Mark Cuban Ups Elon Musk: “Mavs to hold Dogecoin on Balance Sheet”
Cuban states that his Dallas Mavericks have pulled in around 112K DOGE in sales after their support of the mem coin last March, and they are holding on to it.
Dogecoin is surging right now, achieving an all-time high price of just above $0.11 in the past 24 hours – over 100% leap than last week. Now, one of Dogecoin’s highest-profile proponents states that one of his companies holds the meme-based cryptocurrency on its balance sheet permanently, and it’s not Elon Musk.
It is the billionaire Mark Cuban, his NBA team the Dallas Mavericks now holds onto any Dogecoin that the team’s fans have spent on tickets and merch. Lately, Cuban revealed that the Mavs had partnered with BitPay to accept Dogecoin for its purchases. Last night, Cuban tweeted that his team has seen a spike in DOGE spending, and that it won’t part ways with the coin at all.
Sure, 122,000 DOGE only works out to around $15,000 in sales so far – but it is a drop in a bucket when it comes to the NBA championship-winning team’s regular merchandise haul. The even more interesting detail is that the team is planning to hold onto its ever growing DOGE stash for good, eyeing potential future gains on the horizon.
It is another sign that Cuban is really having fun with crypto. And also getting a lot of attention in the process. Cuban’s tweet has over 14,000 interactions as of now, and in a March press release marking the acceptance of Dogecoin for Mavericks gear, Cuban also acknowledged the marketing element of taking in the meme coin.
“We have chosen to do so because sometimes in business you have to do things that are fun, engaging, and hopefully generate a lot of PR,” Cuban stated in the release. “So we will take Dogecoin, today, tomorrow and possibly forever more. For those of you who would like to learn more about Dogecoin we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it.”
An NBA team that is holding DOGE on its balance sheet is a twist on the recent trend of corporations that are buying up stashes of Bitcoin to hold, led by MicroStrategy and its CEO, Michael Saylor. The firm now owns around $5.7 billion worth of Bitcoin after its initial purchase last July 2020 and the subsequent additions, and now it is even paying its board directors with BTC.
Last February, Elon Musk’s electric car firm got in on the action in February, when it purchased $1.5 billion worth of Bitcoin, marking the most valuable company to put cryptocurrency on its balance sheet as a reserve asset. Tesla’s move has boosted the price of Bitcoin and the time and it continued to rise in the months ever since, setting a new all-time high just yesterday. Tesla has offered the option for buyers to purchase cars with Bitcoin.
Musk has repeatedly tweeted about Dogecoin and helped boost its price in the past. He then even called himself the “CEO of Dogecoin” in his Twitter bio at some point. But until his companies announce that they are holding the volatile token, it looks like that Cuban has surpassed his crypto-backing colleague in this matter.
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