Pineapple Financial, a mortgage lender listed on the NYSE American under the ticker PAPL, has tokenized over $1 billion in residential mortgage records on the Injective blockchain. The company confirmed on September 4 that it migrated 2,079 mortgage records to the network, up from 1,259 when the program launched in December 2025. Each record is a digital counterpart to an existing loan file, containing over 500 data points to support verification, audit trails, and risk analysis.
The initiative aims to address the fragmentation in traditional mortgage administration, where servicers and custodians maintain separate databases. By placing records on-chain, authorized participants can access a shared, auditable reference, eliminating the need for manual reconciliation.
Pineapple's target is to tokenize more than 29,000 mortgages, representing over $10 billion in combined value. The token tracking these records, PAPL0, had an asset market cap of approximately $1.1 billion on Token Terminal as of the announcement, reflecting a 48% increase over the prior nine months.
Beyond tokenization, Pineapple established a $100 million INJ digital asset treasury, staking the tokens with Kraken as the primary validator. Injective Institutional Services recently registered with the US Securities and Exchange Commission as a transfer agent, supporting regulated securities ownership and transfer records on-chain.