Injective Rebounds as Pineapple Financial Launches $100M INJ Treasury
Injective, a decentralized trading infrastructure, has seen a significant surge in interest following the announcement of a $100 million INJ treasury strategy by Pineapple Financial. This initiative marks a substantial milestone for INJ, positioning it for potential growth and increased adoption.
Pineapple Financial’s bold move underscores the company’s confidence in Injective’s potential to transform the financial market. This sets the stage for the cryptocurrency’s continued growth.
In addition to the treasury initiative, the increasing speculations of the SEC’s potential approval of an Injective ETF have also contributed to the positive momentum surrounding the token. This article delves deep into Pineapple Financial’s Injective Treasury plan and its impact on the INJ token.
Pineapple Financial Launches the First INJ Treasury
Pineapple Financial, a NYSE-listed fintech firm, has recently announced the launch of the first Injective treasury. The platform unveiled a $100 million fund to acquire INJ tokens, making it the first publicly traded company to hold INJ.
The funds were raised through a private placement to support its Injective treasury strategy, which aims to generate around 12% annual yield through staking. This places Pineapple Financial’s treasury among the most lucrative allocations in the blockchain space. Injective Co-Founder Eric Chen identifies this strategic development as a “defining moment for Injective and its ecosystem.”
Earlier today, Pineapple Financial announced the closing of the $100 million private placement deal by selling 24.6 million subscription receipts at an average price of $4.04 each. The company aims to use this funding to kickstart its INJ Treasury strategy. “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 Co-Founder Eric Chen, acknowledging the growing adoption of INJ. Chen added,
This is a milestone for Injective and for institutional on-chain finance. Injective offers the speed, cost efficiency, and transparent settlement that public companies expect, and Pineapple is showing how a listed enterprise can hold and deploy digital assets at scale with confidence. We see this as the start of a durable shift, with institutions turning to Injective for liquidity, yield, and a foundation for tokenization.
The project has already received support from major industry players, including FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation. This move is part of a broader trend of tokenization in financial markets, with Injective’s blockchain already handling over $60 billion in transactions.
ETF Speculation Rises
In addition to this groundbreaking $100 million Injective treasury strategy launched by Pineapple Financial, the INJ token is gaining even more momentum as speculation surrounding the potential launch of an Injective ETF continues to rise. Particularly, the SEC and CFTC staff’s joint statement on the trading of certain spot crypto asset products has further fueled anticipation of the SEC’s approval of an INJ ETF.
INJ Price Rebounds
Following a period of downtrend, the INJ price has finally rebounded after Pineapple Financial’s INJ treasury announcement. Now, the token is showing an upward momentum, surging slightly from the previous lows.
Earlier today, the token soared to a daily high of $13.12, only to decline later. At press time, INJ is trading at $12.70, up 1.2% over the last day. Despite this daily hike, INK is still down by 3% and 2.3% over the past week and month, respectively. However, the trading volume is high at $113 million, up 30%. With a market cap of $1.27 billion, INJ is ranked 68th on CoinMarketCap.
