Neptune Digital Assets Acquires 1 Million Dogecoin and 20 Bitcoin
Brief news summary
Neptune Digital Assets (NDA), a Vancouver-based blockchain firm, announced on December 27 that it purchased 1 million dogecoin (DOGE) through a "strategic derivative purchase." However, the company is facing a notable loss, as the value of DOGE has declined by 27% to 27 cents since the acquisition. In addition to DOGE, Neptune also acquired 20 bitcoin (BTC) at an average price of $99,833 each, totaling 376 BTC worth approximately $37.2 million in its holdings. Neptune is only the second publicly traded company to invest in DOGE, following Spirit Blockchain (SPIR), which made headlines in November for its acquisition of a Dogecoin portfolio. CEO Cale Moodie stated that Neptune plans to acquire more assets by leveraging its enhanced purchasing power through the Sygnum credit line. This move emphasizes their commitment to growth, with a primary focus on Bitcoin (BTC) while carefully managing leverage risks and debt levels.Blockchain company Neptune Digital Assets (NDA) announced that it purchased 1 million dogecoin (DOGE) tokens via what it described as a “strategic derivative purchase” on December 27. Headquartered in Vancouver, Canada, the firm, which specializes in cryptocurrency and blockchain infrastructure, has seen a significant decline in this investment, as the price of the memecoin has fallen by 27% to 27 cents since the acquisition. Additionally, Neptune Digital Assets acquired 20 bitcoin (BTC) at an average cost of $99, 833 per coin, raising its total BTC holdings to 376 coins, valued at $37. 2 million. While various companies have adopted bitcoin buying as a strategic objective, Neptune is only the second publicly traded entity to invest in the meme-based DOGE. The first, Spirit Blockchain (SPIR), reported in November that it had acquired Dogecoin Portfolio Holding, thereby becoming a notable player in the DOGE ecosystem. “Neptune will be pursuing further asset acquisitions, utilizing our strengthened purchasing power through the Sygnum credit line, ” stated CEO Cale Moodie.
“With a strong emphasis on BTC, these initial purchases demonstrate Neptune’s dedication to its growth strategy while carefully managing leverage risks and debt levels. ”
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Neptune Digital Assets Acquires 1 Million Dogecoin and 20 Bitcoin
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