Blockchain firm Neptune Digital Assets (NDA) said it bought 1 million dogecoin (DOGE) tokens through what the company said was a “strategic derivative purchase” on Dec. 27.

The Vancouver, Canada-based company, which focuses on cryptocurrency and blockchain infrastructure, is down significantly on the investment. The memecoin has dropped 27% to 27 cents since the purchase.

Neptune Digital Assets also acquired 20 bitcoin (BTC) at an average price of $99,833 per coin, bringing its total BTC holdings to 376 coins worth $37.2 million.

While many companies have made buying bitcoin a strategic objection, Neptune is only the second publicly traded firm to invest in the meme-inspired DOGE. The first, Spirit Blockchain (SPIR), announced in November that it acquired Dogecoin Portfolio Holding in a move that made it a major participant in the DOGE ecosystem.

“Neptune will be acquiring additional assets, leveraging our enhanced purchasing power through the Sygnum credit line,” CEO Cale Moodie said in the statement. “With a strong focus on BTC, these initial acquisitions show Neptune’s commitment to its growth strategy while meticulously managing leverage risk and debt levels.”

The announcement comes just a week after major asset manager Bitwise filed an S-1 document with the Securities and Exchange Commission for an exchange-traded fund tied to the price of DOGE.