Bit Origin announced a capital raise of 500 million USD to purchase and accumulate Dogecoin as the main treasury asset.

Bit Origin (BTOG), a coin mining company from Singapore listed on Nasdaq, announced that it will turn Dogecoin (DOGE) into a core treasury asset.
According to the latest announcement, Bit Origin has reached an agreement to raise a total of 500 million USD, consisting of 400 million USD in equity and 100 million USD in convertible bonds, through partners such as ATW Partners and Chardan. The company has successfully secured the first 15 million USD from the debt and will use the majority of this amount to start purchasing Dogecoin.
Since 2020, the financial world has witnessed a wave of companies accumulating cryptocurrency, sparked by the high-profile move of Strategy led by Michael Saylor purchasing billions of USD in Bitcoin. However, the significant difference here is that Bit Origin did not choose Bitcoin or Ethereum, but rather Dogecoin.
If successful, this will be the first business listed on a major U.S. exchange that places its trust in a memecoin once seen as a joke, making it the main asset for corporate treasury. This decision will undoubtedly spark some controversy. Nevertheless, Dogecoin has gradually escaped the shadow of "meme coin" thanks to a loyal user community, support from celebrities like Elon Musk, and its increasingly significant position in the crypto market.
The CEO of Bit Origin, Mr. Jinghai Jiang, shared that the company aims not only to hold DOGE but also to build a financial ecosystem around it, from supporting miners, integrating into e-commerce, to payment applications. The company particularly hopes for the possibility of DOGE being integrated into the X Payments system being developed by Elon Musk, with Dogecoin being mentioned by him multiple times as the "currency of the Internet of the future."
Price "runs" after the news
Bit Origin has been publicly listed since 2019, but its financial situation has not been very promising. Since its listing, the company's BTOG shares have almost lost all their value. If we only consider this year, BTOG has dropped by 58%, bringing its market capitalization down to 20 million USD, a figure that is quite modest compared to the scale of the investment they are targeting.
However, right after the announcement of Dogecoin accumulation, BTOG surged by 90% to 0.63 USD within the day, indicating that the market is reacting very positively.
The price fluctuation of BTOG stock in the latest trading session, screenshot from Google Finance at 02:00 PM on July 18, 2025.
At the same time, DOGE is also "celebrating" around the 0.24 USD mark, having surged by 15% compared to 24 hours ago. The market capitalization of the meme coin is approximately 36.5 billion USD, with a 24-hour trading volume reaching 16.3 billion USD, and it is holding the 8th position among the largest cryptocurrencies in the market.
The price volatility of DOGE in the last 24 hours, screenshot from CoinGecko at 02:00 PM on July 18, 2025.
On the contrary, observers remain quite cautious; will this be a pioneering vision or just the last effort of a company seeking an exit?
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