A small U.S. company is making a big bet on Dogecoin, aiming to become one of the first public firms to hold DOGE in its reserves.
Bit Origin, a U.S.-based company known for its crypto mining infrastructure, has unveiled a bold plan to raise up to $500 million for Dogecoin investments. The company aims to achieve this through a $400 million stock sale and $100 million in convertible debt deals. Despite having a modest market cap of just $23 million, Bit Origin is positioning itself as one of the earliest publicly traded companies to adopt Dogecoin as a treasury asset.
CEO Jinghai Jiang said Dogecoin’s wide community support and fast transaction capability made it an ideal choice. “Dogecoin started as a joke, but it’s now a global payment tool,” Jiang remarked. The company plans to use the raised capital not only to buy DOGE but also to develop payment solutions, mining services, and new projects to support the broader Dogecoin ecosystem.
Elon Musk’s ambition to turn X into a global super app appears to have influenced this move. Jiang highlighted the synergy between Musk’s X Money initiative and Dogecoin’s vibrant community. Recently, X rolled out peer-to-peer payment services, and investment features are expected to follow. Meanwhile, Bloomberg analysts estimate a 90% chance for Dogecoin ETF approvals this year, further boosting market sentiment. Bit Origin shares jumped 30% to $0.43 following the announcement, while DOGE traded around $0.24.
