Bit Origin, formerly known as a pork producer, has taken a significant step in its digital asset investment strategy by acquiring 40.5 million Dogecoin.
First Move in Crypto Investments
CEO Jinghai Jiang announced the acquisition of Dogecoin as the first major step in Bit Origin's crypto treasury initiative. The deal amounts to approximately $9.9 million at an average price of $0.24 per Dogecoin.
The Role of Dogecoin in Decentralized Finance
Jiang emphasized that Dogecoin was chosen due to its advancing utility in micropayments and increased institutional interest. He highlighted the token's cultural appeal and its evolving role in decentralized finance.
Bit Origin's Strategic Shift
On July 14, Bit Origin secured agreements to raise up to $400 million through share sales and $100 million via convertible debt, indicating the company's intent to be more actively involved in digital assets.
The acquisition of Dogecoin highlights Bit Origin's strategic evolution from traditional production to active investments in crypto technologies.
