Spirit Blockchain Capital Inc. today announced an acquisition of Dogecoin Portfolio Holdings Corp. This transaction represents a significant strategic milestone for Spirit both as an active participant in the blockchain industry and within the framework of expanding its activities to become more entrenched in the Dogecoin ecosystem.
Why is this Acquisition Important for Spirit Blockchain?
Launched as a “memecoin” in 2013, Dogecoin has become a player with over 6.7 million active addresses, backed by a dedicated community. For the acquisition, Spirit will issue an aggregate of 14 million common shares and 14 million share purchase warrants exercisable at 0.05 cents per share over 24 months for all outstanding securities of Dogecoin Holdings.
Pending Canadian Securities Exchange approval, the agreement will combine Dogecoin Holdings’ assets with Spirit to boost revenue generation and expand the utility of Dogecoin worldwide.
The Need for Dogecoin’s Potential to be Expanded
Dogecoin has evolved beyond its roots, attracting endorsements from celebs like Elon Musk and a market cap of over $16 billion. This move by Spirit is to harness Dogecoin’s popularity and attract more users globally to the asset with new global blockchain financial products and services.
Spirit CEO Lewis Bateman stated, “We believe the financial sector is going through a fundamental shift towards more decentralized platforms. Acquisition of Dogecoin Holdings has positioned us perfectly for creating next-generation financial products that are not only shareholder value accretive, but also helping to build the future of decentralized finance.”
The $DOGE embrace does prove one thing, Spirit’s acquisition tactic doubles down on what makes Dogecoin, aka the best meme in crypto, successful — its community and cultural transformation.
Spirit aims to leverage Dogecoin’s large user base to increase access to Dogecoin as a financial and cultural asset. Commenting on the partnership, Chandler Song, strategic advisor for Dogecoin Holdings states, “Our goal is to create new ways for people to interact with and invest in Dogecoin, and increase its usefulness and relevance.”
Gearing-Up on Greater Partnerships & Product Management
Spirit aims to utilize Dogecoin Holdings’ insights into how the market is currently operating, combined with Spirit’s technical engineering and development experience for both Ethereum-based smart contracts as well as its own blockchain technology.
Spirit believes there are more use cases within the Doge ecosystem and aims to expand on initiatives that will interest retail and institutional investors.
In addition, Spirit is getting ready for a period of product launches to broaden blockchain-backed financial services and draw even more users of decentralized finance into the fold as the company advances.
The work Spirit is doing to improve the Dogecoin ecosystem is part of a broader approach to creating lasting value for shareholders as we help facilitate mechanisms for civil society around the world.