Publicly Traded Firm Buys 1 Million Dogecoin to Augment Bitcoin Reserve

A publicly traded Canadian cryptocurrency company has purchased more than $250,000 in Dogecoin, joining a growing list of firms that have loaded up their balance sheets with leading cryptocurrencies in recent months.

Neptune Digital Assets—a firm focused on amassing and staking crypto assets—bought 1 million DOGE, worth nearly $258,000 as of this writing, on December 27, the company said Tuesday in a statement. On the date of purchase, that tally would’ve been valued at more than $300,000.

Its purchase comes as some firms are beginning to emulate leading corporate Bitcoin buyer MicroStrategy, but with a twist—filling their reserves not just with Bitcoin, but with more volatile cryptocurrencies amid a surging altcoin market.

The Vancouver-based company said in a statement that it bought 1 million Dogecoin through a strategic derivative purchase at an average price of $0.37 per token.

Shares of the company, listed on the Toronto Stock Exchange under the ticker NPPTF, are trading at $1.55 as of writing time. The firm’s shares are up 110% from $0.72 in the past month. 

Dogecoin is trading at $0.26 as of writing time, down 30% over the past month, CoinGecko data shows. However, the token hit a three-year-high price of $0.48 in early December, a couple weeks before Neptune Digital Assets snapped up the asset.

Meanwhile, Neptune Digital Assets also topped up its coffers with nearly $2 million worth of Bitcoin between January 26 and February 3. The purchase brings the firm’s Bitcoin holdings to 327 BTC, worth roughly $32 million as of writing time, CoinGecko data shows. 

Neptune Digital Assets is one of several publicly traded firms mimicking MicroStrategy’s playbook in recent months. The companies are pouring funds into Bitcoin and other cryptocurrencies in a bid to get higher returns on their investments.

Canadian investment firm Spirit Blockchain began holding Dogecoin as a treasury reserve asset last year. Early last month, the company unveiled its plans to earn yield on its DOGE tokens.

But firms are looking even more broadly beyond Bitcoin. For example, Vancouver-based BC Bud Corporation diversified its treasury with a $250,000 XRP purchase late last year. Several weeks later, SOL Global Investments picked up 12,828 Solana tokens, according to the company’s website.

Edited by Andrew Hayward