Bit Origin Begins DOGE Accumulation With 40.5 Million Tokens
Bit Origin, a former Chinese pork processor turned Bitcoin mining firm, has officially entered the Dogecoin market by purchasing 40.5 million DOGE at an average price of $0.24 per coin. The move marks the company’s first strategic acquisition under its new $500 million crypto treasury strategy.
The initial DOGE purchase cost approximately $9.9 million, as the token trades near $0.26.
Bit Origin’s treasury move is supported by a recent capital raise involving $400 million in share sales and $100 million in convertible debt, dedicated specifically to acquiring digital assets like Dogecoin.
Why Dogecoin? Utility for Micropayments at “Inflection Point”
CEO Jinghai Jiang stated that the decision to back Dogecoin stems from its increasing utility in micropayments, signaling a shift beyond its meme coin origins.
“We see Dogecoin’s utility nearing an inflection point, fueled by developer activity and growing interest in tokenization,” Jiang noted.
While acknowledging Dogecoin’s cultural roots, Bit Origin now sees it as a serious asset in decentralized finance, aligning with the firm’s evolution beyond just mining.
https://cointelegraph.com/news/bit-origin-dogecoin-crypto-treasury-pivot
From Pork to Crypto: Bit Origin’s Strategic Shift
Formerly known as China Xiangtai Food, Bit Origin was once focused on pork processing, including slaughtering and wholesale distribution. But by December 2021, the company had begun pivoting into crypto by acquiring 742 high-end Bitcoin miners and changing its name in 2022.
As of 2025, Bit Origin no longer mentions pork operations in its company profile.
The firm’s crypto mining operations began with MineOne Partners Limited, a China-linked company that faced regulatory pushback in the U.S. over national security concerns. Bit Origin helped operate a mining facility in Wyoming that was eventually shut down due to its proximity to a nuclear missile base.
Whale Concentration Raises Centralization Concerns
Despite rising adoption, Dogecoin’s supply remains highly concentrated. Data shows that over 81% of DOGE is held in just 908 wallets. One wallet holds over 28 billion DOGE, while Robinhood and Binance are confirmed among the top holders.
This raises ongoing questions about price volatility and decentralization risks, even as institutional interest grows.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.