Bit Origin Bets Big on Dogecoin, Eyes $500M Crypto Treasury Strategy

Singapore-based and Nasdaq-listed Bit Origin (BTOG) announced plans to make Dogecoin (DOGE) its primary treasury asset, becoming the first company on a major U.S. exchange to adopt the memecoin as a core balance sheet holding.

The crypto mining firm has secured commitments to raise $400 million in equity and $100 million in convertible debt from accredited investors to fund the initiative. Of that, $15 million in debt has already closed, with the proceeds set to fuel Bit Origin’s first round of DOGE acquisitions.

The strategy mirrors that of MicroStrategy, which pioneered corporate crypto treasury accumulation in 2020 with its aggressive Bitcoin buys. While BTC and ETH have dominated treasury strategies, Bit Origin’s DOGE pivot marks a rare—and bold—move into memecoin territory.

Dogecoin, once dismissed as a joke, now commands serious attention thanks to a passionate community and celebrity endorsements. Despite its volatility, DOGE continues to carve out a more legitimate role in the broader crypto market.

Bit Origin’s stock, which has plunged nearly 100% since its 2019 debut and is down 58% year-to-date, jumped 28% to $0.52 on Thursday’s news, boosting its market cap to roughly $20 million.

For a company with a checkered history and minimal mainstream visibility, the DOGE-focused treasury is a high-risk bet on the enduring relevance of memecoins and the viability of digital assets as corporate reserves.

DOGE is currently trading at $0.21, up 3.6% in the last 24 hours.