Shares of Bit Origin Ltd (NASDAQ:BTOG) surged 12% after the company revealed its initial strategic purchase of approximately 40.5 million Dogecoin (DOGE) as part of a broader digital asset treasury plan.
This acquisition marks the first step in Bit Origin’s previously announced capital facility program, which allows for investments up to $500 million. The company disclosed that the Dogecoin was purchased at an average price of about $0.2466 per coin, resulting in an initial Dogecoin-Per-Share (DPS) ratio near 0.691.
Jinghai Jiang, Bit Origin’s CEO, COO, and Chairman of the Board, commented: “Our new origin has begun. From our experience in mining, we understand the tradeoffs that define proof-of-work systems. We see Dogecoin’s utility potential for micropayments nearing an inflection point, driven by renewed developer activity and broader institutional interest in tokenization. While we embrace its cultural origins, which have helped drive liquidity and global familiarity, we believe current market conditions align with Dogecoin’s evolution toward decentralized finance.”
The company explained that the DPS calculation is based on the total Dogecoin holdings divided by the combined number of Class A and Class B ordinary shares outstanding as of April 18, 2025.
This move signifies Bit Origin’s strategic pivot toward building a digital asset treasury, with Dogecoin becoming the inaugural cryptocurrency in its portfolio.
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