- Bit Origin unveils $500M plan to build largest public Dogecoin treasury.
- Company raises funds through equity, bonds to secure long-term DOGE supply.
- Bit Origin hopes Dogecoin joins Elon Musk’s X Money payment vision.
Bit Origin, a Nasdaq-listed company, has announced an ambitious plan to build one of the world’s largest Dogecoin treasuries. The company will raise to $500 million to buy and hold Dogecoin for the long term. This is why Bit Origin is among the first publicly traded companies to recognize Dogecoin as a core balance sheet asset.
Bit Origin Wants DOGE in Musk’s X Money Super-App
To implement this plan, Bit Origin will employ two methods for raising funds. It is going to raise funds in terms of equity financing of $400 million. Second, it desires to raise 100 million dollars using convertible bonds. The first closing of the company was already done in the amount of 15 million dollars, which will be used to buy the first portion of DOGE.
Bit Origin CEO Jinghai Jiang says the company not only wants to operate mining infrastructure. According to him, the company is getting closer to the reality of the value and use of digital assets. He also said that Dogecoin was a joke initially, but now it is a liquid asset of the world. It is one of the fastest-growing and has a huge and faithful community. Due to it, Dogecoin continues expanding as a payment method in peer-to-peer environments and web shopping.
In the meantime, the action of Bit Origin indicates the confidence of the company that Dogecoin has a larger potential in the future of payments. Jiang stated that he wants Dogecoin to be included in X Money. This is the vision that Elon Musk has of a universal super-app that involves social media and payment.
Along with this, the Dogecoin plan of Bit Origin is connected with other events in the Doge world. In March, the Dogecoin Foundation, along with House of Doge, introduced an Official Dogecoin Reserve. This reserve is supposed to increase the stability and credibility of Dogecoin. It possesses approximately 10 million DOGE, which translates into approximately 1.8 million dollars at present. The idea is to make Dogecoin a viable option to spend daily.
Bit Origin Strategy Aims to Boost Long-Term DOGE Value Per Share
Next, Bit Origin wants to build more services around its Dogecoin holdings. The company can provide miner-facing services, develop payment applications, and come up with new operations that create value within the Doge ecosystem. These measures will make Bit Origin more than a mining firm and will turn it into a real digital asset management firm.
Meanwhile, Bit Origin is convinced that this plan will bring long-term success to its shareholders. The company also believes that by having Dogecoin, it will raise its value in Doge per share. In case the value of DOGE increases, this would increase the value of the company as well. According to Bit Origin, this strategy is in line with its aim of remaining on the forefront of the digital asset business.
At this point, the company is collaborating with partners to raise the required capital. Chardan was the placement agent of the initial 15 million. The money will assist in making the first purchases. The debt facility was provided by ATW Partners.
Overall, the audacious move of Bit Origin indicates that Dogecoin has come a long way since its meme coin days. The popularity of Dogecoin can continue to increase as more companies seek new methods of storing value and facilitating payments. The idea of Bit Origin investing in DOGE might encourage other publicly traded companies to think about including the cryptocurrency in their balance sheets as well.
