Bit Origin spent about $10 million to purchase 40.54 million DOGE to establish a corporate Dogecoin treasury

Odaily News Nasdaq-listed Bit Origin (ticker: BTOG) announced that it has completed its first purchase of Dogecoin, totaling 40,543,745 DOGE, with an average purchase price of approximately $0.2466 and a total amount of approximately $10 million. This purchase came less than a week after it announced the establishment of an enterprise-level DOGE vault.
Bit Origin said it has secured up to $500 million in equity and debt financing to advance its Dogecoin Treasury strategy. The company believes the current market environment is conducive to the evolution of Dogecoin toward decentralized finance, and noted that DOGE has good liquidity and recognition worldwide.
Bit Origin joins Neptune Digital Assets, Dogecoin Cash Inc. and other companies in exploring Dogecoin investment strategies. The companys CEO Jinghai Jiang said that with its experience in the mining field, the company is optimistic about the potential of Dogecoin in small payment scenarios and believes that it is approaching a key turning point, which is backed by the increase in developer activity and the increase in institutional interest in tokenization. (The Block)