Pineapple Financial Inc. has strategically pivoted to a digital asset treasury model centered on managing and staking a substantial Injective (INJ) token portfolio, creating significant exposure to asset price volatility and related financial risks. The latest quarterly disclosures highlight ongoing challenges in internal controls remediation, leverage management through secured financing, and counterparty dependencies. Governance enhancements, including a newly appointed advisory agreement with Innovating Capital Management and expanded board oversight, aim to stabilize operations amid regulatory uncertainties. Key near-term focus areas include collateral maintenance, liquidity preservation, and execution of the treasury reserve policy reflecting broad sector pressures on crypto-focused financial managers.