Bitcoin mining infrastructure firm Bit Origin is going hard on Dogecoin, starting to buy up DOGE for its meme coin treasury.

By Logan Hitchcock
Edited by Andrew Hayward
Jul 21, 2025
2 min read

Dogecoin is the crypto market's leading meme coin. Image: Shutterstock/Decrypt
In brief
Bitcoin mining infrastructure firm Bit Origin acquired around $10 million in Dogecoin (DOGE).
The firm announced a raise of up to $500 million last week to fund its meme coin treasury.
Bit Origin shares are up 386% from their July starting point.
Publicly traded Bitcoin mining infrastructure firm Bit Origin purchased around $10 million in Dogecoin (DOGE) to kick-start its meme coin treasury, the firm announced on Monday.
The Singapore-based firm detailed plans last week for a fundraise valued at up to $500 million to purchase the leading meme coin, sending shares of BTOG up more than 90% on the news.
“From our experience in mining, we understand the trade-offs that define proof-of-work systems. We see Dogecoin’s utility potential for micropayments nearing an inflection point, driven by renewed developer activity and broader institutional interest in tokenization,” Bit Origin CEO, COO, and Chairman of the Board Jinghai Jiang said in a statement.
Last week, Jiang highlighted the token’s potential inclusion within the financial ecosystem spawned by X Money, the X (formerly Twitter) finance and payments application that is expected to launch soon.
“While we embrace its cultural origins, which have helped drive liquidity and global familiarity, we believe current market conditions align with Dogecoin’s evolution toward decentralized finance,” he added.
The firm’s acquisition gives Bit Origin a total of 40,543,745 DOGE, which it acquired at an average price of $0.2466 per DOGE for a total spend of around $10 million.
That value has grown to nearly $11.5 million with the meme coin’s rise, up 8.1% in the last 24 hours and 42% in the last week.

Elon Musk and Dogecoin: How the Billionaire Became the 'Dogefather'
With Dogecoin making a comeback late last year and early into 2025, some may be pondering: Where did the asset come from? What’s it for? And what’s Tesla CEO Elon Musk got to do with it? The original meme coin’s boom largely has the world’s richest man to thank. Musk’s obsession with shitposting helped boost the coin to a top 10 cryptocurrency. It’s been a wacky ride over the past few years, culminating in Musk's appointment to lead a government agency called DOGE—yes, really. But we'll explain...
Deep DivesLong Reads
6 min read
Mat Di SalvoJul 6, 2025
Following in the footsteps of other crypto treasury firms, Bit Origin is tracking its Dogecoin holdings via the metric of DOGE-per-share (DPS), a ratio of the total DOGE held versus ordinary shares outstanding. After its initial purchase, the firm is reporting a DPS of 0.69, or 0.69 DOGE coins per shares of BTOG outstanding.
Shares of BTOG are down less than a percentage point so far on Monday, trading at $0.78—a 386% gain from its July starting price of $0.16.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Your Email
Get it!

View on Walrus
Recommended News

Western Union Eyes Stablecoins as Remittance Giants Face Outward Pressure
Western Union has become the latest financial giant to signal interest in stablecoins, as competition heats up in the global remittance market and regulatory clarity improves. Speaking to Bloomberg on Tuesday, CEO Devin McGranahan said the firm saw three opportunities for stablecoin use around faster cross-border payments, better fiat conversion options in harder-to-reach markets, and offering a store-of-value product for customers in countries with weaker currencies. “We see stablecoins really...
NewsBusiness
3 min read
Callan QuinnJul 22, 2025

Strategy Reveals Another Stock Offering to Boost $71 Billion Bitcoin Stash
Bitcoin treasury firm Strategy has announced yet another new stock product to help fuel its BTC-hoarding ambitions. The Tysons, Virginia-based company said in a statement Monday that it will launch an initial public offering of stock—named Stretch (STRC)—and use the proceeds to buy Bitcoin. Investors will be able to buy the stock and an initial dividend rate of 9%. Strategy said it plans to sell 5 million shares at $100 each, for a total of $500 million. The company will start paying investors...
NewsBusiness
2 min read
Mat Di SalvoJul 22, 2025

Robinhood CEO Acknowledges OpenAI Crypto Stock 'Controversy'—But Is Doubling Down
Robinhood CEO Vlad Tenev conceded his company’s recent foray into offering tokenized stocks has been contentious, to say the least—but remained steadfast in his commitment to expanding the initiative. “Being the first to actually tokenize those great companies is a big milestone,” Tenev told Decrypt in an interview Friday. “Of course, every time you're the first to do something interesting, it has some element of controversy.” Earlier this month, Robinhood rolled out a giveaway of tokens, issued...
NewsBusiness
3 min read
Sander LutzJul 22, 2025
All

NewsBusiness
'Ethereum Avengers' Firm to Generate ETH Using $1.5 Billion Stockpile
The firm received a $645 million “anchor investment” from its Consensys-linked co-founder and chair.

