China-based pork processing firm and Bitcoin miner Bit Origin has formally kicked off its crypto treasury initiative with its first acquisition of 40.5 million Dogecoin.
In a press release on Monday, the corporate mentioned the Dogecoin (DOGE) purchase was the “first strategic acquisition” beneath its digital asset treasury initiative, supported by a share sale and debt providing that aimed to lift $500 million.
At a mean worth of $0.24 per coin, Bit Origin would have spent round $9.9 million on its current Dogecoin acquisition. The token is at present buying and selling at $0.26, in keeping with Nansen.
Notably, Bit Origin has ties to a China-linked crypto mining agency that was pressured to vacate a property in Wyoming after an order from the White Home.
Bit Origin joined forces with MineOne Companions Restricted in 2022 to function a crypto mining facility in Cheyenne, Wyoming, offering strategic and operational help. The China-linked crypto mining agency was pressured to go away the property in 2024 because of its proximity to a nuclear missile base.
Earlier than becoming a member of Bit Origin in 2021 as its chief working officer and CEO, Jinghai Jiang was a director at MineOne Companions Restricted.
Bit Origin CEO says Dogecoin at inflection level
Dogecoin was launched in 2013 by software program engineers Billy Markus and Jackson Palmer as a joke cost system satirizing the wild crypto hypothesis on the time, however it has since risen to be the eighth largest cryptocurrency by market cap.
Jiang mentioned Bit Origin adopted Dogecoin for its treasury over different cryptocurrencies as a result of they see its “utility potential for micropayments nearing an inflection level, pushed by renewed developer exercise and broader institutional curiosity in tokenization.”
“Whereas we embrace its cultural origins, which have helped drive liquidity and world familiarity, we imagine present market situations align with Dogecoin’s evolution towards decentralized finance.”
Meals firm pivoting additional into crypto
On July 17, Bit Origin entered into agreements with buyers to promote as much as $400 million in shares and as much as $100 million in convertible debt to fund the Dogecoin treasury technique.
Jiang mentioned in a press release on the time, “Bit Origin is evolving past mining infrastructure to interact instantly within the worth and utility of digital belongings.”
Bit Origin was launched in 2019 as China Xiangtai Meals and was primarily engaged in pork processing, together with slaughtering, packing, distribution and wholesale.
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Nevertheless, in December 2021, the corporate introduced it had bought 742 spot first-tier new Bitcoin miners as a part of a crypto pivot and adjusted its title to Bit Origin in 2022.
As of 2025, it doesn’t point out pork processing in its firm profile anymore.
The most important Dogecoin Holders
Dogecoin is at present largely skewed towards whale holders. Information from crypto tracker BitInfoCharts exhibits that over 81% of Dogecoins’ provide is held amongst 908 addresses.
One handle holds over 28 billion, whereas the subsequent 14 largest wallets have over 43 billion. Crypto trade Exolix mentioned in March {that a} pockets related to brokerage agency Robinhood holds the 28 billion tokens.
Whereas an unidentified proprietor is the second largest holder with 8.90 billion Dogecoin, and crypto trade Binance is the third largest holder with 7.65 billion.
Compared, roughly 82% of Bitcoin (BTC) is held amongst 152,002 pockets addresses, in keeping with BitInfoCharts.
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