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crypto.news 2025-01-02 15:44:54

Blockchain company Spirit announces Dogecoin yield generation strategy

Spirit Blockchain Capital, a blockchain-focused investment firm publicly traded on the Canadian Securities Exchange, has announced a yield generation strategy targeting its Dogecoin holdings. The announcement follows Spirit’s recent acquisition of Dogecoin Portfolio Holdings Corp., a blockchain startup focused on Dogecoin ( DOGE ) and related assets. Dogecoin Portfolio Holdings operates independently of the meme coin’s core blockchain operations but manages a portfolio aimed at creating value within the Dogecoin ecosystem. Spirit Blockchain Capital’s operations include cryptocurrency investments, blockchain advisory and consulting, crypto mining, and lending. The Dogecoin initiative forms part of the company’s efforts to maximize the utility and performance of its digital asset treasury. A yield-bearing strategy will deliver value to shareholders, improve operational efficiency, and promote the adoption of decentralized finance products, the company stated in a press release on Jan. 2. You might also like: Nano Labs rebrands subsidiary to Nano bit, expands into Bitcoin ecosystem The focus on DOGE aligns with a bullish outlook for the meme coin and the broader crypto market. Whale accumulation, growing real-world payment use cases, institutional interest, and technical predictions all point to a positive DOGE market. Spirit aims to leverage these trends. “By activating a yield-generation strategy with Dogecoin, we aim to unlock a previously untapped revenue stream while simultaneously positioning ourselves as a market leader in yield generation for not only Dogecoin, but the broader digital asset space within the public sector,” Lewis Bateman, chief executive officer of Spirit Blockchain Capital, noted. In the future, Spirit plans to expand the yield strategy to other assets, including Bitcoin ( BTC ), Ethereum ( ETH ), Tether ( USDT ), and Solana ( SOL ). The initiative is part of the long-term strategy of diversifying revenue streams, increasing shareholder value and advancing the tokenized financial products market. Canada-based Cypherpunk rebranded to Sol Strategies in September 2024, adopting a similar strategy for Solana. Dogecoin traded around $0.33 and ranked as the seventh largest cryptocurrency by market cap with over $49 billion. You might also like: Dogecoin could rally 6,770% if the current trend holds, says analyst