Author: 0x9999in1
Source: MetaEra
The Web3 strategy and layout of public companies have become an increasingly hot topic of public concern. Against this backdrop, MetaEra officially launched a series of ‘High-End Dialogue’ interviews with executives of crypto concept stocks. We will converse with those business leaders who dare to be pioneers in the wave of digital transformation, delving into their strategic layouts, business innovations, and financial innovations from the first-person perspective of decision-makers, providing forward-looking insights for industry participants.
The guest of this interview is Jinghai Jiang, chairman and CEO of Bit Origin (Nasdaq:BTOG). Bit Origin has sparked widespread discussion with its bold DOGE ($DOGE) strategic reserves. MetaEra and Jinghai Jiang explored how Bit Origin explores the fusion of cultural consensus and financial innovation through its DOGE strategic reserves.
Career journey: It is ‘change’, but also ‘origin’
Jinghai Jiang's career spans over 20 years and is a continual breakthrough of ‘change’. ‘If I had to use one word to describe this journey, I would choose ‘change’.’ He said, ‘From studying industrial automation before, to later diving into the blockchain industry, and now leading Bit Origin to launch the DOGE strategic treasury, each stage is not a simple transformation but an upgrade and reconstruction of systemic cognition.’ In 2000, Jinghai Jiang graduated with a major in industrial automation, learning how to optimize systems and efficiency; in 2016, he founded the ‘Big Cabbage Blockchain’ community, starting the exploration of blockchain culture; now, he leads Bit Origin in integrating cultural consensus, financial structures, and public company governance, exploring organizational forms, asset expressions, and trust mechanisms in the digital world.
‘Industrial automation taught me how to understand systems and efficiency; founding Big Cabbage Blockchain was a cultural and community awakening; and now Bit Origin is our true experiment in integrating cultural consensus, financial structure, and public company governance.’ Jinghai Jiang said that this is not just a career change but a crossing of ‘the spirit of the times’. He constantly asks, ‘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 sees Bit Origin as ‘a note in a cycle of change’, not just a company but a signal representing the possibilities of a new paradigm. After recounting his career, Jinghai Jiang concluded, ‘This journey is about ‘change’, but also about ‘origin.’
Why choose DOGE: The fusion of culture and practicality
Bit Origin recently announced a financing plan of up to $500 million (including $400 million in equity and $100 million in convertible bonds) to establish a DOGE ($DOGE) strategic reserve, becoming the first public company in the U.S. to use DOGE as its core asset. As of July 2025, the company had accumulated approximately 40.5 million DOGE at a weighted average price of $0.2466 per DOGE, totaling about $10 million. Jinghai Jiang explained, ‘For Bit Origin, the strategic underpinning is not just an asset selection issue, but a transformation of the company's identity — we are evolving from a traditional Bitcoin mining enterprise to 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 logic of sovereign assets. Although DOGE originated from a meme, it is not just 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 the traditional currency system faces distrust from young demographics, while DOGE represents a reverse financial culture: light, decentralized, and widely recognized — this is its inherent value.’
2. Payment practicality: ‘DOGE's performance in on-chain payments far exceeds that of most mainstream assets. Whether in terms of fees, transaction speed, or liquidity, DOGE has a real, practical financial foundation. It is not a technologically complex asset that is shelved, but a token genuinely used for transfers, rewards, and payments. We believe it has natural conditions for deep integration with platforms like X Money, Telegram Bot, and Web3 micropayments.’
3. Meme and market value management: ‘We believe that Meme + market value management is the true way for Web3 enterprises to connect with the public. If Bitcoin represents digital gold, Ethereum represents a computing platform, then DOGE represents the cultural internet, user consensus, and the most authentic dissemination 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 exceeding that of technical assets.’
‘We hope to become the first Nasdaq public company to assetize, strategize, and structurally manage meme coin assets, and based on this, explore multiple directions such as payments, computing power, stablecoins, and culture.’ Jinghai Jiang emphasized that this strategy integrates DOGE into the company’s financial system through the ‘DOGE-per-share’ logic, sharing the appreciation potential of meme assets with shareholders.
Risk management: Turning volatility into value
After clarifying the strategic position of DOGE as a core asset, the risk management challenges that Bit Origin faces have become particularly crucial. Jinghai Jiang stated, ‘In the face of the volatility of the cryptocurrency market, Bit Origin is not blindly ‘holding coins’, but has established a comprehensive systematic risk management framework to ensure a balance between cultural consensus and financial stability. This is the essential difference between us as a Nasdaq-listed company and 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 DOGE holdings, usage strategies, and progress in conjunction with payment applications in our financial reports. We do not view DOGE as a ‘speculative asset’, but rather structure it as part of the company's financial system, gradually promoting the concept of ‘DOGE-per-share’ as a new indicator of shareholder value.’
- Dynamic allocation model: ‘We have designed a ‘dynamic allocation model’ to respond to market volatility. The DOGE treasury will not remain static but will be flexibly adjusted based on market conditions, project needs, and external macro environments.’
- Exploring hedging tools: ‘We are evaluating the applicability of various hedging tools, including options, forward contracts, stablecoin peg, DeFi hedging mechanisms, etc., all of which are directions we are exploring. Although the maturity of the DOGE derivatives market is currently limited, we will collaborate with professional institutions to explore risk mitigation solutions suitable for public company compliance frameworks.’
- Diverse income model: ‘We are reducing dependency risk on a single asset through a ‘diverse income 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, forming diverse income 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 but rather institutionalize it, turning volatility into a part of value management. This is the key to meme assets truly entering the mainstream financial world.’ Jinghai Jiang summarized.
