Bit Origin Ltd has announced plans to implement a $500 million investment fund strategy focused on Dogecoin. The company stated that it has reached agreements with reputable investors to fund this initiative.
CEO Emphasizes the Growing Utility of Dogecoin and Community Strength
The diversified digital asset company listed on Nasdaq, Bit Origin, announced plans to implement a $500 million Dogecoin (DOGE) fund strategy on July 17. The company has signed agreements with accredited investors to sell up to $400 million of Class A common stock and up to $100 million of convertible debt to fund this initiative.
According to the press release, Bit Origin aims to become one of the largest holders of DOGE on public exchanges, a move to provide long-term value through the increasing price of Doge per share. This strategy emphasizes the company's strong belief in the potential widespread integration of Dogecoin into payment layers, including platforms like X Money.
"Bit Origin is expanding beyond the scope of mining infrastructure to engage directly in the value and utility of digital assets," said Jinghai Jiang, CEO and Chairman of Bit Origin. "What started as a joke has now become a global liquid asset with superior payment utility. Few digital assets compare to Doge in terms of payment speed and community scale, factors that continue to drive widespread adoption in peer-to-peer payments and e-commerce."
Jiang further elaborated on the company's vision: "We hope that the performance and community of Doge will help it become a suitable choice for X Money, as Elon Musk is promoting his vision of X as a global super app. In an era where institutions are being disrupted, Doge embodies a common culture of optimism and resilience that transcends current political and financial systems."
Bit Origin's accumulation of DOGE reflects their belief in the community's strength and the payment utility of the network, bolstered by low fees and increasing acceptance by providers. Based on its foundational infrastructure, the company plans to explore new directions within the DOGE ecosystem, including services for miners, payment applications, and other value-generating activities.
The company has completed an initial $15 million contribution in the form of convertible debt and intends to use a significant portion of this money for the initial DOGE buyback. Chardan is the placement agent for the loan funded by ATW Partners. $DOGE
