"Executive Interviews on Crypto Concept Stocks: Financial Innovation Driven by Cultural Consensus: An Analysis of Bit Origin's DOGE Treasury Strategy"

Article Author: 0x9999in1

Source: MetaEra

The Web3 strategies and layouts of publicly listed companies have become a hot topic of increasing public interest. Against this backdrop, MetaEra officially launched a series of 'High-End Dialogue' interviews with executives of crypto concept stocks. We will engage with those corporate leaders who dare to take the lead in the wave of digital transformation, exploring their strategic layouts, business innovations, and financial innovations from the first-person perspective of decision-makers to provide forward-looking insights for industry participants.

The guest of this interview is Jinghai Jiang, Chairman of the Board and CEO of Bit Origin (Nasdaq: BTOG). Bit Origin has sparked widespread discussion with its bold DOGE ($DOGE) strategic reserve. MetaEra and Jinghai Jiang delved into how Bit Origin explores the fusion of cultural consensus and financial innovation through its DOGE strategic reserve.

Career Journey: It is 'transformation' and also 'origin'

Jinghai Jiang's career spans over 20 years, marking a continuous breakthrough of 'transformation.' "If I had to use one word to describe this journey, I would choose 'transformation.'" He said, "From my previous studies in industrial automation to later immersing myself in the blockchain industry, and now leading Bit Origin to launch the DOGE strategic treasury, each stage is not merely a simple transformation but an upgrade and reconstruction of systemic cognition." In 2000, Jinghai Jiang graduated with a degree in industrial automation, learning how to optimize systems and efficiency; in 2016, he founded the "Big Cabbage Blockchain" community, beginning his exploration of blockchain culture; now, he leads Bit Origin, integrating cultural consensus, financial structure, and corporate governance to explore organizational forms, asset expression, and trust mechanisms in the digital world.

"Industrial automation taught me how to understand systems and efficiency; founding Big Cabbage Blockchain was an awakening of culture and community; and now Bit Origin is our true experiment of integrating cultural consensus, financial structure, and corporate governance." Jinghai Jiang stated that this is not only a change in his career but also a traversal of the 'spirit of the times.' He always questions: "What is the next organizational form in the digital world? What is the next expression of assets? What is the next mechanism of trust?" He views Bit Origin as a 'note in the cycle of transformation,' representing not just a company but a signal of the possibilities of a new paradigm. After recounting his career, Jinghai Jiang summarized: "This journey is 'transformation' and also 'origin.'"

Why Choose DOGE: The Integration of Culture and Practicality

Bit Origin recently announced a financing plan of up to $500 million (including $400 million in equity and $100 million in convertible bonds) to establish a strategic reserve of DOGE ($DOGE) and become the first publicly listed company in the US with DOGE as a core asset. As of July 2025, the company has accumulated approximately 40.5 million DOGE, with a weighted average price of $0.2466 per DOGE, totaling about $10 million. Jinghai Jiang explained, "For Bit Origin, this strategy is not just an asset choice but a transformation of the company's identity— we are evolving from a traditional Bitcoin mining company into a more culturally perceptive, community-connected, and financially forward-looking crypto enterprise."

He proposed three core motivations for choosing DOGE:

1. Cultural Power: "We see the power of 'culture' in crypto assets becoming a new sovereign asset logic. Although DOGE originated from a meme, it is not merely a meme. It is an internet-native asset with significant emotional value, community consensus, and payment practicality. Today, we are in an era where trust institutions are gradually collapsing, and traditional currency systems face distrust from younger demographics, while DOGE represents a counter-financial culture: easygoing, decentralized, and broadly consensual—this itself is its value."

2. Payment Practicality: "The performance of DOGE in the on-chain payment layer far exceeds that of most mainstream assets. Whether it is transaction fees, speed, or liquidity, DOGE has a real and practical financial foundation. It is not a technologically complex asset that is shelved but a token genuinely used for transfers, tipping, and payments. We believe it has natural conditions for deep integration with platforms (such as X Money, Telegram Bot, Web3 micropayments)."

3. Meme and Market Value Management: "We believe that Meme + market value management is the way for Web3 companies to truly connect with the public. If Bitcoin represents digital gold and Ethereum represents a computing platform, then DOGE represents the cultural internet, user consensus, and the most authentic communication path of Web3. We choose DOGE not for being 'alternative,' but because we see its vitality in global cultural dissemination, young communities, payment circulation, and brand penetration far exceeds that of technical assets."

"We hope to be the first NASDAQ public company to assetize, strategize, and structure Meme assets, and on this basis, explore multiple directions such as payments, computing power, stablecoins, and culture." Jinghai Jiang emphasized that this strategy integrates DOGE into the corporate financial system through the 'DOGE-per-share' logic, sharing the appreciation potential of meme assets with shareholders.

