Pineapple Financial Retires 554,581 Shares Under $15M Buyback, Treasury Worth $52.5M
Pineapple Financial has repurchased 554,581 shares for $657,060 under its expanded $15M buyback, including a $3M initial tranche, with ongoing retirements planned. Its digital asset treasury holds $52.53M in assets (7.56M INJ tokens, $10M stablecoins, $10M cash), yielding a mNAV of 0.82x.
1. Share Repurchase Update
Pineapple Financial has repurchased 554,581 common shares to date, deploying $657,060 of capital under an expanded $15 million authorization. An initial $3 million tranche is being executed in the open market, with management committing to ongoing retirements as market conditions allow.
2. Digital Asset Treasury Composition
The company’s treasury holds $52.53 million in assets, including 7.56 million Injective (INJ) tokens, over $10 million in stablecoins and $10 million in cash reserves. This diversified mix supports yield-generating strategies and enhances balance sheet productivity.
3. Valuation and mNAV Discount
At a current mNAV of 0.82x, management believes the market undervalues the underlying asset base, including its mortgage platform and digital asset holdings. With Injective tokens up nearly 100% recently, the board views continued buybacks as an accretive use of capital.