Spirit Blockchain Capital, a Canada-based digital asset manager, is planning to make Dogecoin its treasury reserve asset. According to the company’s boss, Lewis Bateman, the plan is to some extent inspired by tech giant MicroStrategy, which has been purchasing Bitcoin in the past few years.
Speaking to a Decrypt journalist on Tuesday, Bateman said his company’s plan isn’t just to hold Dogecoin. Instead, it intends to build out the meme coin’s ecosystem and institutionalize it.
Spirit Blockchain Capital Acquires Dogecoin Holdings
Spirit Blockchain Capital’s announcement comes a few weeks after the firm acquired an organization called Dogecoin Holdings, operated by DOGE enthusiasts.
Besides DOGE, this organization has an interest in other digital assets, which are yet to be revealed. When announcing the acquisition in October, Spirit Blockchain Capital said it had bought Dogecoin Holdings and its technologies, including a Dogecoin payment gateway and an ETF platform for the meme coin.
Bateman says Dogecoin Holdings will continue to operate as a private company without any website. This makes it difficult for the public to dig deep into the firm. However, data from British Columbia’s Registrar of Companies reveals that Dogecoin Holdings was established in April 2024. Furthermore, data shows Spirit Blockchain Capital’s acquisition hasn’t been formalized.
Why Dogecoin is Attracting Institutional Interest
Dogecoin has become an appealing asset in the past few days following Donald Trump’s win. The meme coin’s fans are excited about the idea of the proposed agency called the Department of Government Efficiency (D.O.G.E), which Dogecoin fan Elon Musk will lead.
According to Trump’s latest announcement, the D.O.G.E agency will be tasked with cutting unnecessary expenditures, restructuring Federal agencies, and dismantling Government Bureaucracy. Elon, who pumped over $120 million into Trump’s campaign, will be assisted by Vivek Ramaswamy, a popular entrepreneur.
In reaction to Trump’s historic victory, Dogecoin has rallied 152% in the past seven days, peaking at $0.43 on Monday. The token hadn’t traded at that price since 2021. Spirit Blockchain Capital plans to launch DOGE-based products to ensure the meme coin’s comeback is sustained.
