Chinese pork producer turned BTC miner kicks off Dogecoin plan
Main Idea
Chinese pork producer turned Bitcoin miner Bit Origin has acquired 40.5 million Dogecoin, pivoting further into crypto and adopting Dogecoin for its treasury due to market conditions aligning with its evolution toward decentralized finance.
Key Points
1. Bit Origin, originally a pork processing company, acquired 40.5 million Dogecoin at an average price of $0.24 per coin, totaling around $9.9 million.
2. The company has ties to a China-linked crypto mining firm, MineOne Partners Limited, which was forced to leave a Wyoming mining facility in 2024 due to proximity to a nuclear missile base.
3. CEO Jinghai Jiang stated that Dogecoin was chosen for its treasury over other cryptocurrencies due to its cultural origins, liquidity, and alignment with decentralized finance evolution.
4. Bit Origin rebranded from China Xiangtai Food in 2019 and no longer mentions pork processing in its company profile as of 2025, indicating a full pivot into crypto.
5. Data shows over 81% of Dogecoin's supply is held among 908 addresses, with Robinhood, an unidentified owner, and Binance being the top holders.
Description
Bit Origin CEO Jinghai Jiang said the company adopted Dogecoin for its treasury because they see its “utility potential for micropayments nearing an inflection point.”
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