“Dogecoin Microstrategy” Launches DOGE Profitability, Bitcoin and Solana Expansion

The firm that adapted MicroStrategy’s Bitcoin backup strategy meme coin Dogecoin has revealed plans to monetize its DOGE coins, with ambitions to offer products based on other major cryptocurrencies in the future as investors look for new ways to earn more from their tokens.

Canadian investment firm Spirit Blockchain Capital said In a statement on Thursday, it intends to leverage its Dogecoin holdings through a new strategy for profitability. According to the publicly traded company, the move will allow it to deliver value to its shareholders, in addition to expanding its treasury efficiency and increasing adoption of decentralized financial products.

The initiative serves as a foundation for the company to launch potentially profitable strategies for other assets. Bitcoin, Ethereum, Tether and the Solana in the future, Spirit CEO Lewis Bateman said in a statement.

“We’re looking to unlock previously untapped revenue streams while simultaneously establishing ourselves as the yield leader for not just Dogecoin, but the broader digital asset space,” Bateman said.

It is not clear how the company plans to generate revenue from the DOGE coffers, and the firm did not respond. Decryptionrequest for comment. Spirit Blockchain Capital has not announced an exact date for the implementation of its profitable strategy.

The company’s announcement comes a few months after it acquired Dogecoin Holdings, which is targeting DOGE as a treasury-backed asset. Before the spirit refused to disclose the size of his Dogecoin treasury Decryptionwith reference to the regulatory guidelines for its procurement.

Profitable financial instruments such as stablecoins have gained momentum during this recent crypto market rally, with several major companies issuing new tokens to meet high investor demand in recent months.

Crypto investors can also earn income from assets through such measures to put— or cover assets in the proof-of-stake network to receive interest rewards — or pledge assets to crypto lending services.

Edited by Andrew Hayward