Balancing meme culture with the professional image of a public company
The meme attributes of DOGE may provoke traditional investors to question the decisions of public companies, but Jinghai Jiang believes that this is precisely its unique value. ‘We do not view memes as jokes but as a new consensus mechanism.’ He pointed out that traditional investors are accustomed to evaluating assets using cash flow discounting or balance sheets, 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 for payments, to internal integration of DOGE emojis by X, 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 fight against the old financial system and express their identity.’
As a public company, Bit Origin has the capability to ‘institutionalize’ and ‘assetize’ this cultural power. ‘We established the DOGE treasury not to chase trends, but 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 changes in DOGE holdings, usage strategies, and progress in conjunction with payment networks every quarter, 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 that Bit Origin possesses both a professional compliance structure and a native cultural voice, and this dual-driven mechanism is the competitive edge for future Web3 companies.
Business growth model: Becoming a co-builder in 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 payments. 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 rewards: Collaborate with social platforms and wallet products supporting DOGE to realize scenarios like instant payments and content creator revenue settlements;
- E-commerce and virtual service settlement: Support online platforms to accept DOGE as a transaction currency, especially in areas such as Web3 digital goods, AI services, and computing power products;
- B2B micropayment scenarios: Used for lightweight, high-frequency payment activities such as on-chain calls, API fees, and plugin subscriptions.
2. Mining and technical network services: ‘Bit Origin has years of experience in computing power operations and mining. We plan to extend this foundation to the DOGE network, promoting the standardization and infrastructure of services on the miner and node side.’ 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 extended directions such as merged mining and mining pool ecosystem construction.
3. Cultural and financial ecosystem: ‘The core value of DOGE lies not only in technology or payments but in the culture behind it.’ Bit Origin plans:
- Initiate a DOGE innovation hackathon fund aimed at developers, content creators, and community members;
- Support application projects based on DOGE as the economic foundation;
- Build a dual-track system of ‘cultural assets + company finance’ so that memes are not just memes, but real value units that can be disclosed, held, and used.
‘We do not just wish to ‘participate in the network’, but to become contributors to its efficiency enhancement and long-term sustainability.’ Jinghai Jiang emphasized that Bit Origin’s goal is to be a co-builder, a technology promoter, and a cultural voice in the DOGE world.
Comparative Strategy: Creating a new paradigm for cultural asset repositories
Bit Origin's DOGE strategy sharply contrasts with Bitcoin reserve strategies. Jinghai Jiang stated, ‘We highly respect the ‘Bitcoin treasury paradigm’ led by Strategy, but Bit Origin's DOGE reserve strategy indeed takes a completely different path in terms of approach, cultural logic, and future imagination.’ He emphasized, ‘Our strategic core is not to replicate the ‘BTC treasury’, but to create a new paradigm of ‘cultural treasury.’
Bit Origin's treasury is structured in three layers:
1. Financial layer: ‘DOGE is incorporated as an asset on the company’s books, gradually increasing the ‘DOGE-per-share’ held, sharing the meme asset appreciation logic with shareholders.’
2. Application layer: ‘Support the construction of payment scenarios, service interfaces, and computing power integration around DOGE, such as collaborations with X Money, Telegram, wallets, or offline payments.’
3. Cultural layer: ‘Integrate the vitality, consensus mechanism, and self-propagation capabilities of the meme community into the company’s brand, operations, and market communication, forming brand assets that transcend financial data.’
‘The logic of Bitcoin's treasury is more institutional and top-down; whereas DOGE is 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 network, investing in DOGE-related expansion experiments, and exploring culture-driven Web3 application incubation and investment. ‘We believe that Bit Origin's actions will open pathways for treasury strategies involving non-Bitcoin assets.’ He stated that crypto assets are not just BTC and ETH, as the on-chain ecosystem develops, more assets with genuine network effects and cultural consensus will emerge. ‘What we are doing is not merely ‘holding coins’ but defining the next possibility for corporate assets. And DOGE is the most tangible and culturally native key to this new paradigm.’
Future vision: A pioneer of cultural assets in the Web3 domain
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 specialized management of meme assets within the public company framework through the ‘DOGE-per-share’ metric; at the level of voice, it will become a window into the DOGE world; and in terms of communication, it will let more people see that DOGE is not just a currency, but also a culture, a payment layer, and an 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, develop interfaces, API micropayment systems, and open ecological collaboration platforms based on DOGE, connecting developers, content creators, brands, and consumers to create ‘cultural assets’ with both emotional recognition and liquidity.
‘Third, I hope Bit Origin becomes a model of the trinity of ‘voice + product power + emotional value’ in Web3 enterprises.’ He emphasized that the company needs not only memes, strategies, and financial discipline but also to 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 concluded, ‘In my personal vision, Bit Origin is not just a ‘public company + DOGE reserve’, but an attempt to reconstruct internet culture within the capital system. If we can do this well, in the coming years, more crypto-native projects will be able to be ‘institutionalized’, and more Web3 users will have trustworthy participation platforms. We hope to be the first piece of this puzzle, even the first button.’
Conclusion: Exploring the future form of Web3 enterprises
Bit Origin's DOGE strategy is not only a redefinition of crypto assets but also an exploration of the future form of Web3 enterprises. By combining cultural consensus with financial structures, Jinghai Jiang and his team are injecting new possibilities into the DOGE ecosystem and the Web3 space. As the company name implies, Bit Origin is not just the 'Origin of Bits', but also the 'Origin of Change'. Through its innovative strategy and institutional exploration of cultural assets, Bit Origin may inspire more enterprises to explore non-Bitcoin crypto asset reserves, opening a new chapter for Web3 businesses.
