Bit Origin makes first Dogecoin purchases after establishing corporate DOGE treasury
Bit Origin (ticker BTOG) announced Monday the initial purchase of about 40.5 million DOGE tokens, less than a week after the company first established a corporate treasury stacking the Shibu Inu-based Dogecoin memecoin.
The company, which has a market cap of about $45 million and trades under $0.80 a share, said last Thursday it had secured up to $500 million in equity and debt to launch a corporate Dogecoin treasury.
"Our new origin has begun," Bit Origin CEO Jinghai Jiang stated in a press release. "From our experience in mining, we understand the tradeoffs 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."
Last week, the firm specifically pinned its initiative on Elon Musk and his social media platform's super-app ambitions with X Money.
"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," Jiand said in Monday's release.
Bit Origin bought 40,543,745 DOGE at an average acquisition cost of approximately $0.2466 per DOGE. Dogecoin traded higher by 5.5% to $0.28 over the past 24 hours, according to The Block's DOGE price data.
The success of corporate bitcoin treasures from the likes of Strategy has led to a surge in BTC, ETH, and other altcoin treasuries. Bit Origin joins Neptune Digital Assets and Dogecoin Cash Inc. in pursuing a DOGE investment strategy.
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