Cryptocurrency mining firm Bit Origin Ltd (BTOG) has acquired 40,543,745 Dogecoin (DOGE) tokens valued at approximately $10 million as the inaugural move in its digital asset treasury initiative. The Singapore-based company purchased DOGE at an average price of $0.2466 per token, supported by previously announced capital facilities of up to $500 million earmarked for meme coin acquisitions.
CEO Jinghai Jiang emphasized Dogecoin's utility potential for micropayments, stating it's nearing an "inflection point" driven by renewed developer activity and institutional interest in tokenization. Jiang specifically highlighted DOGE's potential integration within X Money (formerly Twitter's payment application), noting "current market conditions align with Dogecoin’s evolution toward decentralized finance" despite its meme origins.
The acquisition establishes a DOGE-per-share (DPS) ratio of 0.69 based on Class A and B shares outstanding as of April 2025. The holdings have already appreciated to $11.5 million amid DOGE's 42% weekly surge. Bit Origin shares (BTOG) simultaneously skyrocketed 386% since July amid the treasury announcement.