Neptune Digital Assets Corp., a publicly traded Canadian corporation, has acquired 1,000,000 DOGE units, demonstrating confidence in the meme-coin's long-term viability. This bold move, made on [Date of acquisition], comes as several companies are seeking approval from the US Securities and Exchange Commission to introduce Dogecoin ETFs.
Neptune paid an average price of $0.37 for each DOGE token, bringing the total investment to approximately $266,600. The company plans to further increase its Dogecoin holdings through a proposed $3 million fundraiser.
The acquisition coincides with Neptune's purchase of 20 Bitcoin at an average price of $99,833. This investment strategy reflects Neptune's belief in the potential of both Dogecoin and Bitcoin.
Dogecoin's price has been known for its volatility, driven by social media trends and celebrity endorsements. Neptune's investment raises questions about risk control, as the company's share price dropped 1.27% last week.
Despite its playful origins, Dogecoin has gained a devoted following, making it a significant player in the cryptocurrency market. Neptune's investment is a bet on the longevity of this unique digital currency.