By André Beganski
Jul 21, 2025
2 min read

Image created by Decrypt using AI
In brief
The Ether Machine is debuting on the Nasdaq with a $1.5 billion stash of Ethereum.
The company plans to leverage staking and decentralized finance.
At 400,000 Ethereum, the company’s holdings would be the largest among entities that have joined a so-called Strategic Ethereum Reserve.
Another firm dedicated to generating Ethereum is making its Nasdaq debut, starting with a $1.5 billion stockpile of the asset, The Ether Machine said in a press release on Monday.
The company, which is the product of a business combination agreement between The Ether Reserve and Dynamix Corporation, said it will begin operating with 400,000 Ethereum and plans on growing that stash through staking and decentralized finance (DeFi) strategies.
Dynamix Corporation’s shares jumped 36% to $14.20 on Monday, according to Yahoo Finance. Once the deal is completed, The Ether Machine will trade under the ticker symbol “ETHM.”
The Ether Machine said that it received an anchor investment of 170,000 Ethereum worth $645 million from its co-founder and chair, Andrew Keys, who previously served as global head of business development for crypto software giant Consensys. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)
The company said that it secured $800 million in a deal that included participation from crypto exchanges Blockchain.com and Kraken and venture capital firm Pantera Capital, among others.
With 400,000 Ethereum, The Ether Machine would be the asset’s largest holder among entities that have joined the so-called Strategic Ethereum Reserve.
That includes the non-profit Ethereum Foundation and treasury firms Bitmine Immersion Technologies, which is being chaired by Fundstrat co-founder Tom Lee, and SharpLink Gaming, which is being chaired by Ethereum co-founder and Consensys CEO Joe Lubin.
Those firms have also said that they will grow the amount of Ethereum owned per fully diluted share by staking Ethereum and earning rewards from validating transactions on Ethereum’s network. In a statement, Keys noted that The Ether Machine will be staffed by people with deep knowledge of staking and DeFi as well.

BitGo Is Latest Crypto Firm to File for IPO Following Circle's Massive Debut
Crypto custody provider BitGo confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission, the firm said Monday, signaling its intent to take its company public. Details on the amount of common stock or the price range for shares in the initial public offering (IPO) were not provided. BitGo’s plans to go public were rumored earlier this year, highlighted by a Bloomberg report that indicated it would seek a public offering in the second half of 2025. The...
NewsBusiness
2 min read
Logan HitchcockJul 21, 2025
“We have assembled a team of ‘Ethereum Avengers’ to actively manage and unlock yields to levels we believe will be market-leading for investors,” Keys said.
Although the company’s business may resemble that of some crypto treasury firms, The Ether Machine bills itself as a “strategic Ethereum generation company.”
Shares of Ethereum treasury firms have leaped as the asset’s price has jumped to its highest since December. On Monday, the altcoin was recently changing hands around $3,850, adding onto a 27% price increase over the past week, according to crypto data provider CoinGecko.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Your Email
Get it!

View on Walrus
Recommended News

Western Union Eyes Stablecoins as Remittance Giants Face Outward Pressure
Western Union has become the latest financial giant to signal interest in stablecoins, as competition heats up in the global remittance market and regulatory clarity improves. Speaking to Bloomberg on Tuesday, CEO Devin McGranahan said the firm saw three opportunities for stablecoin use around faster cross-border payments, better fiat conversion options in harder-to-reach markets, and offering a store-of-value product for customers in countries with weaker currencies. “We see stablecoins really...
NewsBusiness
3 min read
Callan QuinnJul 22, 2025

Strategy Reveals Another Stock Offering to Boost $71 Billion Bitcoin Stash
Bitcoin treasury firm Strategy has announced yet another new stock product to help fuel its BTC-hoarding ambitions. The Tysons, Virginia-based company said in a statement Monday that it will launch an initial public offering of stock—named Stretch (STRC)—and use the proceeds to buy Bitcoin. Investors will be able to buy the stock and an initial dividend rate of 9%. Strategy said it plans to sell 5 million shares at $100 each, for a total of $500 million. The company will start paying investors...
NewsBusiness
2 min read
Mat Di SalvoJul 22, 2025

