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Investing.com -- Pineapple Financial Inc. (NYSE American:PAPL) stock soared 91% after the fintech platform announced it has closed a $100 million private placement and launched a digital asset treasury strategy focused on Injective’s native token INJ.
The company issued approximately 24.6 million subscription receipts at a weighted average price of $4.04 per receipt. With this move, Pineapple becomes the first publicly traded company on a national exchange to hold INJ tokens in its treasury.
The private placement attracted institutional investors from both traditional finance and crypto sectors, including FalconX, Monarq, Abraxas, Kraken, and Blockchain.com. D. Boral Capital served as the exclusive placement agent for the transaction.
According to the company, the INJ treasury strategy is expected to generate a passive yield of approximately 12%. By focusing on INJ, Pineapple aims to position itself within the growing tokenization trend being evaluated by global financial institutions.
"Today is more than validation. The completion of Pineapple’s $100 million private placement and its decision to anchor the corporate treasury in INJ send a clear signal that Wall Street is beginning to adopt Injective as market infrastructure," said Eric Chen, Co-Founder of Injective.
Pineapple’s CEO Shubha Dasgupta stated that the allocation to INJ demonstrates the company’s belief that the Injective token can bring forward a more transparent and accessible financial future.
INJ is the native asset of Injective, a blockchain built specifically for financial applications. The network has reportedly processed over $60 billion in transactions and has seen usage increase more than 1,000% YoY.
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