Bit Origin announced its historical purchase of Dogecoin and the establishment of an institutional treasury for the cryptocurrency.
Establishment of Institutional Dogecoin Treasury
Bit Origin has announced the creation of its institutional Dogecoin treasury, revealing the purchase of approximately 40.5 million tokens. The announcement took place last week, marking a new milestone in the company's strategy.
Development Strategy and Liquidity
Bit Origin CEO Jinghai Jiang emphasized in a press release that the company is leveraging its mining experience to understand the dynamics of proof-of-work systems. He noted that the increased developer activity and renewed interest in tokenization suggest that Dogecoin is approaching a significant milestone in micropayment systems.
> "We embrace Dogecoin’s cultural roots, which has increased liquidity and global recognition. However, we believe current market conditions are compatible with DOGE’s evolution towards decentralized finance (DeFi)," Jiang added.
Volume and Cost of Dogecoin Purchase
The total amount of Dogecoin purchased stood at 40,543,745 tokens at an average cost of $0.2466 per token. Bit Origin, a company with a market capitalization of approximately $45 million, announced it has secured up to $500 million in financing to build a Dogecoin treasury.
Bit Origin's purchase of Dogecoin signifies the growing institutional interest in cryptocurrencies and highlights DOGE's potential in decentralized financial systems.
