Overview

• Pineapple raised the $100 million through a private placement to acquire and stake Injective’s INJ token.
• Participants in the placement included FalconX, Monarq, Abraxas, Kraken, Blockchain.com, Canary Capital, and the Injective Foundation.
• The SEC is reviewing Canary Capital’s proposed staked-INJ ETF, with a 21-day comment period and up to 90 days of review, and filings identify Cboe BZX as the intended listing venue.
• INJ jumped about 6% intraday to roughly $13.30 following the announcement before trading near $12.80 later.
• Pineapple plans to deploy the capital over the coming weeks and months to build its INJ reserve, with D. Boral Capital serving as placement agent.