China-based pork processor turned Bitcoin miner Bit Origin has officially launched its crypto treasury strategy by purchasing 40.5 million Dogecoin, marking a significant pivot in its evolving business direction. The company announced the acquisition on Monday, describing it as its “first strategic acquisition” under its digital asset treasury initiative, 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 spent nearly $9.9 million on the buy, with the top memecoin now trading at $0.26, according to CoinMarketCap. The move comes amid Bit Origin’s efforts to expand its presence in the crypto ecosystem beyond mining infrastructure, aiming to directly engage with the value and utility of digital assets. From Pork to Crypto Bit Origin, initially launched in 2019 as China Xiangtai Food, was previously focused on pork processing, including slaughtering, packing, and wholesale distribution. In December 2021, the company shifted direction by acquiring 742 spot first-tier Bitcoin miners, eventually rebranding as Bit Origin in 2022 to reflect its crypto focus. In 2022, Bit Origin joined hands 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 forced to vacate the property after 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 served as a director at MineOne Partners, deepening the operational ties between the firms. Now, in 2025, Bit Origin’s company profile no longer references pork processing, reflecting its full commitment to the crypto sector. The Strategic Role of Dogecoin Dogecoin, created in 2013 as a lighthearted payment system by software engineers Billy Markus and Jackson Palmer, has evolved to become the eighth-largest cryptocurrency by market capitalization. Bit Origin’s CEO Jiang stated that the decision to adopt Dogecoin for its treasury was due to the token nearing an “inflection point” for micropayments. This is driven by renewed developer interest and broader 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 move also positions Bit Origin within a shifting crypto landscape where major memecoin holders include wallets linked to Robinhood and Binance. The post Bit Origin Buys 40.5M Dogecoin in First Crypto Treasury Move appeared first on TheCoinrise.com .
