Nasdaq-listed company Bit Origin has made a significant move by acquiring over 40 million DOGE as part of its treasury strategy. This purchase highlights the growing importance of Dogecoin in the financial space.
DOGE Acquisition
Bit Origin (NASDAQ: BTOG) has acquired 40,543,745 DOGE worth approximately $10 million. This move marks an important milestone in the company's strategy to hold digital assets on its balance sheet.
Treasury Metrics & Market Reaction
According to Bit Origin, the average acquisition price for DOGE was $0.2466. The DOGE-per-share (DPS) metric now sits at around 0.691. Market reaction became evident as the company's stock sharply rose in pre-market trading following the purchase announcement.
Advantages of Dogecoin as a Payment Method
CEO Jinghai Jiang emphasized Dogecoin's growing relevance in the crypto world as a low-cost means for daily transactions. He believes DOGE has reached a tipping point in utility and adoption, particularly in micropayment services.
The acquisition of DOGE helps Bit Origin diversify beyond its core mining business and emphasizes Dogecoin's growing role in the modern crypto economy.
