In a press release, BitOrigin, which is listed on Nasdaq, announced the purchase of 40.5 million DOGE for an approximate value of 10 million dollars. This indicates the start of its treasury plan of 500 million DOGE, as the company leverages the digital asset ecosystem.
According to the company's current share structure, the recently revealed DOGE holdings have an initial ratio of DOGE per share of approximately 0.691. This represents an average purchase price of approximately 0.2466 dollars per token. Jinghai Jiang, CEO and Chairman of BitOrigin, states that this is a strategic decision based on the company's experience in mining and its understanding of the dynamics of proof of work, and not mere speculation.
"We see that the potential utility of Dogecoin for micropayments is approaching a tipping point, driven by renewed developer activity and increased institutional interest in tokenization. While we recognize its cultural origins, which have driven liquidity and global familiarity, we believe that current market conditions align with Dogecoin's evolution towards decentralized finance."
