Nasdaq-listed crypto mining company Bit Origin (BTOG) is launching a new corporate treasury strategy centered on Dogecoin. The Singapore-based firm announced it has secured agreements to raise $400 million in equity and an additional $100 million in convertible debt from accredited investors to finance the initiative.
The company has already closed on an initial $15 million of the debt, with a substantial portion designated for its first round of DOGE acquisitions. This move follows a growing trend of corporations adding digital assets to their balance sheets, a practice popularized by MicroStrategy’s large-scale Bitcoin purchases. While other companies have diversified into assets like Ether, Bit Origin’s focus on Dogecoin is a rare and notable strategy.
Once viewed as a meme, Dogecoin has become a significant player in cryptocurrency markets, supported by a large community and high-profile endorsements.
The announcement triggered a significant rally for Bit Origin’s stock, which jumped 28% to $0.52. The firm, which went public in 2019, has experienced a sharp decline in its share price since its listing and currently has a market cap of approximately $20 million. Prior to this news, its stock was down 58% for the year.
For Bit Origin, the Dogecoin strategy represents a high-stakes gamble on the long-term financial viability of memecoins and the corporate treasury model. DOGE was trading at $0.21, reflecting a 3.6% increase over the past 24 hours.
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