Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd, has announced plans to create a Dogecoin treasury backed by a $500 million equity and debt deal.
Financing the Dogecoin Treasury
The financing for the Dogecoin treasury will come from the sale of up to $400 million in Class A ordinary shares and an additional $100 million in convertible debt. Bit Origin has already closed a $15 million deal under the debt facility, which will be used for initial Dogecoin acquisitions.
Company Strategy and New Initiative
Chairman and CEO Jinghai Jiang described the treasury initiative as a "transformation" in the company's business model. The company is adding a crypto treasury on top of its mining activities to more actively participate in the digital asset market. "Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets," Jiang noted.
Regaining Nasdaq Compliance
On July 1, 2025, Bit Origin announced it had regained compliance with Nasdaq's minimum equity requirement. This followed a previous warning from Nasdaq issued on January 3, 2025, citing deficiencies in the company's stockholder equity levels. In response, Bit Origin submitted a compliance plan and demonstrated the necessary improvements by June 30.
The establishment of the Dogecoin treasury signifies Bit Origin's intention to actively participate in the cryptocurrency market and broaden its business scope. Regaining compliance with Nasdaq requirements also adds confidence to the company's future plans.
