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Pineapple Financial has migrated over $1B in residential mortgage records onto the Injective blockchain, crossing a milestone that few traditional lenders have come close to matching in the tokenization of real-world assets.
Pineapple Financial, listed on NYSE American under the ticker PAPL, began the migration project in December 2025 with roughly 1,259 mortgage records. By September 2026, that count had grown to 2,079 records, with the total tracked asset value reaching approximately $1.1B, a nearly 48% increase since launch.
Each record contains more than 500 data points covering the details of an individual loan file. Think of it as a highly structured digital dossier for every mortgage: borrower profile, loan terms, funding history, risk indicators, all packed into a single auditable entry on-chain.
The company says it is not creating new mortgage securities or synthetic instruments. The on-chain records function as a data layer sitting on top of the original loans, which retain their existing legal structure. The blockchain version is designed to make verification and risk modeling easier, not to replace the underlying financial agreements.
The designation for these tokenized records is PAPL0, and the market cap currently sits at approximately $1.1B.
The ultimate target is far larger. Pineapple’s full funded portfolio consists of more than 29,000 mortgages valued at over $10B, and the company intends to migrate every one of them on-chain.
Pineapple also holds a $100M INJ Digital Asset Treasury, separate from the mortgage records program, deepening its integration with the Injective ecosystem.
Pineapple is planning a permissioned Mortgage Data Marketplace where institutional buyers could access anonymized, loan-level analytics. A second product, called Pineapple Prime, would allow investors to access mortgage-backed yield opportunities on-chain.
At 2,079 records against a target of 29,000-plus, the company is roughly 7% of the way through the full migration.
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