The attention on Dogecoin as an investable asset class is growing, with Spirit Blockchain set to launch a new yield product
Canadian investment firm Spirit Blockchain Capital intends to earn yield on its Dogecoin (DOGE).
According to a recent report, the firm seeks to leverage its canine-themed memecoin holding through the new yield-generating strategy. In addition to this plan, it will soon offer more products based on other major cryptocurrencies.
This comes when several investors seek new ways to get higher token returns.
Spirit Blockchain Sees Potential For Dogecoin Holdings
If there is one thing common between software intelligence firms MicroStrategy and Spirit Blockchain, it’s the fact that they both have a crypto reserve strategy. While MicroStrategy holds Bitcoin (BTC), the latter does the same with Dogecoin. Spirit Blockchain perceives its latest move as an avenue to deliver value to its shareholders.
The publicly traded company is already working on expanding its treasury efficiency and enhancing the adoption of decentralized financial products.
Amongst many other benefits, the firm’s CEO, Lewis Bateman, says the initiative could be the bedrock for Spirit Blockchain to roll out potential yield-bearing strategies for assets like Bitcoin, Ethereum, USD-pegged stablecoin Tether (USDT), and Solana (SOL).
“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,” Bateman added.
It is worth noting that Spirit Blockchain is taking this step only about two months after it acquired Dogecoin Portfolio Holdings Corp. This acquired firm is known for amassing DOGE as a treasury reserve asset.
Companies Launch Tokens to Accommodate Investors’ Demand
Several companies have introduced different tokens in the last couple of months to meet the growing demands of yield-bearing financial instruments.
Blockchain payment firm Ripple launched its USD-pegged stablecoin RLUSD last month on several exchanges, including the Singapore cryptocurrency exchange Independent Reserve.
Another way suggested for crypto investors to gain yield is via staking, which usually happens within a Proof-of-Stake (PoS) network. Users of such platforms get to earn interest-like token rewards. Additionally, they could also pledge assets to crypto lending services.
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