Pineapple Financial migrates $1B in mortgage records to Injective blockchain

Pineapple Financial has migrated over $1 billion in residential mortgage records onto the Injective blockchain. This initiative, which began in December 2025, has grown from 1,259 records to 2,079 records as of September 2026, representing a nearly 48% increase in tracked asset value.

Each on-chain record serves as a digital dossier containing more than 500 data points, including borrower profiles, loan terms, and risk indicators. The company clarified that these records function as a data layer for verification and risk modeling rather than creating new mortgage securities or synthetic instruments. The underlying legal structures of the original loans remain unchanged.

The tokenized records are designated as PAPL0, which currently holds a market capitalization of approximately $1.1 billion. Pineapple Financial aims to eventually migrate its entire funded portfolio of more than 29,000 mortgages, valued at over $10 billion, onto the network.

Beyond the mortgage migration, Pineapple Financial maintains a $100 million Injective digital asset treasury. The company is also planning future products, including a permissioned Mortgage Data Marketplace for institutional analytics and Pineapple Prime, which would provide on-chain access to mortgage-backed yield opportunities.