China-based pork processing and Bitcoin mining company Bit Origin has announced the launch of its crypto treasury initiative through the acquisition of 40.5 million Dogecoin.
Crypto Treasury Strategy
Bit Origin stated that the Dogecoin purchase is the 'first strategic acquisition' under its digital asset initiative, supported by efforts to raise $500 million through share and debt sales. At an average price of $0.24 per coin, Bit Origin spent approximately $9.9 million on the recent Dogecoin acquisition.
Bit Origin's Ties to Mining
Bit Origin partnered with MineOne Partners Limited to operate a cryptocurrency mining facility in Cheyenne, Wyoming. In 2022, Bit Origin and MineOne were forced to vacate a property due to a White House order because of its proximity to a nuclear base. CEO Jinghai Jiang joined Bit Origin in 2021 after working with MineOne.
Dominance of Dogecoin Among Whales
According to BitInfoCharts, over 81% of Dogecoin’s supply is held among only 908 addresses. Currently, one address holds more than 28 billion Dogecoin, while the next 14 largest wallets hold over 43 billion. By comparison, approximately 82% of Bitcoin is held in 152,002 addresses.
Bit Origin is taking steps to expand its operations beyond traditional business lines, actively engaging in cryptocurrency, highlighting the shifting trends in the industry.
