Bit Origin, a Nasdaq-listed firm, raised $500M to launch the first public Dogecoin treasury, aiming to hold DOGE in its reserves.
Bit Origin Ltd., a cryptocurrency company listed on the Nasdaq exchange, has raised half a billion dollars to start a Dogecoin Treasury.
Accredited investors contributed $100 million in convertible debt and $400 million in equity to the transaction.
Bit Origin Aspires To Become Leading Dogecoin Treasury Firm
The press announcement states that Bit Origin wants to hold a Dogecoin Treasury and become the first publicly traded company on a primary U.S. market.
The business will use the money to buy Dogecoin and promote growth within the ecosystem.
Bit Origin’s business approach has changed as a result of the transfer.
The company’s current goal is to participate in digital asset value creation and utility, having previously concentrated on crypto mining.
Through its treasury efforts, Bit Origin hopes to be among the largest holders of the most popular meme coin among publicly traded corporations.
Dogecoin’s speed and community strength make it appealing for peer-to-peer payments, according to CEO Jinghai Jiang.
Given the impending debut of Elon Musk’s X Money platform—an in-app banking and payment function integrated into X—he thinks Dogecoin has the potential to play a significant role in international transactions.
Jiang went on to say that Dogecoin embodies a resilient and upbeat society. He believes it might contribute to developing new financial systems that deviate from established frameworks.
Bit Origin anticipates that the Dogecoin Treasury will raise shareholder value over time by issuing more DOGE per share.
Under a loan facility, the business has already closed $15 million. Its first Dogecoin purchases will be made with this initial investment.
ATW Partners supplied the debt finance for the transaction, while Chardan served as the placement agent.
Bit Origin stated that it intends to develop DOGE-related services in addition to its Dogecoin Treasury plans.
These consist of payment apps, miners’ tools, and other activities facilitating Dogecoin use.
The volume of futures trading for the most popular meme coin exceeded $1.48 billion earlier this week.
This month, after whale accumulation, the amount reached its maximum level.
Thus, a comparable upward tendency is already underway.
According to CoinGlass statistics, open interest in DOGE futures increased by 12.7% over the previous day.
Perpetual funding rates simultaneously become positive.
This change indicates that traders are betting on Dogecoin with leverage and optimism.
The price of DOGE has increased by 6.01% in the last day since the Dogecoin Treasury announcement.
As a result, as of this writing, it is trading at $0.231. During this time, trading also increased by over 96%.