China’s Bit Origin kicks off altcoin treasury with $9.9M Dogecoin buy
Main Idea
Bit Origin, a Chinese company, has acquired $9.9 million worth of Dogecoin as part of its new digital asset treasury strategy, aiming to boost its DOGE-per-share ratio over time.
Key Points
1. Bit Origin spent $9.9 million to acquire 40.5 million DOGE at an average price of $0.2466 per Dogecoin.
2. The purchase is backed by capital facilities combining equity and convertible debt, with plans to raise up to $500 million.
3. CEO Jinghai Jiang cited Dogecoin's cultural relevance and potential integration into decentralized finance as reasons for the acquisition.
4. Bit Origin transitioned from pork processing to crypto mining in 2021 and rebranded in 2022, phasing out its legacy business.
5. Other companies, like Heritage Distilling, have also adopted Dogecoin as part of their treasury strategies.
Description
Chinese Bitcoin mining firm Bit Origin has officially established a cryptocurrency treasury with Dogecoin as the first asset to be included. According to the company’s latest announcement , Bit Origin has acquired 40.5 million DOGE as part of its new digital asset treasury strategy. The acquisition, valued at approximately $9.9 million, was made at an average price of $0.2466 per Dogecoin. Bit Origin confirmed that the move is backed by previously announced capital facilities of up to $500 milli...
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