Public Companies Accelerate Dogecoin Adoption with Multi-Million Dollar Treasury Buys

Chinese Bitcoin mining firm Bit Origin has officially launched a cryptocurrency treasury with an initial $9.9 million investment in Dogecoin (DOGE). The company acquired 40.5 million DOGE at an average price of $0.2466 per token. This move is part of a broader strategy backed by capital facilities of up to $500 million, combining share sales and convertible debt offerings. CEO Jinghai Jiang stated that Dogecoin is approaching an "inflection point" for utility, particularly in micropayments, driven by renewed developer activity and institutional interest in tokenization.

Separately, CleanCore Solutions, an American Stock Exchange-listed firm, has rapidly accumulated over 500 million DOGE, valued at more than $200 million, as part of its "Official Dogecoin Treasury" initiative. This follows an initial purchase of 285.42 million tokens for $68 million on September 8. CleanCore aims to acquire up to 5% of Dogecoin's total circulating supply over the long term. The company's Chief Investment Officer, Marco Margiotta, who also leads the Dogecoin Foundation's commercial arm House of Doge, outlined a vision to establish DOGE as a premier reserve asset for payments, tokenization, and global remittances.

Both companies cite potential catalysts for Dogecoin's growth, including speculation about integration into Elon Musk's X Money payments platform and the potential approval of Dogecoin ETFs from firms like Bitwise, 21Shares, and Grayscale. CleanCore's treasury assets are custodied through Bitstamp by Robinhood, with strategic guidance from House of Doge and 21Shares.

The trend of corporate altcoin treasuries is gaining momentum. While Bitcoin remains dominant, other companies like Heritage Distilling (adopting a dual Bitcoin and Dogecoin policy), Upexi (adding Solana), and mining firms BitMine, Bit Digital, and Bit Mining are diversifying into non-Bitcoin crypto holdings. CleanCore's strategy was funded by a $175 million private investment in public equity (PIPE) deal involving investors like Pantera Capital and GSR.