Neptune Digital Assets Corp., a Canadian blockchain company, has widened its cryptographic participations by buying 1 million Dogecoin (DOGE) at an average price of $ 0.37 per token. The acquisition, valued at around $ 270,000, was completed on December 27, 2024, as part of the Neptune strategy to diversify its portfolio and manage the risk of leverage.
The CEO CAP MOODIE has reaffirmed the company’s commitment to develop its asset base, mainly through Bitcoin acquisitions (BTC) using the SYGNIM credit line. However, this initial Doge’s purchase highlights Neptune’s broader approach to cryptocurrency investment.
Neptune follows Spirit Blockchain, another digital asset company which has already added Doge to its assets, signaling an increase in institutional interest. According to Matt Sigel, head of research on Vaneck’s digital assets, Neptune is now the second company listed on the scholarship in the same.
This decision is aligned with an increasing tendency to institutional adoption, because the main investment companies such as stammering funds and ROSP shares in Bitwise and Rex are looking for the regulatory approval of the Stock Exchange (ETF) funds. These FNBs could improve the accessibility and presence of the DOGE market.
At the time of the announcement, Dogecoin exchanged $ 0.27, with a market capitalization exceeding $ 40 billion, according to the block data. With the increase in institutional involvement and potential FNB approvals, the role of DOGE on the cryptography market could develop considerably.