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U.S. Company Prepares for Half a Billion Dollar Dogecoin Purchase: They Will Be Among the First!
U.S.-based micro-cap company Bit Origin is preparing to become one of the first firms among publicly traded companies to establish a Dogecoin (DOGE) reserve with an investment of up to 500 million dollars.
Known for its cryptocurrency mining infrastructure, Bit Origin (BTOG) announced in a statement that it has signed agreements for stock sales of up to 400 million dollars and convertible debt agreements worth 100 million dollars. The company's current market value is only about 23 million dollars.
The company's CEO and Chairman Jinghai Jiang attributed their preference for Dogecoin to the cryptocurrency's large community and fast transaction capacity. Jiang stated, "Dogecoin, which started as a joke, has now become a global payment tool. Doge is increasingly accepted for peer-to-peer payments and online commerce." Bit Origin announced that it will use the funds it raises for Dogecoin purchases, miner services, payment applications, and new value-creating projects aimed at the Doge ecosystem.
It seems that Elon Musk's vision of transforming the X platform into a global super application also influences Bit Origin's move. In his statement, Jiang noted that he sees the combination of Musk's X Money application and the positive energy and flexibility of the Dogecoin community as ideal.
Recently, X launched a service enabling users to transfer money from digital wallets to bank accounts and to each other. Additionally, investment and trading features are expected to be implemented on the platform soon. Dogecoin has come back into the spotlight with Musk's statements and X's cryptocurrency moves. While Dogecoin ETF applications continue to be reviewed by the SEC, Bloomberg analysts have set the probability of approval within this year at 90%.
U.S.-based micro-cap company Bit Origin is preparing to become one of the first firms among publicly traded companies to establish a Dogecoin (DOGE) reserve with an investment of up to 500 million dollars.
Known for its cryptocurrency mining infrastructure, Bit Origin (BTOG) announced in a statement that it has signed agreements for stock sales of up to 400 million dollars and convertible debt agreements worth 100 million dollars. The company's current market value is only about 23 million dollars.
The company's CEO and Chairman Jinghai Jiang attributed their preference for Dogecoin to the cryptocurrency's large community and fast transaction capacity. Jiang stated, "Dogecoin, which started as a joke, has now become a global payment tool. Doge is increasingly accepted for peer-to-peer payments and online commerce." Bit Origin announced that it will use the funds it raises for Dogecoin purchases, miner services, payment applications, and new value-creating projects aimed at the Doge ecosystem.
It seems that Elon Musk's vision of transforming the X platform into a global super application also influences Bit Origin's move. In his statement, Jiang noted that he sees the combination of Musk's X Money application and the positive energy and flexibility of the Dogecoin community as ideal.
Recently, X launched a service enabling users to transfer money from digital wallets to bank accounts and to each other. Additionally, investment and trading features are expected to be implemented on the platform soon. Dogecoin has come back into the spotlight with Musk's statements and X's cryptocurrency moves. While Dogecoin ETF applications continue to be reviewed by the SEC, Bloomberg analysts have set the probability of approval within this year at 90%.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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