Bit Origin Buys 40 Million Dogecoin As Part of Crypto Pivot
Bit Origin, a China-based pork processing and Bitcoin mining company, has initiated a crypto treasury strategy by acquiring 40.5 million Dogecoin for approximately $9.9 million at an average price of $0.24 per coin. This acquisition is part of a broader initiative supported by a planned $500 million share sale and debt offering. Bit Origin's CEO, Jinghai Jiang, emphasized Dogecoin's potential for micropayments and its evolving role in decentralized finance. The company, originally focused on pork processing, pivoted to cryptocurrency in 2021 and rebranded in 2022. As of 2025, it no longer mentions pork processing in its profile. Dogecoin's supply is heavily concentrated, with over 81% held by just 908 addresses, including significant holdings by major exchanges and investors.