Risk Management: Transforming Volatility into Value

After clarifying the strategy of DOGE as a core asset, the risk management challenges facing Bit Origin become particularly critical. Jinghai Jiang stated, "In the face of volatility in the cryptocurrency market, Bit Origin is not blindly 'holding assets,' but has established a comprehensive systematic risk management framework to ensure a balance between cultural consensus and financial soundness. This is precisely where we differ as a NASDAQ-listed company from community projects." Specific measures include:

- Treasury Transparency Mechanism: "We have established a 'Treasury Transparency Mechanism' to enhance information disclosure and market trust. We will regularly disclose the holdings of DOGE, usage strategies, and progress in integration with payment applications in our financial reports. We do not view DOGE as a 'speculative asset,' but rather as a structured part of our company's financial system, gradually promoting the concept of 'DOGE-per-share' as a new metric for shareholder value expression."

- Dynamic Configuration Model: "We designed a 'Dynamic Configuration Model' to respond to market fluctuations. The DOGE treasury will not remain static but will be flexibly adjusted based on market conditions, project demands, and external macro environments."

- Exploration of Hedging Tools: "We are evaluating the applicability of various hedging tools, including options, forward contracts, stablecoin peg, DeFi hedging mechanisms, and more. Although the maturity of the DOGE derivatives market is currently limited, we will collaborate with professional institutions to explore risk mitigation solutions suitable for publicly listed companies' compliance frameworks."

- Diversified Revenue Model: "We reduce the risk of dependence on a single asset through a 'Diversified Revenue Model.' Bit Origin is not merely a 'DOGE-holding company.' We are building a payment ecosystem, computing power network, and cultural asset application scenarios around DOGE, creating diverse revenue sources that include miner services, micropayment systems, and Web3 product incubation. These 'infrastructure-type revenues' can provide stable cash flow during market downturns, further buffering the financial impact of price fluctuations."

"We are not afraid of volatility; instead, we institutionalize it, turning volatility into a part of value management. This is the key for meme assets to truly enter the mainstream financial world," Jinghai Jiang summarized.

Balancing Meme Culture and Professional Image of Public Companies

The meme attribute of DOGE may raise questions among traditional investors regarding the decisions of publicly listed companies, but Jinghai Jiang believes that this is precisely its unique value. "We do not regard memes as jokes but as a new consensus mechanism." He pointed out that traditional investors tend to use cash flow discounting or balance sheet assessments for assets, while the value of memes comes from network culture, community vitality, and self-propagation capabilities. "We see a clear trend: cultural assets are becoming the infrastructure of the digital world. From Tesla accepting DOGE as payment to X integrating DOGE emojis internally, to the meme trading culture involving hundreds of millions of participants, DOGE represents a decentralized, community-driven, emotionally recognized network culture. The power of this cultural consensus is precisely an important way for the younger generation to resist the old financial system and express their identities."

As a publicly listed company, Bit Origin has the capability to 'institutionalize' and 'assetize' this cultural power. "We established the DOGE treasury not to chase trends but to treat it as a long-term strategic allocation, building a complete system around it for governance, disclosure, risk control, and financial reporting." Jinghai Jiang stated that the company will disclose quarterly changes in DOGE holdings, usage strategies, and progress in integration with payment networks, turning meme culture into a structured part of market value. "This is professionalism."

"We are not abandoning professionalism to embrace culture, but rather gaining a broader market power through culture," Jinghai Jiang added. Bit Origin possesses both a professional compliance framework and the native voice of culture, making this dual-driven mechanism a competitive advantage for future Web3 companies.

Business Growth Model: Become a co-builder of the DOGE world

Bit Origin's DOGE strategy goes far beyond merely holding assets. Jinghai Jiang stated: "Establishing the DOGE treasury is just our first step. Bit Origin's goal is not only to hold DOGE but more importantly, to support the real and usable financial and technical infrastructure built around it and explore new business growth models." The company plans to focus on three dimensions:

1. Payment Application Scenarios: "We believe that the most underestimated aspect of DOGE is its practicality in the payment layer. Low fees, fast transfers, and good liquidity make these characteristics very suitable for building lightweight, on-chain native payment applications." Specifics include:

- Social Payments and Content Tipping: Collaborate with social platforms and wallet products that support DOGE for scenarios such as instant payments and content creator revenue settlements;

- E-commerce and Virtual Service Settlements: Support online platforms to accept DOGE as a transaction currency, especially in Web3 digital goods, AI services, computing power products, and more;

- B2B Micropayment Scenarios: For lightweight, high-frequency payment activities such as on-chain calls, API fees, and plugin subscriptions.

2. Miners and Technical Network Services: "Bit Origin has years of computing power operation and mining experience. We plan to extend this foundation to the DOGE network, promoting standardization and infrastructure development for miner and node-side services." Goals include:

- Provide integrated solutions for DOGE, including computing power support, mining business, node access, and service management;

- Launch miner-friendly DOGE resource toolkits, yield management tools, wallet support, and other products;

- Explore merged mining, mining pool ecosystem construction, and other extended directions.

