Dogecoin Cash Inc. Establishes DOGE Treasury Subsidiary
A publicly traded cannabis and telehealth company, Dogecoin Cash Inc. (renamed from Cannabis Sativia, Inc. in November), has established a subsidiary called Dogecoin Treasury Inc. to manage a DOGE treasury and support its digital asset initiatives.
- The firm previously acquired approximately $6 million worth of DOGE on BNB Chain.
- Dogecoin Treasury will “support the company’s Dogecoin-related development initiatives and assist in the management of digital assets, including DOGE.”
- These initiatives include developing a “Dogecoin Protocol,” which aims to provide “a unified technical structure” for the company’s DOGE-related projects.
Targeting a company valuation of around $1.4 million following its rebranding last November from Cannabis Sativia, Inc., Dogecoin Cash’s parent entity acquired roughly $6 million in DOGE tokens on BNB Smart Chain over months, suggesting a strategic interest prior to forming the treasury unit.
The firm intends for its subsidiary, Dogecoin Treasury Inc. (DTI), to “align our technical work involving Dogecoin with our broader business objectives… support the orderly development and potential implementation of internally developed tools.” While the specifics surrounding the anticipated Dogecoin Protocol are not yet defined and involve significant unknowns regarding completion or deployment timelines, the formation of DTI reflects a dedicated management structure for its DOGE-focused activities.
Over-the-counter shares in Dogecoin Cash Inc. (DOGP) experienced a 2% decline on the day of the announcement, with a market capitalization exceeding $4 million.
Dogecoin Cash Inc. was previously focused on its own cryptocurrency token, Dogecoin Cash (DOG), a BNB Chain-based token. This token, separate from Dogecoin (DOGE), is the namesake of both the parent company and its new subsidiary. Other publicly traded firms, like Spirit Blockchain Capital and Neptune Digital Assets, have also considered adding DOGE to their company treasuries.
Dogecoin (DOGE), which has seen its price drop nearly 5% within the past 24 hours, lost over 78% of its value since its all-time high of $0.73 reached days before Christmas 2021. It is currently trading around $0.158.
