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

Key Points

1. Bit Origin purchased 40,543,745 DOGE at an average price of $0.2466 per coin, totaling around $10 million, which has since grown to nearly $11.5 million due to DOGE's price increase.

2. The company's shares (BTOG) surged more than 90% following the announcement and are up 386% from their July starting price of $0.16.

3. Bit Origin tracks its Dogecoin holdings using the DOGE-per-share (DPS) metric, reporting a DPS of 0.69 after the initial purchase.

4. The firm cites Dogecoin's utility potential for micropayments and institutional interest in tokenization as key reasons for the investment.

5. Bit Origin's CEO emphasized the liquidity and global familiarity of Dogecoin, aligning with the company's strategic focus on digital finance.