In a surprising move, Spirit Blockchain Capital Inc. (Canadian Stock Exchange: SPIR), a blockchain technology company and digital asset management firm, 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 outstanding issues and assets of Dogecoin Holdings.
In return, Spirit Blockchain Capital will pay Dogecoin Holdings shareholders a total of 14 million common shares and an additional 14 million shares for the buyout.
Notably, the deal will be executed at $0.05 per share over the next two years. The established timeframe will help Spirit Blockchain Capital integrate its services with the operations of Dogecoin Holdings.
"The financial industry 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," noted Lewis Bateman, CEO of Spirit Blockchain Capital.
The Impact of Spirit Blockchain Capital's Acquisition of Dogecoin Holdings on the Market
The Dogecoin network has evolved into a large digital ecosystem, with over 6 million holders on-chain. The meme coin, secured by proof of work, has a fully diluted valuation of around $29 billion and an average daily trading volume of about $4.4 billion, significantly benefiting from the support of tech billionaire Elon Musk.
As a result, Spirit Blockchain Capital's shares soared more than 55 percent today and closed 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 a new level. Our combined expertise will allow us to create new ways for people to engage and invest in Dogecoin, enhancing its relevance as a financial tool and a cultural asset," noted Chandler Song, Investor and Strategic Advisor of Dogecoin Holdings.
