Bit Origin CEO Jinghai Jiang said the company adopted Dogecoin for its treasury because they see its “utility potential for micropayments nearing an inflection point.”
China-based pork processing company and Bitcoin miner Bit Origin has officially kicked off its crypto treasury initiative with its first acquisition of 40.5 million Dogecoin.
In a statement on Monday, the company said the Dogecoin (DOGE) buy was the “first strategic acquisition” under its digital asset treasury initiative, supported by a share sale and debt offering that aimed to raise $500 million.
At an average price of $0.24 per coin, Bit Origin would have spent around $9.9 million on its recent Dogecoin acquisition. The token is currently trading at $0.26, according to Nansen.
