Bit Origin Buys 40.5M Dogecoin ($9.9M) for Treasury Strategy
Nasdaq-listed Bit Origin has launched a corporate treasury strategy, purchasing 40.5 million Dogecoin (DOGE) for $9.9 million. The firm plans to raise $400 million via share sales and $100 million through convertible debt to support its Dogecoin holdings. Formerly China Xiangtai Food, Bit Origin rebranded in 2022 and pivoted into crypto mining by acquiring Bitcoin rigs. CEO Lucas Jiang cited Dogecoin’s liquidity, DeFi potential, micro-payment use cases, rising developer engagement, and growing institutional interest as key factors. This move aligns with broader corporate treasury diversification into digital assets, echoing public companies’ Bitcoin purchases, and coincides with bullish altcoin momentum—PENG up 21.7%, RAY and KAS each gain over 20%—while BTC and ETH trade range-bound.
Bullish
Bit Origin’s large corporate purchase and financing plan for Dogecoin signals growing institutional adoption and demand, likely driving short-term buying pressure. The move also enhances Dogecoin’s fundamentals—liquidity, DeFi utility, and institutional interest—supporting long-term price stability. Coupled with broader altcoin rallies, this news is expected to bolster bullish sentiment for DOGE.