Bit Origin will buy 40 million Dogecoin as part of Crypto Pivot
China-based pork processing company and Bitcoin miner BitOrigin has officially launched its crypto treasury initiative with its first purchase of 40.5 million Dogecoin.
In a statement on Monday, the company said the purchase of Dogecoin (DOGE) is the “first strategic acquisition” of the digital asset treasury initiative, which will be supported by the sale of shares and plans to raise $500 million in debt.
At an average of $0.24 a coin, BitHome recently spent around $9.9 million on Dogecoin acquisitions. According to Nansen, the token is currently trading at $0.26.
In particular, Bit Origin has ties to a China-linked crypto mining company that was forced to vacate an asset in Wyoming under a White House order.
BitOrigin has partnered with MineOne Partners Limited to build a crypto mining facility in Cheyenne, Wyoming by 2022 with strategic and operational support. A Chinese-linked crypto-mining company has been forced to vacate its property in 2024 due to its proximity to a nuclear missile.
Before joining BitOrigin as Chief Operating Officer and CEO in 2021, Jinghai Jiang was a director at MineOne Partners Limited.
Bit Origin CEO says Dogecoin is at an inflection point.
Dogecoin was launched in 2013 by software engineers Billy Marcus and Jackson Palmer as a joke payment system, sparking wild crypto speculation at the time, but has since grown to become the eighth largest cryptocurrency by market capitalization.
JiangBit Origins has adopted Dogecoin in its treasury over other cryptocurrencies because they see “micropayment utility capacity nearing the tipping point, with renewed developer activity and broader institutional demand for the token.”
“While we acknowledge the liquidity and its cultural founders who helped drive global recognition, we believe the current market conditions are compatible with Dogecoin's evolution into decentralized finance.”
A food company is getting more into crypto.
In the year On July 17th, Bit Origin reached an agreement with investors to sell up to $400 million in stock and up to $100 million in debt to fund Dogecoin's treasury strategy.
In a statement at the time, Jiang said, “Bit Origin is evolving beyond mining infrastructure to directly participate in the value and utility of digital assets.”
The origin of Bit It was launched in 2019 as China Xiangtai Food and is mainly engaged in pork processing, slaughtering, packing, distribution and wholesale.
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However, in December 2021, the company announced that it had acquired 742 first-rate new bitcoin miners as part of its crypto pivot, and that it would change its name to Bit Origin in 2022.
As of 2025, the company's profile does not mention pork processing.
The largest Dogecoin holder
Dogecoin currently leans mostly towards whale owners. Data from crypto tracker BitInfoCharts shows that over 81% of Dogecoin's supply is held by 908 addresses.
One address holds over 28 billion, while the next 14 largest wallets hold over 43 billion. Crypto exchange Exolix said in March that a wallet linked to brokerage firm Robinhood held 28 billion tokens.
An unknown owner is the second largest owner with 8.90 billion Dogecoin, and the crypto exchange Binance is the third largest owner with 7.65 billion.
In comparison, BitInfoCharts reports that 82% of Bitcoin (BTC) is held in 152,002 wallet addresses.
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