Cryptocurrency-focused firm Bit Origin has made a significant investment of $10 million in Dogecoin, demonstrating growing institutional confidence in the memecoin’s utility.
Bit Origin disclosed the purchase of 40,543,745 DOGE tokens at an average price of $0.2466 per coin. The company positioned this move as a reflection of its long-term belief in Dogecoin’s potential.
The cryptocurrency has seen strong recent performance, surging 42% over the preceding week and registering an 8.1% gain within the past 24 hours.
To ensure investor transparency regarding its Dogecoin holdings, Bit Origin utilizes the DOGE-per-share (DPS) metric. The current DPS stands at 0.69 DOGE per ordinary share.
Bit Origin CEO Jinghai Jiang highlighted Dogecoin’s expanding role, envisioning its integration into decentralized finance (DeFi) ecosystems. Jiang emphasized the coin’s strong cultural foundation as key to achieving widespread liquidity and brand recognition.
The investment announcement significantly impacted Bit Origin’s stock performance. The company’s shares surged over 90% following the news, reflecting substantial market confidence. This surge extends a trend of increasing value observed since July.
This strategic investment underscores a growing institutional interest in Dogecoin beyond its origins, positioning it as a player in finance and digital payments.