Bit Origin Bets Big on Dogecoin With $500M Treasury Play
Bit Origin (Nasdaq: BTOG), a Singapore-based crypto mining firm, is turning heads with its decision to make Dogecoin (DOGE) its primary treasury asset—becoming the first company listed on a major U.S. exchange to do so.
The company announced on Thursday that it has secured commitments for $400 million in equity and $100 million in convertible debt from accredited investors to back its DOGE-focused strategy. Of the $100 million, $15 million has already been closed, with proceeds earmarked for initial Dogecoin acquisitions.
Bit Origin’s approach follows a familiar path forged by MicroStrategy’s 2020 Bitcoin accumulation strategy, but diverges sharply by embracing Dogecoin—a coin that started as a meme but has since evolved into a legitimate force in crypto, thanks to a strong community and celebrity endorsements.
Though DOGE is rarely seen in corporate treasuries, Bit Origin sees an opportunity to stand out. It’s a bold move for a company whose stock has plummeted nearly 100% since its 2019 listing and is down 58% so far this year. However, news of the DOGE pivot sparked a 28% surge in BTOG shares on Thursday, bringing its market cap to around $20 million.
Bit Origin’s gamble highlights the growing role of alternative crypto assets in treasury strategies—and the increasing appetite for risk among smaller, publicly traded firms seeking a turnaround.
Dogecoin is currently trading at $0.21, up 3.6% in the past 24 hours.
