Bit Origin Dey Raise Fund Through Private Placement, Dem Buy 70M DOGE
Bit Origin (NASDAQ: BTOG) don finish one private placement offer, dem sell 10.7 million shares for $0.10 each to raise about $1.07 million gross proceeds. Di company use di net proceeds buy around 30 million Dogecoin (DOGE) tokens, e get total Dogecoin holdings over 70 million now. Di average price dem buy one DOGE be about $0.065. Bit Origin talk say di new Dogecoin buy show say dem wan diversify digital assets beyond Bitcoin. After di transaction, Dogecoin dey represent about 25% of di crypto portfolio. Di firm fit continue to buy more Dogecoin or other digital assets if market condition good.
Bullish
Bit Origin big Dogecoin buy through private placement dey show say institutions get strong confidence for DOGE. This direct buying pressure fit make supply tight, e fit cause short-term price increase. Historically, companieswey dey buy crypto—like how Tesla buy Bitcoin—dem dey cause price to go up. Long term, if institutions keep dey collect and dey diversify, go meme coins like Dogecoin, e fit make market steady and attract more traders, e go support sustained price uptrend.