Bit Origin’s Bold Move: Embracing Crypto with a 40.5 Million Dogecoin Purchase
A New Initiative in the Cryptosphere
Bit Origin, a company well-known for its legacy in pork processing, has taken an ambitious leap into the cryptocurrency market. Based in China, the firm has officially begun its crypto treasury initiative by acquiring a staggering 40.5 million Dogecoin (DOGE). This strategic purchase, worth approximately $9.9 million at an average price of $0.24 per coin, marks a significant shift for the company, which is now aiming to explore the full utility of digital assets.
The Details of the Dogecoin Acquisition
In a recent announcement, Bit Origin revealed that this acquisition is the “first strategic acquisition” under the company’s digital asset treasury initiative. The company aims to fund this venture through a substantial share sale and debt offering, seeking to raise a total of $500 million. As of today, Dogecoin is trading at around $0.26, signaling a buoyant market atmosphere for this particular asset.
A Complex Legacy
Interestingly, Bit Origin has a complicated history linked to the crypto mining industry. Previously known as China Xiangtai Food, the company primarily focused on pork processing. However, in December 2021, Bit Origin announced a pivot toward digital assets with the purchase of Bitcoin mining equipment. The firm’s name change in 2022 to Bit Origin reflects this burgeoning focus on the cryptocurrency landscape.
One notable chapter in this narrative involves its ties to a crypto mining firm that was compelled to vacate a property in Wyoming due to a federal order linked to its proximity to a nuclear missile base. These complexities highlight the volatile and often politically charged environment surrounding cryptocurrency operations, especially when linked to international entities.
Why Dogecoin? CEO Jinghai Jiang’s Perspective
CEO Jinghai Jiang expressed a keen belief in Dogecoin’s potential, stating that the firm sees its “utility potential for micropayments” as nearing a critical turning point. This optimism stems from various factors, including growing developer activity surrounding Dogecoin and an increase in institutional interest in tokenization.
Jiang emphasized the cultural origins of Dogecoin, which started as a humorous take on cryptocurrency in 2013, asserting that this aspect fuels liquidity and global recognition. Additionally, he remarked on the evolving market conditions that align well with Dogecoin’s shift toward decentralized finance.
The Financial Landscape
To facilitate the treasury initiative, Bit Origin has entered agreements with investors to potentially generate up to $400 million through stock sales, alongside an additional $100 million from convertible debt. This substantial funding effort reflects the company’s shift from merely operating mining infrastructure to actively engaging in the realm of digital assets.
The Current State of Dogecoin Holdings
While Bit Origin has made a bold move, it is essential to understand the existing landscape of Dogecoin holders. Data shows that a significant portion of Dogecoin’s supply is concentrated among a small number of ‘whale’ addresses. Over 81% of the total supply is held by just 908 addresses, with one wallet alone reportedly containing over 28 billion DOGE. This high concentration poses unique risks and dynamics for the asset’s market behavior.
Bit Origin’s Broader Crypto Engagement
Since entering the cryptocurrency space, Bit Origin has made substantial inroads into mining technologies and operations. The acquisition of Bitcoin miners was a significant step, highlighting its commitment to integrating its business model further into the blockchain ecosystem. Interestingly, as of 2025, the company no longer mentions its pork processing legacy in its public profile, signaling a complete transition into the digital assets domain.
Implications for the Future
As Bit Origin progresses with its treasury strategy, the implications extend beyond the company’s balance sheet. The acquisition of Dogecoin may represent a growing acceptance of cryptocurrencies among traditional businesses, and Bit Origin’s engagement could inspire other companies in similar sectors to explore their options in the digital asset space.
In an ever-evolving landscape, it will be crucial to monitor how initiatives like Bit Origin’s influence the broader market dynamics of cryptocurrencies, particularly as they relate to user adoption and liquidity.