According to the press release, Bit Origin aspires to be the first publicly traded company on a major U.S. platform to hold a Dogecoin Treasury bond. The company will use the funds to purchase Dogecoin and support the development of its ecosystem.
This move marks a shift in Bit Origin's business strategy. Previously focused on cryptocurrency mining, the company is now looking to participate in creating value and utility for digital assets.
Bit Origin hopes to become one of the largest holders of the leading meme cryptocurrency among public companies thanks to its initiatives in the Treasury. CEO Jinghai Jiang stated that the speed of Dogecoin and the strength of its community make it attractive for peer-to-peer payments.
He believes that Dogecoin can play a fundamental role in global transactions, especially with the imminent launch of Elon Musk's X Money platform (a payments and banking feature within the integrated app on X). Jiang added that Dogecoin reflects a culture of resilience and optimism. He stated that it could contribute to the creation of new financial systems that transcend traditional structures.
Bit Origin expects its Dogecoin Treasury to increase value for shareholders by raising the DOGE per share over time. The company has already closed a $15 million credit line. This initial funding will be used for its first Dogecoin purchases.
Chardan acted as the placement agent for the operation, and ATW Partners provided the debt financing. In addition to its plans for the Dogecoin Treasury, Bit Origin stated that it also plans to develop services related to DOGE. These include tools for miners, payment applications, and other operations that facilitate the use of Dogecoin.
Earlier this week, the trading volume of the number one meme cryptocurrency futures surpassed $1.48 billion. This figure marked its highest level of the month following whale accumulation.
Thus, a similar bullish trend is already developing. CoinGlass data shows that open interest in DOGE futures increased by 12.7% in the last day. At the same time, perpetual funding rates turned positive. This change indicates that traders are making leveraged bullish bets on Dogecoin.
Following the announcement of the Dogecoin Treasury, the price of DOGE rose by 6.01% in the last day. Therefore, it trades at $0.2135 at the time of writing this article. Trading also increased by more than 96% during this period.