Robinhood CEO Acknowledges OpenAI Crypto Stock 'Controversy'—But Is Doubling Down
Robinhood CEO Vlad Tenev conceded his company’s recent foray into offering tokenized stocks has been contentious, to say the least—but remained steadfast in his commitment to expanding the initiative. “Being the first to actually tokenize those great companies is a big milestone,” Tenev told Decrypt in an interview Friday. “Of course, every time you're the first to do something interesting, it has some element of controversy.” Earlier this month, Robinhood rolled out a giveaway of tokens, issued...
NewsBusiness
3 min read
Sander LutzJul 22, 2025
All

NewsBusiness
BitGo Is Latest Crypto Firm to File for IPO Following Circle's Massive Debut
Digital assets services and custody firm BitGo plans to go public, revealing a confidential filing with the SEC on Monday.

By Logan Hitchcock
Edited by Andrew Hayward
Jul 21, 2025
2 min read

Image: Decrypt
In brief
Crypto custody firm BitGo confidentially filed for an initial public offering (IPO).
The firm was last valued at $1.75 billion following a $100 million fundraise in 2023.
If approved, it will join a growing list of crypto firms that have gone public in 2025 like Circle and eToro.
Crypto custody provider BitGo confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission, the firm said Monday, signaling its intent to take its company public.
Details on the amount of common stock or the price range for shares in the initial public offering (IPO) were not provided.
BitGo’s plans to go public were rumored earlier this year, highlighted by a Bloomberg report that indicated it would seek a public offering in the second half of 2025. The Palo Alto-based firm was last valued as high as $1.75 billion after it completed a Series C fundraising round of $100 million in August 2023.
By submitting its filing to the SEC, the firm joins crypto exchanges Gemini and Bullish—the latter of which revealed a public filing late Friday—as crypto companies that have recently filed for an IPO.
If approved and completed, the trio will join a growing list of crypto firms that have intertwined themselves with public markets or are considering the path, following the successful IPOs of stablecoin issuer Circle and crypto exchange eToro.
BitGo, which holds more than $100 billion in assets on its platform according to its website, has been expanding its digital assets services this year. The firm earned approval to offer those services across the European Union in May when it received its Markets in Crypto-Assets (MiCA) license, the EU’s comprehensive legal framework for crypto assets, from Germany’s Federal Financial Supervisory Authority, BaFin.

'Ethereum Stole the Show' as ETH ETF Flows Hit Record High: CoinShares
Global flows into Bitcoin and Ethereum ETFs hit an all-time high last week—but it isn't BTC that can take the credit. A new CoinShares report says "Ethereum stole the show," with institutional demand for the world's second cryptocurrency rising after solid price gains. Total inflows into ETH products stood at about $2.12 billion in the week to July 19, a huge influx considering the year-to-date total stands at about $6.2 billion. It's also close to double the previous record of $1.2 billion. The...
NewsMarkets
2 min read
Connor SephtonJul 21, 2025
BitGo has also been present as the United States leans into crypto under President Donald Trump, participating in a panel entitled “Safeguarding America’s Bitcoin” in March and the SEC’s Crypto Custody roundtable in April.
A representative for BitGo did not immediately respond to Decrypt’s request for comment.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Your Email
Get it!

View on Walrus
Recommended News

Western Union Eyes Stablecoins as Remittance Giants Face Outward Pressure
Western Union has become the latest financial giant to signal interest in stablecoins, as competition heats up in the global remittance market and regulatory clarity improves. Speaking to Bloomberg on Tuesday, CEO Devin McGranahan said the firm saw three opportunities for stablecoin use around faster cross-border payments, better fiat conversion options in harder-to-reach markets, and offering a store-of-value product for customers in countries with weaker currencies. “We see stablecoins really...
NewsBusiness
3 min read
Callan QuinnJul 22, 2025

Strategy Reveals Another Stock Offering to Boost $71 Billion Bitcoin Stash
Bitcoin treasury firm Strategy has announced yet another new stock product to help fuel its BTC-hoarding ambitions. The Tysons, Virginia-based company said in a statement Monday that it will launch an initial public offering of stock—named Stretch (STRC)—and use the proceeds to buy Bitcoin. Investors will be able to buy the stock and an initial dividend rate of 9%. Strategy said it plans to sell 5 million shares at $100 each, for a total of $500 million. The company will start paying investors...
NewsBusiness
2 min read
Mat Di SalvoJul 22, 2025

