Neptune Digital Assets, a publicly traded Canadian cryptocurrency company, purchased over $250,000 worth of Dogecoin on December 27th, 2022. The company bought 1 million DOGE at an average price of $0.37 per token, which at the time of purchase was valued at over $300,000. This move follows a trend of firms emulating MicroStrategy's strategy of investing in cryptocurrencies, but with a focus on more volatile assets like Dogecoin.
Neptune Digital Assets also purchased nearly $2 million worth of Bitcoin between January 26th and February 3rd, 2023, bringing its total Bitcoin holdings to 327 BTC, worth approximately $32 million as of February 9th, 2023. The company's shares, listed on the Toronto Stock Exchange under the ticker NPPTF, are currently trading at $1.55, up 110% from $0.72 in the past month.
Dogecoin is currently trading at $0.26, down 30% over the past month. However, the token reached a three-year high of $0.48 in early December 2022, just before Neptune Digital Assets made its purchase. The company's investment in Dogecoin reflects a growing trend of firms seeking higher returns on their investments by diversifying their portfolios beyond Bitcoin.