Starting last October, a North American mortgage company listed on the New York Stock Exchange, Pineapple Financial, did something pretty wild—it directly spent $100 million to build an INJ treasury, buying over 4 million INJ in batches and staking all of it. This isn’t just a simple corporate finance move; the signals behind it are even more worth pondering: traditional finance is accelerating its migration on-chain.

The Pineapple team is hoarding INJ as “digital gold,” but their ambitions go further. The company plans to use Injective’s iAssets tool to move its mortgage business on-chain, issuing real estate-backed tokens, and directly channeling offline cash flow into DeFi pools. According to their financial report, this treasury is expected to yield an annualized return of over 15%—much more attractive than government bonds, and it also gives shareholders a chance to showcase blockchain assets.

What’s even more explosive is that, almost at the same time, several institutions like Rex Shares, Osprey Funds, and 21Shares all submitted applications to the SEC for a staking version of an INJ ETF. The product design is quite clever, offering both spot exposure and staking yield, and is expected to be listed and traded in Q1 next year. This means compliant investors in the US can indirectly hold INJ through their 401k retirement accounts or brokerage accounts, with no need to manage their own wallets—just like the Bitcoin ETF, but for a coin with financial sector attributes like INJ, the potential yield is even higher.

According to the filing documents, custody of the underlying assets will be handled by Anchorage and Fireblocks, while staking will be directly managed by NTT Digital. If this combination of traditional financial compliance and on-chain yield can be pulled off, the INJ narrative will truly be solidified.