Spirit Blockchain Capital’s recent acquisition of Dogecoin Holdings has sparked speculation about the company’s intentions. Lewis Bateman, CEO of the digital asset manager, has confirmed that the purchase was partly inspired by MicroStrategy’s approach to Bitcoin acquisition. However, he also hinted at broader plans for the $48 billion meme coin beyond simply using it as a treasury reserve asset.
Bateman stated in an interview with Decrypt, “We are going to hold a significant balance sheet of Dogecoin over the coming months and coming years. But we also want to build out the ecosystem. We want to institutionalize that.”
Dogecoin Holdings was established by a group of Dogecoin supporters and its portfolio includes a diverse mix of digital assets, intellectual property, and strategic collaborations that align with its team’s technical expertise. Spirit’s acquisition includes an ETF platform technology for Dogecoin, a Dogecoin payment gateway presently under development, and $383,000 in cash.
Dogecoin Holdings operates as a private company and according to the British Columbia’s Registrar of Companies, it was incorporated in April. Bateman disclosed that the acquisition deal was only presented in the last few months and has not yet been finalized.
In the past week, the value of Dogecoin has shot up 104% to $0.32, coinciding with Donald Trump’s election victory. Tesla CEO Elon Musk, a prominent supporter of Trump’s campaign, has further stoked interest in Dogecoin through his proposed Department of Governmental Efficiency (D.O.G.E.) and his declaration of Dogecoin as his favorite cryptocurrency.
Bateman has confirmed that Spirit will support the Dogecoin ecosystem and plans to develop products that enhance the use of Dogecoin as a form of payment. Although Spirit is positioning itself as a publicly-traded entity offering investors exposure to Dogecoin, it also plans to launch an exchange-traded product providing Dogecoin spot exposure.
Bateman refused to disclose the dollar value of Dogecoin Holdings’ stash, citing an agreement that is yet to be finalized with the Canadian Securities Exchange. However, he did confirm that Spirit has already started acquiring a position in Dogecoin.
MicroStrategy, which now holds 279,420 Bitcoin worth approximately $23.7 billion, set a precedent for corporate Bitcoin acquisition which other companies like the Tokyo-listed investment firm Metaplanet have followed. Spirit’s shares have increased by 120% over the past week, but Bateman insists that Spirit is not merely mimicking MicroStrategy but aims to carve out its own path with Dogecoin.
While Bateman was unable to disclose more details about the acquisition until it is officially finalized, he stated that Spirit’s incorporation of Dogecoin into its balance sheet will provide transparent and trustworthy operations under Canadian regulators. “I want to build a real legacy with real auditability, with real infrastructure behind it, and I think we have that ability right now,” he added.
