Pineapple Financial Launches Mortgage Tokenization Platform for Its $13.7 Billion Portfolio, Bringing Real-World Mortgage Data On-Chain

Rhea-AI Summary

Pineapple Financial (NYSE American: PAPL) launched a mortgage tokenization platform on the Injective blockchain to convert legacy loan records into on-chain, auditable digital assets.

Initial deployment has tokenized 1,259 mortgage files representing ~$716 million CAD; the company expects to migrate its full historical portfolio of >29,000 funded mortgages totaling ~$13.7 billion CAD over the coming months. Each token includes >500 data points. Pineapple also announced a permissioned Mortgage Data Marketplace and a forthcoming Pineapple Prime yield product.

Positive

• Initial tokenization of 1,259 files (~$716M CAD)
• Plan to migrate >29,000 mortgages totaling ~$13.7B CAD
• Each token contains >500 unique loan data points
• Launch of permissioned Mortgage Data Marketplace for institutions
• Pineapple Prime aims to enable on-chain mortgage-backed yield access

Negative

• Majority of the $13.7B CAD portfolio remains to be migrated
• Pineapple Prime is announced as forthcoming and not yet live

Key Figures

Initial tokenized mortgages 1,259 files Previously originated mortgage files brought on-chain

Initial tokenized volume $716 million CAD Funded mortgage volume already represented on-chain

Historical portfolio 29,000 mortgages Historical funded mortgage count expected to be migrated

Total portfolio value $13.7 billion CAD Total funded mortgage volume targeted for tokenization

Data points per mortgage 500+ fields Unique data points stored in each tokenized mortgage record

Market Reality Check

$3.25 Last Close

Volume Volume 58,829 is 4.11x the 20-day average, indicating elevated pre-news interest. high

Technical Price at $3.49 is trading above the $2.40 200-day moving average, reflecting an established uptrend.

Peers on Argus 1 Up

PAPL was up 3.41% pre-announcement with strong volume, while key mortgage-finance peers showed mixed moves (e.g., CNF +1.7%, IOR +3.58%, BETRW -14.29%), pointing to a stock-specific driver rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 03	Full-year earnings	Positive	-2.4%	Reported FY2025 revenue growth, lower expenses, and improved operating loss metrics.
Nov 20	Advisory board update	Positive	-6.1%	Formed Digital Asset Treasury Advisory Board with Injective Foundation members.
Oct 28	Crypto.com partnership	Positive	-0.4%	Announced Crypto.com partnership to support $100M Injective digital asset treasury.
Oct 14	Investor conferences	Neutral	-3.4%	Outlined participation in two October digital asset and fintech investor conferences.
Oct 07	Treasury launch	Positive	+9.4%	Launched $100M Injective DAT and completed first $8.9M INJ token purchase and staking plan.

Pattern Detected

Recent news with generally positive strategic tone has often seen negative short-term price reactions, suggesting a pattern of divergence, with only the initial Injective DAT launch aligning positively with price.

Recent Company History

Over the last few months, Pineapple has shifted from a traditional mortgage technology focus toward a digital-asset-led strategy. The company launched a $100M Injective Digital Asset Treasury, completed an initial $8.9M INJ purchase, and later formed a DAT Advisory Board with Injective representatives. Earnings for fiscal year ended Aug 31, 2025 showed $3.0M revenue and improved operating loss. Despite these developments, four of the last five announcements saw negative 24-hour price reactions, making today’s on-chain mortgage tokenization news a continuation of this strategic shift.

Market Pulse Summary

This announcement advances Pineapple’s move to put over $13.7 billion CAD in historical mortgage volume on-chain, starting with 1,259 files representing $716 million CAD. It complements earlier Injective-focused treasury and infrastructure steps, signaling a broader strategy to merge mortgage finance with blockchain-based data and yield products. Investors may watch progress in migrating all 29,000 mortgages, adoption of the Mortgage Data Marketplace and Pineapple Prime, and how these initiatives interact with existing financing and regulatory obligations.

Key Terms

tokenization financial

"announced the launch of its mortgage tokenization platform, a major advancement"

Tokenization is the process of converting real-world assets or rights into digital tokens stored on a computer network. This allows assets, such as property or investments, to be divided into smaller parts, making them easier to buy, sell, or transfer electronically. For investors, tokenization can increase access to a wider range of investments and make transactions faster and more efficient.

on-chain technical

"Commences on-chain migration of its mortgage portfolio, unlocking elevated"

On-chain describes actions or data that are recorded directly on a blockchain, a public digital ledger that creates a permanent, time-stamped record of transactions. For investors, on-chain activity provides verifiable evidence of transfers, ownership changes or automated program actions (like contract-driven payments); seeing these entries is like checking a bank statement and helps assess liquidity, settlement finality, fees, and transparency when judging risk and market behavior.

blockchain technical

"digital assets on the Injective blockchain.This marks one of the first instances"

A blockchain is a digital record-keeping system that securely stores information across many computers, making it difficult to alter or tamper with. Think of it like a shared, unchangeable ledger that everyone can see and verify, ensuring transparency and trust. For investors, this technology offers a way to securely track transactions and assets without relying on a central authority, potentially reducing costs and increasing security.

mortgage-backed financial

"Pineapple Prime, bringing institutional-grade analytics and mortgage-backed yields"

“Mortgage-backed” describes an asset or investment that is secured by a group of home or property loans — think of a bundle of mortgages stacked together and used as collateral. It matters to investors because the income and safety of that asset come from homeowners’ mortgage payments, so returns and risk move with interest rates, prepayments and the housing market; like lending to a neighborhood rather than a single borrower.

real-world asset financial

"one of Canada's most stable real-world asset classes.Pineapple has launched"

A real-world asset is a tangible or economically grounded item — such as property, commodities, loans, or equipment — that has intrinsic value in the physical economy. Investors care because these assets can provide stable cash flow, serve as collateral, and diversify portfolios against volatile market bets; think of them as the concrete bricks that can steady a portfolio built with more speculative paper or digital holdings.