Robinhood CEO Acknowledges OpenAI Crypto Stock 'Controversy'—But Is Doubling Down
Robinhood CEO Vlad Tenev conceded his company’s recent foray into offering tokenized stocks has been contentious, to say the least—but remained steadfast in his commitment to expanding the initiative. “Being the first to actually tokenize those great companies is a big milestone,” Tenev told Decrypt in an interview Friday. “Of course, every time you're the first to do something interesting, it has some element of controversy.” Earlier this month, Robinhood rolled out a giveaway of tokens, issued...
NewsBusiness
3 min read
Sander LutzJul 22, 2025
All

NewsBusiness
Tether's CEO Says USDT Is Coming to America—And Circle’s CEO Isn’t Afraid
Leaders of the world’s top two stablecoin companies laid out their plans for the future after President Trump signed sweeping stablecoin legislation into law.

By Sander Lutz
Edited by Guillermo Jimenez
Jul 19, 2025
3 min read

Tether CEO Paolo Ardonio. Image: Tether/Decrypt
In brief
Tether CEO Paolo Ardoino said his company fully intends to register its flagship USDT stablecoin via the newly-signed GENIUS Act.
The company will also likely offer another, U.S.-specific stablecoin in the American market.
Circle CEO Jeremy Allaire said he believes his company is nonetheless poised to particularly benefit from the passage of the GENIUS Act.
Minutes after President Donald Trump signed the GENIUS Act into law, the CEOs of the world’s two largest stablecoin issuers laid out their plans for complying with the landmark legislation, with each making the case that their own company is better suited to America’s new regulatory landscape.
Paolo Ardoino, CEO of Tether, the world’s top stablecoin issuer, told Decrypt Friday his company intends to make sure USDT—its flagship dollar-pegged token—complies with the GENIUS Act’s regime for foreign stablecoin issuers, and thus can trade in the United States. USDT is issued by Tether from El Salvador.
“We’ll be working very, very hard to make sure we comply with the foreign issuer pathway within the GENIUS Act,” Ardoino said. “It's crazy that sometimes people think Tether will not comply.”
The GENIUS Act requires foreign issuers to obey stringent anti-money laundering laws and undergo intricate audit reserves. Tether’s reserves have never undergone a full audit, though Ardoino said the company intends to do so in the future.
“We have three years to make sure this process can go through properly,” Ardoino continued. “We are going to be very precise and very dedicated to that.”
In April, Ardoino told Decrypt Tether was considering creating a U.S.-specific stablecoin to better satisfy American requirements. The process of Congress drafting stablecoin legislation over the last few months had been rife with questions about whether USDT—handily the world’s dominant stablecoin, with a $161 billion market capitalization—would be boxed out of the American market under new laws.
Ardoino said Friday that Tether still intends to create a U.S.-based stablecoin, but also get USDT approved under GENIUS. The dueling Tether offerings will cater to different clients for different purposes in America, he said. USDT, for instance, might be “mostly” used in the United States as a way to pay remittances overseas.
“There are a lot of expats [who] work in the United States, and [their] families are at home,” Ardoino said.
Tether’s commitment to bringing USDT stateside under GENIUS could be considered an unwelcome development for Circle, America’s top stablecoin issuer and the world’s second largest, which has long framed itself as a more regulatorily compliant Tether alternative.
On Friday, however, when informed of Tether’s plans, Circle CEO Jeremy Allaire appeared unaffected. He maintained that under GENIUS, his company will only be further rewarded for what he framed as its history of regulatory compliance.
“I think the GENIUS Act enshrines in law Circle's way of doing business,” Allaire told Decrypt.
The New York-based executive said top institutions partner with Circle because of the trust the firm has earned after years of undergoing public audits and complying with regulatory regimes around the world.
“We think that this law obviously continues to accelerate that opportunity for us,” Allaire continued, “as we move from […] offshore crypto trading […] into the world of legal, dollar digital currency integrated into the mainstream financial system.”
Though Tether and Circle are fierce competitors, which routinely take shots at one another, the leaders of both companies almost never find themselves in the same room.
Friday’s GENIUS ceremony at the White House presented that rare opportunity; both Ardoino and Allaire stood behind President Trump as he signed the bill into law.
Shortly thereafter, both men stood about 20 feet apart from each other in front of the White House, speaking to reporters. They did not say hello.