Bit Origin Announces $500 Million Dogecoin Treasury Investment

Bit Origin, a Nasdaq-listed company, has announced plans to invest $500 million in a Dogecoin (DOGE) treasury, with the goal of becoming the largest DOGE holder. This bold move comes as the company pivots from its Bitcoin mining operations to focus on Dogecoin as a key asset. The company has already secured $15 million in debt funding, with most of these funds earmarked for acquiring DOGE.

The Dogecoin Bet

Bit Origin’s new strategy aims to capitalize on Dogecoin’s potential future integration into Elon Musk’s X Money payment system. While X has not yet confirmed Dogecoin as a payment method, the speculation around its inclusion is driving the excitement in the DOGE market. Bit Origin’s CEO, Jinghani Jiang, expressed optimism, suggesting that Dogecoin aligns well with Musk’s vision for X as a global super-app. Jiang described Dogecoin’s community-driven ethos as a strong fit for the platform’s goals of fostering optimism and resilience.

Beyond X, Bit Origin also sees growth potential in Dogecoin through the expected launch of DOGE-based exchange-traded funds (ETFs). Several major companies, including Bitwise, 21 Shares, and Grayscale, are awaiting approval from the U.S. Securities and Exchange Commission (SEC) to launch these ETFs. The approval of DOGE ETFs could further boost the coin’s value and accessibility, making it a viable option for broader financial investments.

A Shift from Bitcoin Mining to Memecoin Investment

Historically, Bit Origin was a Bitcoin mining-focused company, but the company has struggled with its stock price, which fell from over $120 per share in 2019 to just $0.70 by mid-2025. The shift to a Dogecoin treasury comes after a rebranding from China Xiangtai Food Co., Ltd. to Bit Origin, which also failed to stabilize the company’s stock price. The recent announcement regarding the DOGE treasury has sparked some positive movement, with the company’s stock price jumping 28% to $0.52 per share following the news.

This move into Dogecoin investment positions Bit Origin as the largest public company to hold such a treasury, a strategy reminiscent of prominent Bitcoin treasury companies like MicroStrategy. However, it remains to be seen whether Bit Origin’s gamble on Dogecoin will pay off in the long term.

The Role of Dogecoin in the Crypto Space

Dogecoin has remained one of the most recognized memecoins since its launch as a parody cryptocurrency. Despite its origins, Dogecoin has managed to build a substantial following, with backing from high-profile figures like Elon Musk. As of mid-2025, Dogecoin maintains a market cap of over $36 billion, securing its position as the 8th largest cryptocurrency by market capitalization.

Though the development of Dogecoin has slowed over the years, its community has driven its continued relevance. Notable fundraising efforts, including supporting athletes and donations during the Dogewallet hack in 2013, have kept the community strong. In 2021, Elon Musk’s frequent tweets about DOGE contributed to a short-lived price spike, further solidifying its place in the crypto space.