Spirit Blockchain To Raise Funds To Purchase $DOGE, Launch Crypto Protocol
Spirit Blockchain (CSE: SPIR) has entered into an arrangement to conduct a LIFE offering that is to be led by Canaccord Genuity and Leede Financial, with the proceeds slated to be used to acquire crypto and launch its Spirit Blockchain Layer Zero.
The offering will see the company raise $3.0 million on a best efforts basis, with Spirit aiming to sell 15.0 million units at a price of $0.20 per each. Each unit is to consist of one common share and one half of a common share purchase warrant. Warrants contain an exercise price of $0.40 per each, and are valid for two years from the date of issue.
An option is also in play to increase the financing by up to 15% should the demand exist.
Proceeds from the financing are to be used to acquire Dogecoin at prevailing market prices, as well as for the launch of Spirit Blockchain Layer Zero Protocol and general working capital.
The company in November notably acquired Dogecoin Portfolio Holding Corp, positioning the company as a player within the Dogecoin ecosystem. The entity is focused on managing and developing assets related to Dogecoin, while operating independently of the Dogecoin payment system. The portfolio acquired includes a range of digital assets, IP, and strategic partnerships within the crypto sector.
“We see the evolution from mutual funds to ETFs, and now to tokenized funds, as a natural progression in asset management. Tokenization offers a secure, transparent way to protect and enhance the sovereignty of personal assets on-chain, leveraging blockchain to enable a level of trust and accessibility that is invaluable. By bringing Dogecoin Portfolio Holding Corp. into this landscape, we are not only aligning with innovation but setting new standards in how assets are managed, accessed, and protected for future generations,” commented Spirit Blockchain CEO Lewis Bateman.
And in early January, the company announced a strategy to generate yield on its DOGE holdings, which will utilize the company’s established partnerships and strategic investment partners to facilitate and optimize yield generation. The initiative is intended to be scalable, and is to serve as model for future crypto yield strategies across other tokens, including bitcoin, ethereum, tether and solana.
“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,” commented Bateman.
Spirit Blockchain last traded at $0.22 on the CSE.
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