Bit Origin Bets on Dogecoin with $500M Crypto Treasury Plan

Singapore-based crypto mining firm Bit Origin (NASDAQ: BTOG) is making Dogecoin the centerpiece of its new digital asset treasury strategy. The company announced Thursday it has secured agreements to raise up to $400 million in equity and an additional $100 million in convertible debt from accredited investors to support this initiative.

Bit Origin has already closed $15 million of the convertible debt, allocating a large portion toward its initial DOGE acquisition. The move mirrors strategies adopted by companies like MicroStrategy, which famously began accumulating Bitcoin in 2020. However, while Bitcoin and Ether dominate most corporate treasuries, Dogecoin remains a rare choice, making Bit Origin’s pivot unique.

Originally launched as a meme coin, Dogecoin has since gained mainstream traction thanks to its community support and celebrity endorsements. Its rise in popularity has encouraged some institutional players to take a second look. Bit Origin is now one of the few public companies turning to DOGE as a long-term financial asset.

Listed on Nasdaq since 2019, Bit Origin has struggled, with its stock plummeting nearly 100% since debut. Shares are down 58% year-to-date, with a current market cap of around $20 million. However, news of the Dogecoin treasury plan sparked renewed investor interest, pushing the stock up 28% on Thursday to $0.52.

This bold shift marks a high-risk, high-reward play for the little-known mining firm. If successful, it could help reposition Bit Origin within the growing crypto treasury movement. Dogecoin is currently trading at $0.21, up 3.6% over the past 24 hours. As memecoins continue to evolve, Bit Origin’s strategy could either set a precedent—or serve as a cautionary tale.