3. Culture and Financial Ecosystem: "The core value of DOGE lies not only in technology or payments but in the culture behind it." Bit Origin Plan:

- Initiate a DOGE innovation hackathon fund plan aimed at developers, content creators, and community members;

- Support application projects based on DOGE as an economic foundation;

- Building a dual-track system of 'Cultural Assets + Corporate Finance' so that memes are not just memes but also real value units that can be disclosed, held, and used.

"We do not just want to 'participate in the network,' but to be contributors to enhancing its efficiency and long-term sustainability." Jinghai Jiang emphasized that Bit Origin's goal is to be a co-builder, technology promoter, and cultural voice in the DOGE world.

Comparative Strategy: Creating a New Paradigm for Cultural Treasuries

Bit Origin's DOGE strategy forms a sharp contrast to the Bitcoin reserve strategy. Jinghai Jiang stated, "We greatly respect the 'Bitcoin treasury paradigm' led by Strategy, but Bit Origin's DOGE reserve strategy indeed follows a completely different path in terms of approach, cultural logic, and future imagination." He emphasized, "The core of our strategy is not to replicate the 'BTC treasury' but to create a new paradigm for 'cultural treasuries.'"

Bit Origin's treasury is structured in three layers:

1. Financial Layer: "DOGE is incorporated as an asset into the company's books, gradually increasing the 'DOGE-per-share' holdings, sharing the appreciation logic of meme assets with shareholders."

2. Application Layer: "Support building payment scenarios, service interfaces, and computing power integration products around DOGE, such as integrating with X Money, Telegram, wallets, or offline payments."

3. Cultural Layer: "Integrate the vitality, consensus mechanisms, and self-propagation capabilities of the meme community into the company's branding, operations, and market dissemination, forming brand assets that transcend financial data."

"The treasury logic of Bitcoin is more institutional and top-down, while DOGE represents a dynamic treasury model that can be co-built with the community." Jinghai Jiang added that the company plans to allow partner merchants to join the DOGE ecosystem, invest in DOGE-related experimental projects, and explore culture-driven Web3 application incubation and investment. "We believe that Bit Origin's actions will open avenues for treasury strategies for non-Bitcoin assets." He stated that crypto assets are not limited to BTC and ETH, and as on-chain ecosystems develop, more assets with real network effects and cultural consensus will emerge. "What we are doing is not just 'holding coins' but defining the next possibility of corporate assets. And DOGE is the most tangible and culturally native key to this new paradigm."

Future Vision: Pioneers of Cultural Assets in the Web3 Field

Looking ahead to the next 1-2 years, Jinghai Jiang has a clear vision for Bit Origin's role.

"First, we want to become the most representative DOGE enterprise globally." He stated that Bit Origin will explore the professional management of meme assets within the public company system through the 'DOGE-per-share' metric; in terms of influence, it will become a window to the DOGE world; in terms of dissemination, it will let more people see that DOGE is not just a coin, but a culture, payment layer, and experimental platform.

"Second, we hope to be pioneers in the 'institutionalization of cultural assets' in the Web3 world." Jinghai Jiang believes that the core of Web3 is 'participation' and 'recognition.' Bit Origin will support payment tools based on DOGE, develop interfaces, API micropayment systems, and an open ecological collaboration platform to connect developers, content creators, brands, and consumers, creating 'cultural assets' that embody emotional recognition and liquidity.

"Third, I hope Bit Origin becomes a model of 'voice + product power + emotional value' in Web3 enterprises." He emphasized that the company must not only have memes, strategies, and financial discipline but also establish a trust bridge between institutional investors and young users through product implementation and cultural influence. "We are not just managing assets; we are defining a new language and posture for Web3 enterprises."

Jinghai Jiang summarized: "In my personal vision, Bit Origin is not just a 'public company + DOGE reserve' but an attempt at reconstructing internet culture within the capital system. If we can accomplish this, in the coming years, more crypto-native projects can be 'institutionalized,' and more Web3 users will have trustworthy platforms for participation. We hope to be the first piece of this puzzle, even the first button."

Conclusion: Exploring the Future Forms of Web3 Enterprises

Bit Origin's DOGE strategy is not only a redefinition of crypto assets but also an exploration of the future forms of Web3 enterprises. Through the combination of cultural consensus and financial structure, Jinghai Jiang and his team are injecting new possibilities into the DOGE ecosystem and the Web3 field. As the company name implies, Bit Origin is not just the 'origin of bits' but also the 'origin of transformation.' Through its innovative strategy and institutional exploration of cultural assets, Bit Origin may inspire more enterprises to explore non-Bitcoin crypto asset reserves and open a new chapter for Web3 enterprises.