China-based Bitcoin miner Bit Origin Ltd has kicked off its massive $500 million crypto treasury plan. On Monday, the firm confirmed the acquisition of 40.5 million Dogecoin (DOGE). Bit Origin purchased DOGE at an average price of $0.2466, giving each share an initial Dogecoin-per-share (DPS) of 0.691.
The move follows the company successfully fundraising $400 million in equity and $100 million in convertible debt.
In an announcement on July 17, CEO Jinghai Jiang said the company aims to go beyond mining. He noted that Dogecoin offers unmatched speed, low fees, and growing adoption in real-world payments. Additionally, Jiang hinted at DOGE’s potential role in Elon Musk’s X Money plan.
Strategic Shift From Mining to Treasury
Additionally, the company is now looking to invest directly in cryptocurrency assets. Jiang pointed out that Dogecoin benefits from a large community and fast transaction speeds, giving it a competitive advantage. Plus, the recent uptick in developer activity and growing interest from institutions have bolstered DOGE’s case for utility.
The company views DOGE as a legitimate payment option rather than only a meme. As a result, it is matching its treasury with assets that provide liquidity and long-term value.
Dogecoin, launched in 2013 as a joke, is now the eighth-largest in crypto market cap. As of July 22, its price was trading at $0.266, with a 24-hour trading volume of $6.4 billion.
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