Bit Origin to Make Dogecoin Core Treasury Asset, Eyes $500M Raise
Bit Origin (BTOG), a Singapore-based and Nasdaq-listed crypto mining firm, announced plans to adopt Dogecoin (DOGE) as its primary treasury asset—a first for a company listed on a major U.S. exchange.
To fund the move, Bit Origin said it has secured agreements for $400 million in equity financing and $100 million in convertible debt from accredited investors. The company has already closed $15 million of the debt round, a portion of which will go toward initial DOGE purchases.
The strategic shift mirrors the crypto-treasury model popularized by MicroStrategy’s Bitcoin accumulation beginning in 2020. However, Bit Origin’s focus on Dogecoin marks a significant departure from the traditional Bitcoin- and Ethereum-based strategies employed by most corporate treasuries.
Despite its meme origins, DOGE has grown into a serious market player, supported by an engaged community and high-profile endorsements. Still, DOGE-focused treasury strategies remain rare, making Bit Origin’s move a notable outlier.
Bit Origin’s stock, which has fallen nearly 100% since going public in 2019 and is down 58% year-to-date, surged 28% Thursday following the announcement, closing at $0.52 with a market cap of around $20 million.
For Bit Origin, the shift represents both a bold bet on Dogecoin’s long-term relevance and a high-risk attempt to revive its struggling equity story.
DOGE is currently trading at $0.21, up 3.6% over the past 24 hours.
