Blockchain Firm Neptune Digital Assets Adds DOGE to Its Bitcoin Accumulation Strategy

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🤣🐕💸

“DOGE-Gone Wrong? 🤣”

Blockchain Firm Neptune Digital Assets Adds DOGE to Its <a href="https://usdaed.com/btc-usd/">Bitcoin</a> Accumulation Strategy

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. 💸

Oh, the hubris of Neptune Digital Assets! 🙄 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.

But, alas, the memecoin has dropped 27% to 27 cents since the purchase. 🤦‍♂️ The Vancouver, Canada-based company, which focuses on cryptocurrency and blockchain infrastructure, is down significantly on the investment.

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.

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2025-02-04 20:02