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Blockchain Firm Neptune Digital Assets Adds DOGE to Its Bitcoin Accumulation Strategy
The publicly traded company plans on accumulating other cryptocurrencies through its Sygnum credit line..
What to know:
- Neptune Digital Assets bought 1 million DOGE at an average price of $0.37 per token.
- The firm also acquired 20 bitcoin at an average price of $99,833 each.
Blockchain firm Neptune Digital Assets (NDA) said it bought 1 million dogecoin (DOGE) tokens through what the company said was a “strategic derivative purchase” on Dec. 27.
The Vancouver, Canada-based company, which focuses on cryptocurrency and blockchain infrastructure, is down significantly on the investment. The memecoin has dropped 27% to 27 cents since the purchase.
STORY CONTINUES BELOW
Neptune Digital Assets also acquired 20 bitcoin (BTC) at an average price of $99,833 per coin, bringing its total BTC holdings to 376 coins worth $37.2 million.
While many companies have made buying bitcoin a strategic objection, Neptune is only the second publicly traded firm to invest in the meme-inspired DOGE. The first, Spirit Blockchain (SPIR), announced in November that it acquired Dogecoin Portfolio Holding in a move that made it a major participant in the DOGE ecosystem.
“Neptune will be acquiring additional assets, leveraging our enhanced purchasing power through the Sygnum credit line,” CEO Cale Moodie said in the statement. “With a strong focus on BTC, these initial acquisitions show Neptune’s commitment to its growth strategy while meticulously managing leverage risk and debt levels.”
The announcement comes just a week after major asset manager Bitwise filed an S-1 document with the Securities and Exchange Commission for an exchange-traded fund tied to the price of DOGE.
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
