$DOGE Chinese pork producer turned BTC miner kicks off Dogecoin plan
Bit Origin CEO Jinghai Jiang said the company adopted Dogecoin for its treasury because they see its “utility potential for micropayments nearing an inflection point.”
China-based pork processing company and Bitcoin miner Bit Origin has officially kicked off its crypto treasury initiative with its first acquisition of 40.5 million Dogecoin.
In a statement on Monday, the company said the Dogecoin
$0.2655
buy was the “first strategic acquisition” under its digital asset treasury initiative, supported by a share sale and debt offering that aimed to raise $500 million.
At an average price of $0.24 per coin, Bit Origin would have spent around $9.9 million on its recent Dogecoin acquisition. The token is currently trading at $0.26, according to Nansen.
Notably, Bit Origin has ties to a China-linked crypto mining firm that was forced to vacate a property in Wyoming after an order from the White House.
Bit Origin joined forces with MineOne Partners Limited in 2022 to operate a crypto mining facility in Cheyenne, Wyoming, providing strategic and operational support. The China-linked crypto mining firm was forced to leave the property in 2024 due to its proximity to a nuclear missile base.
Before joining Bit Origin in 2021 as its chief operating officer and CEO, Jinghai Jiang was a director at MineOne Partners Limited.
Bit Origin CEO says Dogecoin at inflection point
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer as a joke payment system satirizing the wild crypto speculation at the time, but it has since risen to be the eighth largest cryptocurrency by market cap.
Jiang said Bit Origin adopted Dogecoin for its treasury over other cryptocurrencies because they see its “utility potential for micropayments nearing an inflection point, driven by renewed developer activity and broader institutional interest in tokenization.”
