Pineapple Financial Tokenizes $13.7 Billion Mortgage Portfolio on Injective, Reshaping Mortgage Finance Through Blockchain

Pineapple Financial Inc. (PAPL) has officially rolled out its mortgage tokenization platform, marking a watershed moment for traditional finance entering the Web3 ecosystem. The Toronto-based fintech company, traded on NYSE American, is migrating its entire loan book onto the Injective blockchain—a strategic pivot that transforms decades of mortgage records from scattered documents into auditable, programmable digital assets. This initiative positions PAPL stock at the forefront of real-world asset (RWA) innovation.

From Legacy Systems to On-Chain Infrastructure

For years, mortgage data has languished in PDFs, email archives, and back-office filing systems. Pineapple’s breakthrough solution converts this fragmented landscape into structured, on-chain records containing over 500 unique data points per mortgage file. The company has already tokenized 1,259 mortgage records worth approximately $716 million CAD, with plans to migrate its entire portfolio of more than 29,000 funded mortgages—totaling $13.7 billion CAD—in the coming months. Each new origination will be added on an ongoing basis, creating a living, transparent source of truth.

The technical implementation leverages Injective’s infrastructure, a platform designed to handle institutional-grade financial deployments. As Cooper Emmons from Injective Labs noted, this represents one of the most significant real-world asset deployments by a public company, setting a new industry standard for how traditional finance can operate on decentralized infrastructure.

Two New Revenue Streams: Data Marketplace and Yield Access

Built on this tokenization foundation, Pineapple is launching two commercial products designed to unlock new monetization opportunities:

Mortgage Data Marketplace opens compliant access to anonymized loan-level data for institutional investors seeking benchmarking, risk analytics, and market intelligence. Rather than purchasing expensive third-party research, institutions can now access granular, real-time mortgage performance data directly.

Pineapple Prime, the company’s forthcoming yield platform, provides on-chain exposure to mortgage-backed returns. For investors outside Canada seeking exposure to stable real-world assets, this democratizes access to one of North America’s most reliable yield sources. With Injective trading around $4.44, the blockchain infrastructure supporting this platform demonstrates growing adoption of financial tokenization at scale.

Why This Matters for PAPL Stock and the Mortgage Industry

Traditional mortgage origination has remained largely analog despite 20+ years of digital transformation elsewhere. Pineapple’s move addresses three structural inefficiencies: fragmented operational workflows, manual audit processes, and limited data portability. By moving on-chain, the company reduces processing friction, improves compliance tracking, and enables real-time settlements—all translating to operational cost savings and faster deal velocity.

For PAPL stock investors, this pivot signals management’s confidence in blockchain technology adoption among institutional clients. The company is not merely experimenting; it’s betting its reputation and $13.7 billion in assets on decentralized infrastructure. Early traction—over half a billion dollars in mortgages already tokenized—suggests institutional buyers are ready for this transition.

The broader implication: if mortgage finance, one of the most regulated and conservative sectors, successfully tokenizes at $13.7 billion scale, other RWA categories (corporate bonds, invoices, receivables) will follow rapidly. Pineapple is essentially proving the playbook for legacy finance infrastructure on-chain.

What Comes Next

The company has published a real-time metrics tracker monitoring mortgage asset minting as it progresses. This transparency—showing live tokenization volumes—serves both as a progress indicator and a subtle signal to competitors and regulators that this model works. Expect institutional partnerships and regulatory frameworks to evolve in response to Pineapple’s success, particularly as Canadian and North American financial regulators observe outcomes on the Injective blockchain.

For mortgage brokers, fintech builders, and blockchain investors, Pineapple Financial’s tokenization platform represents more than a product launch—it’s proof that decentralized finance can handle trillions in mainstream asset classes without sacrificing security or regulatory compliance.