A crypto firm listed on the Nasdaq exchange, Bit Origin Ltd, has raised half a billion dollars to launch a Dogecoin Treasury. The funding comprises of equity of $400 million and convertible debt of $100 million by accredited investors.
Bit Origin Wants to Be the Top Dogecoin Treasury Company
According to the press release, Bit Origin aims to be the first publicly listed corporation on a top U.S. exchange to own a Dogecoin Treasury. The company will utilize the funds in purchasing Dogecoin and supporting development in the Dogecoin ecosystem.
The move marks a shift in Bit Origin’s business strategy. Previously focused on crypto mining, the company now wants to take part in the value creation and utility of digital assets.
Bit Origin expects to become one of the largest holders of Dogecoin among public companies through its Dogecoin Treasury efforts. CEO Jinghai Jiang said Dogecoin’s speed and community strength make it attractive for peer-to-peer payments.
He believes Dogecoin can play a major role in global transactions, especially with the imminent launch of Elon Musk’s X Money platform (in app payment and banking feature built into X). Jiang added that Dogecoin reflects a culture of resilience and optimism. He said it could help create new financial systems outside traditional structures.
Bit Origin hopes its Dogecoin Treasury will increase value for shareholders through more DOGE-per-share over time. The company has already closed $15 million under a debt facility. This initial funding will be used for its first Dogecoin purchases.
Chardan acted as the placement agent for the deal, and ATW Partners provided the debt financing. Beyond its Dogecoin Treasury plans, Bit Origin said it also plans to build DOGE-related services. These include tools for miners, payment applications, and other operations that support Dogecoin use.
Earlier this week, the number one meme coin’s futures trading volume surpassed $1.48 billion. The amount marked its highest level this month following whale accumulation.
Hence, a similar uptrend is already playing out. Coinglass data shows that open interest in DOGE futures climbed by 12.7% in the last day. At the same time, perpetual funding rates flipped positive. This shift shows traders are placing leveraged bullish bets on Dogecoin.
Dogecoin Surges 6% as Bit Origin’s Treasury Move Boosts Bullish Bets
Following the Dogecoin Treasury announcement, DOGE price is up 6.01% in the last day. Accordingly, it trades at $0.231 at the time of writing. Trading also rose more than 96% during this period.
As CoinGape reported, interest in Dogecoin continues to rise despite traders’ shift towards the recently launched PUMP token.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
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