In a surprising move, Spirit Blockchain Capital Inc.(Canadian Securities Exchange: SPIR), a blockchain tech company and digital asset management firm, has announced the acquisition of Dogecoin Portfolio Holdings Corp, a startup focused on supporting the DOGE brand. According to the announcement, Spirit Blockchain Capital will acquire all the issues and outstanding assets of Dogecoin Holdings.
In exchange, Spirit Blockchain Capital will pay the holders of Dogecoin Holdings a total of 14 million of its common shares and an additional 14 million for the purchase warrants.
Notably, the agreement will be executed at $0.05 per share for the next two years. The set period will help Spirit Blockchain Capital to integrate its services with Dogecoin Holdings’ operations.
“The financial sector is undergoing a profound shift towards decentralized solutions, with blockchain technology at the core of this transformation. By acquiring Dogecoin Holdings, we are well-positioned to develop innovative financial products that will drive value for our shareholders and advance the future of decentralized finance,” Lewis Bateman, CEO of Spirit Blockchain Capital, noted.
Market Impact of the Dogecoin Holdings Acquisition by Spirit Blockchain Capital
The Dogecoin network has grown into a major digital ecosystem, with over 6 million on-chain holders. The proof-of-work secured meme coin, with a fully diluted valuation of about $29 billion and a daily average traded volume of around $4.4 billion, has significantly benefited from the support of tech billionaire Elon Musk.
As a result, Spirit Blockchain Capital shares spiked over 55 percent today to close the market trading around $0.16.
“Dogecoin has always stood out for its community-driven nature and cultural significance, and this partnership with Spirit Blockchain Capital will help us elevate that to new heights. Our combined expertise will allow us to create new ways for people to interact with and invest in Dogecoin, increasing its relevance both as a financial tool and a cultural asset,” Chandler Song, Investor and Strategic Advisor of Dogecoin Holdings, noted.
