Bit Origin's First Dogecoin Purchase Announced

Bit Origin (ticker BTOG) announced on Monday the acquisition of roughly 40.5 million DOGE tokens, just a week after forming a corporate treasury centered around the Shibu Inu-based Dogecoin. With a market capitalization of approximately $45 million and shares trading below $0.80, the company disclosed last Thursday that it secured up to $500 million in equity and debt to build its Dogecoin treasury. 'Our new origin has begun,' stated Bit Origin CEO Jinghai Jiang in a press release. 'From our mining experience, we understand the tradeoffs that define proof-of-work systems. We see Dogecoin’s utility potential for micropayments reaching a turning point, driven by renewed developer activity and increased institutional interest in tokenization.' Last week, Bit Origin specifically tied its initiative to Elon Musk and his ambitions for a super-app via X Money on his social media platform. 'While we appreciate its cultural roots that have contributed to liquidity and global recognition, we believe current market conditions favor Dogecoin’s evolution towards decentralized finance,' Jiang remarked in Monday’s release. Bit Origin purchased 40,543,745 DOGE at an average price of about $0.2466 per DOGE. According to The Block's DOGE price data, Dogecoin rallied by 5.5% to $0.28 over the past 24 hours. The success of corporate Bitcoin treasuries like those from Strategy has sparked a rise in BTC, ETH, and other altcoin treasuries. Bit Origin joins Neptune Digital Assets and Dogecoin Cash Inc. in exploring a DOGE-focused investment strategy. Disclaimer: The Block is an independent news outlet providing news, research, and data. As of November 2023, Foresight Ventures is a major investor in The Block. Foresight Ventures also invests in other companies in the cryptocurrency sector. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block maintains its independence to provide objective and timely information about the crypto industry. Here are our current financial disclosures.