Bit Origin Ltd is aiming to become one of the largest holders of Dogecoin in the stock market by announcing a $500 million capital raise for its accumulation strategy.
Dogecoin Accumulation Strategy
Bit Origin has entered agreements with accredited investors to sell up to $400 million in shares and $100 million in convertible debt. This strategy aims to increase the Doge-per-share and long-term asset value.
CEO's Statement on Dogecoin's Future
Jinghai Jiang, CEO and Chairman of Bit Origin, stated: 'Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets. What started as a joke has evolved into a globally liquid asset.' Dogecoin is expected to be integrated into payment frameworks such as X Money.
Funding Details and Company's Plans
Bit Origin has successfully completed an initial closing of $15 million under the convertible debt facility and intends to use a significant portion of the proceeds for its initial Dogecoin acquisition. The company's strategy includes exploring miner-facing services and applications within the Doge ecosystem.
The launch of the Dogecoin accumulation strategy reflects Bit Origin's belief in the potential of the asset as a payment method, which could open up new opportunities for the company in the digital finance market.