AI-generated analysis. Not financial advice.

Commences on-chain migration of its mortgage portfolio, unlocking elevated transparency, efficiency, and yield opportunities across the mortgage ecosystem

More than half a billion dollars in mortgages tokenized to date as Pineapple converts legacy loan data into secure, auditable digital assets

Launch includes Mortgage Data Marketplace and Pineapple Prime, bringing institutional-grade analytics and mortgage-backed yields on-chain

Toronto, Ontario--(Newsfile Corp. - December 10, 2025) - Pineapple Financial Inc. (NYSE American: PAPL) ("Pineapple" or "the Company"), a leading fintech platform, today announced the launch of its mortgage tokenization platform, a major advancement in the Company's on-chain financial infrastructure strategy. Pineapple is now converting real-world mortgage records, historically trapped in PDFs, emails, and back-office folders, into secure and programmable digital assets on the Injective blockchain.

This marks one of the first instances globally of a publicly traded mortgage company tokenizing its own loan book on a public blockchain and integrating on-chain data into day-to-day operations. As part of the platform's initial deployment, Pineapple has already brought 1,259 previously originated mortgage files on-chain, representing approximately $716 million CAD in funded mortgage volume. Over the coming months, the Company expects to migrate its entire historical portfolio of more than 29,000 funded mortgages, totaling approximately $13.7 billion CAD, with new originations added on an ongoing basis.

Each tokenized mortgage record contains more than 500 unique data points, creating a unified, auditable, and tamper-resistant source of truth designed to streamline operational workflows, improve risk modeling, and unlock new financial products.

"Pineapple has been a pioneer in modernizing the Canadian mortgage industry, reshaping a traditional and fragmented space into a technology-driven and data-powered ecosystem," said Shubha Dasgupta, CEO of Pineapple Financial. "By bringing our loan book on-chain, we are not only improving transparency and increasing efficiency, we are laying the groundwork for entirely new financial products, from data marketplaces to mortgage-backed yield platforms. This is the future of mortgage finance, and Pineapple is proud to be leading that transformation."

"Tokenizing Pineapple's mortgage portfolio on Injective represents one of the most significant real-world asset deployments ever conducted by a public company," said Cooper Emmons, Institutional Markets Advisor at Injective Labs. "Pineapple is setting a new industry standard by moving real mortgage data on-chain at scale, and Injective is built to support this level of financial innovation. We are excited to partner with Pineapple as they bring new transparency, programmability, and accessibility to the mortgage market."

Pineapple's tokenization platform is designed to solve long-standing operational challenges across mortgage finance, including fragmented data systems, manual audits, and outdated document tracking processes. By bringing structured loan-level data on-chain, Pineapple can support automated verification, real-time audit trails, and seamless data sharing for compliant institutional use.

Built on this foundation, Pineapple is developing two new commercial products:

• Mortgage Data Marketplace, a permissioned platform designed to provide compliant access to anonymized loan-level data for institutions seeking improved benchmarking, risk analytics, and market intelligence.

• Pineapple Prime, a forthcoming product intended to provide on-chain access to mortgage-backed yield opportunities, expanding investor access to one of Canada's most stable real-world asset classes.

Pineapple has launched a dedicated tokenization landing page, featuring a real-time metrics tracker that updates automatically as new mortgage assets are minted on-chain. To learn more about the platform and see the future of mortgages in action, please visit https://pineappledigitalassets.com/.

About Pineapple Financial Inc.
Pineapple Financial Inc. is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.

Safe Harbor Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, fluctuations in the market price of INJ and any associated impairment charges that we may incur as a result of a decrease in the market price of INJ below the value at which INJ is carried on our balance sheet; changes in the accounting treatment relating to our INJ holdings; the Company's financial condition, customer acceptance of our INJ treasury strategy, and other factors discussed in the "Risk Factors" section of the registration statements, and periodic reports filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

Media Contact:
KCSA Strategic Communications
Kristin Cwalinski
pineapple@kcsa.com

Investor Relations:
KCSA Strategic Communications
Jack Perkins
pineapple@kcsa.com

Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
X (Formerly Twitter): @PAPLpineapple

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277544

FAQ

How much of Pineapple's mortgage portfolio has been tokenized as of December 10, 2025 (PAPL)?

Pineapple has tokenized 1,259 mortgage files representing approximately $716 million CAD to date.

What is Pineapple's total mortgage portfolio targeted for migration on-chain (PAPL)?

The company expects to migrate its historical portfolio of more than 29,000 funded mortgages totaling about $13.7 billion CAD.

Which blockchain does Pineapple use for mortgage tokenization (PAPL)?

Pineapple's platform mints mortgage records on the Injective blockchain.

What data is included in each tokenized mortgage record from Pineapple (PAPL)?

Each tokenized record contains more than 500 unique loan-level data points for auditing and analytics.

What commercial products did Pineapple announce alongside the tokenization platform (PAPL)?

Pineapple announced a permissioned Mortgage Data Marketplace and a forthcoming Pineapple Prime mortgage-backed yield product.

Where can investors track Pineapple's tokenization progress and metrics (PAPL)?

Pineapple launched a tokenization landing page with a real-time metrics tracker at https://pineappledigitalassets.com/.