Bit Origin, a pork processing company that successfully transitioned into a Bitcoin mining company based in China, has officially launched a cryptocurrency treasury strategy by purchasing 40.5 million Dogecoin, marking a significant step in the company's evolving business direction.

The company announced this acquisition deal on Monday, describing it as the "first strategic acquisition" under its digital asset fund initiative, funded through a stock sale and bond issuance aimed at raising $500 million.

With an average purchase price of $0.24 per Dogecoin, Bit Origin has spent nearly $9.9 million on this acquisition, with the current price of this leading memecoin at $0.26, according to CoinMarketCap.

This move comes as Bit Origin is striving to expand its presence in the cryptocurrency ecosystem, going beyond mining infrastructure and aiming for direct access to the value and utility of digital assets.

Bit Origin, originally launched in 2019 as China Xiangtai Food, previously focused on pork processing, including slaughtering, packaging, and wholesale distribution. In December 2021, the company pivoted by acquiring 742 top-tier Bitcoin miners, eventually rebranding to Bit Origin in 2022 to reflect its focus in the cryptocurrency sector.

In 2022, Bit Origin partnered with MineOne Partners Limited to operate a mining facility in Cheyenne, Wyoming, providing operational support and strategy. However, in 2024, this China-linked mining company was forced to leave the facility after a directive from the White House due to its proximity to a nuclear missile base.

Bit Origin's CEO, Jinghai Jiang, joined the company in 2021, previously serving as a director at MineOne Partners, helping to strengthen operational relationships between the companies. Currently, in 2025, Bit Origin's company profile no longer mentions pork processing, reflecting the company's comprehensive commitment to the cryptocurrency sector.

Strategic Role of Dogecoin

Dogecoin, created in 2013 as a light payment system by software engineers Billy Markus and Jackson Palmer, has grown into the eighth-largest cryptocurrency by market capitalization. Bit Origin's CEO, Jiang, stated that the decision to adopt Dogecoin as the company’s treasury was due to the token nearing a "tipping point" for small payments. This is driven by renewed interest from developers and broader institutional momentum towards cryptocurrency.

Jiang stated: “Although we value the cultural origins of Dogecoin, which have driven liquidity and familiarity, we believe the current market environment is conducive to the development of this meme coin towards decentralized finance.”

Bit Origin recently signed agreements to sell up to $400 million in stock and $100 million in convertible bonds to fund the Dogecoin fund initiative. This move also positions Bit Origin within the volatile cryptocurrency landscape, where major memecoin holders include wallets linked to Robinhood and Binance.