Blockchain agency Neptune Digital Property (NDA) said it bought 1 million dogecoin (DOGE) tokens via what the corporate mentioned was a “strategic spinoff buy” on Dec. 27.

The Vancouver, Canada-based firm, which focuses on cryptocurrency and blockchain infrastructure, is down considerably on the funding. The memecoin has dropped 27% to 27 cents for the reason that buy.

Neptune Digital Property additionally acquired 20 bitcoin (BTC) at a mean worth of $99,833 per coin, bringing its complete BTC holdings to 376 cash value $37.2 million.

Whereas many corporations have made shopping for bitcoin a strategic objection, Neptune is barely the second publicly traded agency to put money into the meme-inspired DOGE. The primary, Spirit Blockchain (SPIR), introduced in November that it acquired Dogecoin Portfolio Holding in a transfer that made it a significant participant within the DOGE ecosystem.

“Neptune will likely be buying extra belongings, leveraging our enhanced buying energy via the Sygnum credit score line,” CEO Cale Moodie mentioned within the assertion. “With a powerful concentrate on BTC, these preliminary acquisitions present Neptune’s dedication to its progress technique whereas meticulously managing leverage threat and debt ranges.”

The announcement comes only a week after main asset supervisor Bitwise filed an S-1 document with the Securities and Alternate Fee for an exchange-traded fund tied to the worth of DOGE.