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Chinese cryptocurrency journalist and blogger Colin Wu has reported that Spirit Blockchain Capital has finally completed the acquisition of Dogecoin Holdings. This may potentially help to increase the global adoption of the original meme cryptocurrency, DOGE.
Dogecoin Portfolio Holdings Corp is a blockchain company that works on managing and creating new assets related to Dogecoin. Now that Dogecoin Holdings has been acquired, Spirit Blockchain intends to create new DOGE-based products and also expand Dogecoin’s reach in the sphere of decentralized finance (DeFi) through the global popularity of DOGE, especially among high-profile influencers and the Dogecoin community itself.
Dogecoin Holdings was initially created by a joint team of entrepreneurs and supporters of the largest meme cryptocurrency. The goal of this strategic acquisition is to attract not only retail but also institutional investors. It also aims at expanding the utility and accessibility of DOGE on a global scale. Currently, largely thanks to the support coming from Elon Musk, Dogecoin has been propelled to the top 10 cryptocurrency list with a market cap of $28.9 billion.
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As part of the acquisition agreement, Spirit Blockchain will purchase all the issued securities of Dogecoin Holdings from the company’s shareholders. In exchange, Spirit will emit 14,000,000 common shares and the same amount of share purchase warrants in order to facilitate Spirit’s integration with Dogecoin Holdings’ assets and operations. This will also help to create long-term value for both companies’ shareholders.
Initially, the agreement was announced back in October. Now, per Colin Wu’s X post, the acquisition has been completed.