Bit Origin Buys Millions in Dogecoin After Revealing $500M Raise for DOGE Treasury
Summary
Bit Origin, a Bitcoin mining infrastructure firm, purchased approximately $10 million in Dogecoin to initiate its meme coin treasury. The firm plans a $500 million fundraise to acquire more Dogecoin, boosting its shares by over 90%. CEO Jinghai Jiang emphasized Dogecoin's potential for micropayments and its role in decentralized finance. Bit Origin acquired 40,543,745 DOGE at an average price of $0.2466 per DOGE. The value of their holdings has increased to nearly $11.5 million due to Dogecoin's recent price rise. The firm reports a DOGE-per-share ratio of 0.69. BTOG shares are trading at $0.78, up 386% since July.
