Nasdaq-listed crypto company Bit Origin Ltd has raised $500 million to launch what it claims is the first publicly held Dogecoin Treasury, and it aims to accumulate large reserves of the popular meme-based cryptocurrency.
The funding includes $400 million in equity funding and $100 million in convertible debt, both from institutional accredited investors. Chardan was the placement agent for the equity funding, and ATW Partners arranged the debt funding.
Bit Origin stated in a press release that the new funds will be used to purchase Dogecoin and build products and services that complement the overall Dogecoin ecosystem.
This strategic pivot marks a departure from the company’s original focus on cryptocurrency mining. Bit Origin now aims to lead in the development and integration of DOGE-based payment solutions and utility-focused applications.
Jinghai Jiang, CEO of Bit Origin, said the company is positioning itself to be the first publicly traded Dogecoin treasury firm on a major U.S. exchange.
He cited Dogecoin’s strong community, transaction speed, and cultural relevance as some of the elements that make it an attractive digital asset to strategically accumulate over the long term.
Jiang also pointed to the upcoming X Money platform, now in development at Elon Musk’s X (formerly Twitter), as a potential driver of more extensive DOGE use in peer-to-peer transactions.
The company believes its treasury strategy will increase shareholder value over time by expanding the amount of DOGE held per share.
Bit Origin has already drawn down $15 million from the debt facility and is using those funds for its initial Dogecoin purchases. It also aims to create DOGE-based products like merchant acceptance software, payment processors, and miners.
Bit Origin’s action aligns with the growing interest in Dogecoin. According to CoinGlass, DOGE futures open interest increased by 12.7% from yesterday, while perpetual funding rates turned positive, reflecting that bull sentiment is picking up.
DOGE price trading volume also spiked by over 96% on the day, and the token’s price rose more than 6%, reaching $0.231.
With this major investment, Bit Origin joins a small but growing group of institutions actively embracing meme coins as part of their broader digital asset strategy.
