Bit Origin Buys 40.5M Dogecoin in First Crypto Treasury Move

Bit Origin, formerly a China-based pork processor, has officially launched its cryptocurrency treasury strategy with the acquisition of 40.5 million Dogecoin, signaling a significant shift in its business focus.

The company announced the purchase on Monday, characterizing it as the "first strategic acquisition" under its digital asset treasury initiative. This initiative is funded through a share sale and debt offering, aiming to raise $500 million.

At an average purchase price of $0.24 per Dogecoin, Bit Origin invested nearly $9.9 million in the acquisition. According to CoinMarketCap, the popular memecoin is currently trading at $0.26. This move reflects Bit Origin's broader efforts to expand its presence in the crypto ecosystem beyond mining infrastructure, directly engaging with the value and utility of digital assets.

From Pork to Crypto

Initially established in 2019 as China Xiangtai Food, Bit Origin focused on pork processing, including slaughtering, packing, and wholesale distribution. In December 2021, the company began its transition by acquiring 742 first-tier Bitcoin miners. This shift culminated in a rebranding to Bit Origin in 2022, reflecting its commitment to the crypto sector.

In 2022, Bit Origin collaborated with MineOne Partners Limited to operate a mining facility in Cheyenne, Wyoming, providing operational and strategic support. However, in 2024, the China-linked mining firm was required to vacate the property following an order from the White House due to its proximity to a nuclear missile base.

Bit Origin’s CEO, Jinghai Jiang, who joined in 2021, previously held a director position at MineOne Partners, illustrating the operational connections between the two companies.

As of 2025, Bit Origin’s company profile no longer mentions pork processing, demonstrating its complete dedication to the cryptocurrency industry.

The Strategic Role of Dogecoin

Dogecoin, created in 2013 by software engineers Billy Markus and Jackson Palmer as a lighthearted payment system, has evolved into the eighth-largest cryptocurrency by market capitalization. Bit Origin’s CEO Jiang stated that the decision to incorporate Dogecoin into its treasury was based on the token approaching an "inflection point" for micropayments, driven by renewed developer interest and increasing institutional momentum toward tokenization.

“While we embrace Dogecoin’s cultural origins, which have driven liquidity and familiarity, we believe the current market environment aligns with meme coin’s evolution toward decentralized finance,” Jiang said.

Bit Origin recently entered agreements to sell up to $400 million in shares and $100 million in convertible debt to fund its Dogecoin treasury initiative. This strategic move also positions Bit Origin within a changing crypto landscape where significant memecoin holders include wallets associated with Robinhood and Binance.