`
Bit Origin Plans $500M Dogecoin Purchase to Build Treasury
Publicly traded Bitcoin mining firm Bit Origin announced plans Thursday to raise up to $500 million by selling equity and convertible debt to build a treasury of meme coin Dogecoin (DOGE).
According to a company statement, Bit Origin entered agreements to sell up to $400 million in Class A ordinary shares and up to $100 million in convertible debt proceeds specifically to acquire DOGE.
Chairman Jinghai Jiang stated the company is “evolving beyond mining infrastructure to engage directly in the value and utility of digital assets.” He further praised Dogecoin for its settlement speed and community scale.
CEO Daniel Tartaglione additionally suggested an interest in seeing Dogecoin integrated into X (formerly Twitter), citing Elon Musk’s apparent fondness for the meme coin.
Shares of Bit Origin (BTOG) saw a substantial 90% increase on the day of the announcement, trading at $0.63. BTOG stock is currently down ~35% year-to-date. DOGE has gained ~2% day-to-date and ~25% month-to-date.
DOGE remains nearly 71% below its 2021 all-time high. Several companies have previously announced similar moves involving Dogecoin, including several publicly traded entities.
`
