Another publicly traded company buys DOGE tokens

Neptune Digital Assets Corp., a publicly traded Canadian blockchain company, purchased 1 million DOGE tokens (worth about $270,000) at the end of last year, according to a statement published Tuesday.

"Neptune will be acquiring additional assets, leveraging our enhanced purchasing power through the Sygnum credit line. With a strong focus on BTC, these initial acquisitions show Neptune's commitment to its growth strategy while meticulously managing leverage risk and debt levels," Neptune's CEO Cale Moodie said in the statement .

The company's purchase follows another digital assets firm, Spirit Blockchain, which also bought DOGE or Dogecoin, considered the first memecoin. VanEck Head of Digital Assets Research Matt Sigel posted on social media that Neptune is the second publicly traded company to buy DOGE.

Neptune said it bought Dogecoin through a "strategic derivative purchase" on December 27, 2024, at an average price of $0.37.

Adoption and interest in DOGE from larger institutional and enterprise investors could be poised to grow as investment firms seek to list spot exchange-traded funds that track the price of the token. Bitwise recently filed paperwork to launch a spot Dogecoin ETF.

“The reality is that there are a lot of people that want to invest in dogecoin," Bitwise CIO Matt Hougan said at the time. Osprey Funds and Rex Shares are also seeking to launch Dogecoin ETFs.

DOGE was changing hands at $0.27 at publication time, according to The Block's DOGE price data . The token has a market cap of over $40 billion.