Catenaa, Thursday, February 13, 2025 – Neptune Digital Assets, a publicly traded Canadian cryptocurrency firm, has acquired 1 million Dogecoin (DOGE) for $258,000, expanding its digital asset reserves.
The purchase, which occurred on December 27, was made at an average price of $0.37 per token. This move aligns with a growing trend among corporations to diversify their reserves beyond Bitcoin, particularly with the surging popularity of altcoins.
The Vancouver-based company, listed on the Toronto Stock Exchange under the ticker NPPTF, has recently seen a significant 110% increase in its share price, which is currently trading at $1.55.
Although Dogecoin has dropped 30% over the past month, it reached a three-year high of $0.48 in December.
Neptune Digital Assets’ recent acquisition of DOGE follows its earlier investment of nearly $2 million in Bitcoin, boosting its total Bitcoin holdings to 327 BTC, valued at approximately $32 million.
Neptune’s actions reflect a broader trend in the crypto market, with several publicly traded companies emulating MicroStrategy’s strategy of acquiring and holding digital assets to maximize potential returns.
Other firms, like Spirit Blockchain, have also added Dogecoin to their treasury reserves, while some are venturing into additional altcoins such as XRP and Solana.
The rise of altcoins has created new opportunities for firms looking to diversify their portfolios.
