6th January 2025 > > NFK 8 of 9, the UK, & Spirit Blockchain.

tl;dr

The eighth of the nine NFKs. The UK. Spirit Blockchain Capital adds DOGE to its balance sheet, in a (probable) global first.

Market Snap

Market Wrap

An intra-day high of $99.85k got me very excited at around 5.30 this morning, The last time we saw six figures was on the 19th December, which just seems such a long time ago now. All eyes on the ETF flows today to set the tone in the run-up to 20th January.

Occasional Series – Project K: Blades of Grass. NFK 8 of 9

https://www.curiouscryptos.com/projectk

Curious Cryptos’ Commentary – The BTC sovereign stash

There are many things in 2025 we cannot predict, but one thing is so nailed on, it is bang on certain.

The UK will sell its stash of BTC seized from police operations, and will continue to work hard, so very hard, against the crypto revolution, as it has always done.

Curious Cryptos’ Commentary – Spirit Blockchain Capital (SPIR)

In November, Spirit Blockchain Capital – a Canadian blockchain technology and digital asset management company – announced the acquisition of Dogecoin Holdings, a company set up last April to buy DOGE (*). In effect, SPIR has added DOGE as a treasury reserve onto its balance sheet which I believe is a first for a public company. It is certainly an aggressive move.

CEO Lewis Bateman explains:

“We are going to hold a significant balance sheet of Dogecoin over the coming months and coming years. But we also want to build out the ecosystem. We want to institutionalize that.”

As for DOGE itself, originally created as a joke coin that has been famously adopted by Elon Musk (a non-too popular figure in the UK after his recent ill-advised declaration of support for a despicable convicted criminal), Lewis makes an important point:

“Everyone just thought it was a joke, but it actually has some meaningful underlying abilities that are unique. It's not some very small, little, esoteric altcoin.”

SPIR has announced “… a strategic initiative aimed at generating yield on its Dogecoin (DOGE) holdings, marking a significant step towards maximizing the utility and financial performance of Spirit’s digital asset treasury.”:

https://www.globenewswire.com/news-release/2025/01/02/3003576/0/en/SPIRIT-BLOCKCHAIN-CAPITAL-INC-ANNOUNCES-YIELD-GENERATION-STRATEGY-ON-ITS-DOGECOIN-HOLDINGS.html

The company has even grander plans:

“Moving forward, the company plans to extend yield-generation strategies to other key assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Circle (USDC) and Solana (SOL) etc. This initiative aligns with Spirit's long-term strategy to create sustainable revenue streams, increase shareholder value, and solidify its position as a market leader in tokenized financial products.”

The number of companies adopting BTC, and now other cryptos, onto their balance sheets continues to grow. The direction of travel is plain.

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(*) For disclosure purposes, the CCC Treasury has been an investor in DOGE since July and August 2023, with a net negative acquisition cost having recently off-loaded just 17% of the initial notional of coins purchased.