgage portfolio onchain, a move that could draw more institutional issuers to the blockchain.
Pineapple Financial migrated more than $1 billion in mortgage records onto Injective, a layer-one blockchain, marking a milestone for onchain asset tokenization.
The NYSE American-listed Canadian mortgage technology company has moved 2,079 residential mortgage records to the blockchain since the initiative launched in December 2025, up from 1,259 at launch. The tokenized portfolio now totals roughly $1.1 billion in value, reflecting an estimated 48 percent growth in asset market cap over nine months, according to Token Terminal data.
Each digital record carries more than 500 data points, including loan-level details, provenance, and update histories. Pineapple plans to migrate its full historical portfolio of 29,000 funded mortgages — valued at more than $10 billion — to Injective over time.
The tokenized records represent live mortgage data from Pineapple's loan portfolio rather than synthetic instruments or securities. The company said the shift addresses inefficiencies in traditional mortgage processing, where fragmented data across disparate systems requires manual reconciliation among loan servicers, custodians, and counterparties.
Injective's infrastructure underpins the migration. The blockchain's Injective Mint platform lets issuers define asset rules, assign administrative roles, and maintain compliance without custom-built smart contracts. Injective registered with the US Securities and Exchange Commission as a transfer agent in August 2026, a designation that shows readiness to handle official securities ownership records even though Pineapple's tokenized mortgages are not classified as securities.
Pineapple's engagement with Injective extends beyond mortgage records. The company established a $100 million INJ Digital Asset Treasury, staking Injective's native token to support its balance sheet, with Kraken serving as primary validator. INJ traded at $0.9551 with a market cap of $24.43 million as of September 3, 2026.
The migration comes as real-world asset tokenization gains traction across crypto, with institutions exploring blockchain rails for traditional financial instruments. Pineapple's relisting on the NYSE American in July 2025 gave the company greater visibility as it expands fintech offerings in the mortgage sector, including AI-driven tools and cost-reduction measures.
For Injective, the Pineapple migration strengthens its position in total tokenized asset value among layer-one networks. The question now is whether other institutional issuers follow Pineapple's path, converting legacy financial records into auditable onchain assets at scale — a shift that would deepen the RWA pipeline flowing through Injective's infrastructure.
This article is for informational purposes only and does not constitute investment advice.
