Chinese Pork Producer Turned Bitcoin Miner Launches Dogecoin Strategy

Bit Origin, a company originally based in China and known for pork processing before pivoting to Bitcoin mining, has made a notable move in its digital asset investment strategy by acquiring 40.5 million Dogecoin (DOGE).

CEO Jinghai Jiang announced the acquisition as the inaugural step in Bit Origin’s crypto treasury initiative, which is supported by a $500 million capital raise through share sales and debt offerings.

At an average purchase price of $0.24 per Dogecoin, Bit Origin invested approximately $9.9 million in the meme cryptocurrency. According to data from Nansen, Dogecoin is currently trading near $0.26.

Bit Origin has connections to MineOne Partners Limited, a crypto mining firm with ties to China. MineOne Partners previously faced a forced property exit in Wyoming in 2024 due to security concerns related to its proximity to a nuclear missile base. Bit Origin has been involved with MineOne since 2022, supporting its mining operations in Cheyenne, Wyoming.

Prior to his leadership at Bit Origin, Jiang served as a director at MineOne Partners. He joined Bit Origin in 2021 as COO and later became CEO. The company has transitioned from its origins in slaughtering and pork distribution to a crypto-focused enterprise.

Dogecoin’s Growth and Utility Potential

Dogecoin, which began in 2013 as a lighthearted alternative to traditional cryptocurrencies, has evolved into the eighth-largest digital coin by market capitalization.

Jiang emphasized that Dogecoin was chosen for the treasury due to its increasing utility in micropayments, driven by greater developer engagement and growing institutional interest in tokenization. He also highlighted the token's cultural appeal and its evolving role in decentralized finance.

" While respecting Dogecoin’s cultural roots that boost liquidity and recognition, we believe market trends position it to evolve further into decentralized finance," Jiang explained.

Strategic Shift From Food Processing to Digital Assets

On July 17, Bit Origin secured agreements to raise up to $400 million through share sales and $100 million via convertible debt. The funds will support its Dogecoin treasury acquisition and broader crypto strategy.

This move signals Bit Origin’s shift beyond traditional mining hardware toward active engagement with digital asset value and utility.

Founded in 2019 as China Xiangtai Food, the company initially focused on pork-related businesses. It officially rebranded as Bit Origin in 2022 after its initial purchase of over 700 Bitcoin miners.

As of 2025, Bit Origin’s public profile no longer mentions pork operations, emphasizing its strategic pivot into cryptocurrency.

Dogecoin Ownership Concentration

Dogecoin holdings are significantly concentrated among large 'whale' investors. According to BitInfoCharts, 81% of the total Dogecoin supply is held across just 908 wallets.

One wallet alone controls over 28 billion DOGE, and the next 14 largest wallets hold an additional 43 billion tokens. A March report by Exolix indicates that the largest wallet is associated with brokerage firm Robinhood.

The second and third biggest holders include an unidentified wallet with 8.90 billion DOGE and crypto exchange Binance with 7.65 billion DOGE.

For context, Bitcoin’s supply is distributed among over 152,000 wallet addresses, demonstrating a more distributed ownership compared to Dogecoin.

This information highlights the evolving landscape of Dogecoin ownership and the increasing institutional interest as Bit Origin invests in the cryptocurrency’s growing utility.