Bit Origin Ltd (NASDAQ: BTOG) has initiated its digital asset treasury strategy by acquiring approximately 40.5 million Dogecoin (DOGE). This acquisition is part of a broader plan to diversify its holdings and integrate digital assets into its financial strategy.
The company secured funding facilities totaling up to $500 million, comprising $400 million in Class A ordinary shares and $100 million in convertible debt. An initial closing of $15 million under the convertible debt facility has been completed, with a portion allocated for the Dogecoin acquisition.
CEO Jinghai Jiang emphasized the strategic importance of this move, stating, "Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets." He highlighted Dogecoin's potential for micropayments and its growing adoption in peer-to-peer transactions and online commerce.
Bit Origin plans to explore various applications within the Dogecoin ecosystem, including miner-facing services and payment solutions, aiming to leverage the cryptocurrency's utility and community engagement to drive long-term value for shareholders.