Bit Origin Buys Millions in Dogecoin After Revealing $500M Raise for DOGE Treasury

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.

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.