China’s Bit Origin kicks off altcoin treasury with $9.9M Dogecoin buy

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 million, combining both share sales and convertible debt offerings. Commenting on the development, CEO Jinghai Jiang said Dogecoin was approaching an “inflection point” for utility, particularly in micropayments. “We see Dogecoin’s utility potential for micropayments nearing an inflection point, driven by renewed developer activity and broader institutional interest in tokenization We believe current market conditions align with Dogecoin’s evolution toward decentralized finance,” Jiang said. Bit Origin’s current DOGE-per-share ratio stands at 0.691, based on the company’s Class A and B shares outstanding as of April 2025, with plans to increase this ratio over time as part of its long-term strategy to drive shareholder value. Bit Origin’s DOGE plan The Dogecoin treasury strategy was first revealed on July 17, when Bit Origin said it would raise up to $500 million through equity and debt instruments. Of this amount, $15 million was earmarked for DOGE purchases. At the time, Jiang said that Dogecoin’s cultural relevance and global recognition contribute to its liquidity and adoption potential, making it a fit for the company’s treasury strategy. He also referenced speculation that Elon Musk may integrate DOGE into X’s upcoming payments platform, X Money. While no official confirmation has been received from Musk, Bit Origin believes the memecoin’s popularity could lead to its mainstream adoption as a payment option. The company also sees further upside if US regulators approve pending Dogecoin ETFs. Bitwise, 21Shares, and Grayscale have all filed proposals, which could open institutional pathways to DOGE exposure. Originally launched as China Xiangtai Food in 2019 and focused on pork processing, the firm later pivoted to crypto mining in 2021 with the acquisition of over 700 Bitcoin mining rigs. It later rebranded to Bit Origin in 2022, gradually phasing out its legacy operations. In 2022, Bit Origin partnered with MineOne Partners Limited to operate a mining facility in Wyoming. However, in 2024, the firm was ordered to vacate the site due to national security concerns over its proximity to a US nuclear missile base. Altcoin treasuries on the rise Bitcoin still remains the dominant asset for corporate treasuries , but lately, institutions have also started exploring altcoins for specific use cases and market advantages. For instance, in May, Heritage Distilling, a US-based craft spirits company, adopted a dual Bitcoin and Dogecoin treasury policy. The firm began accepting both assets via its e-commerce platform and designated them as long-term strategic reserves. According to Heritage CEO Justin Stiefel, Dogecoin’s growing user base and updated accounting standards make it a viable choice for businesses. Other companies that have opted for treasury strategies outside Bitcoin include Upexi , which added Solana to their reserves, while firms like BitMine , Bit Digital, and Bit Mining have also diversified into altcoin holdings. The post China’s Bit Origin kicks off altcoin treasury with $9.9M Dogecoin buy appeared first on Invezz

Source: Invezz