Bit Origin Ltd has announced plans to acquire up to $400 million in Class A ordinary shares and $100 million in convertible debt as part of a strategic shift toward Dogecoin accumulation, according to a company filing on June 17.
The initiative marks a significant departure from the company’s traditional focus on mining infrastructure. Bit Origin said it has already closed on an initial $15 million under the debt facility, with the funds earmarked for its first Dogecoin purchase.
Dogecoin Positioning Tied to Payment Utility
The company aims to become one of the largest publicly listed holders of Dogecoin, citing the cryptocurrency’s transaction speed, low fees, and growing user base as drivers of its decision. The strategy also reflects an expectation that Dogecoin could be integrated into future payment systems, particularly platforms like X (formerly Twitter), which has expressed interest in digital asset-based payments.
“We are moving beyond mining infrastructure to participate in the broader utility of digital assets,” said Jinghai Jiang, Bit Origin’s CEO and Chairman, in a company statement. He noted that Dogecoin’s unique community and resilience position it as a potentially significant player in peer-to-peer payments.
Expansion Into the Dogecoin Ecosystem
Bit Origin indicated it would explore merchant-facing and payment application services within the Dogecoin ecosystem, leveraging its background in mining operations. The move aligns with broader industry trends as firms seek to diversify revenue streams beyond mining by tapping into digital payment and blockchain-based services.
The funding agreements were arranged through a placement facilitated by Chardan and financed by ATW Partners. While the company has not disclosed a timeline for full deployment of capital, it confirmed that a substantial portion will support its Dogecoin acquisition strategy.
Bit Origin’s shift to a treasury model built around Dogecoin adds to a growing list of public companies exploring digital assets as part of long-term value strategies. The company’s announcement was included in a Form 6-K filed with the U.S. Securities and Exchange Commission on July 17.
