Bit Origin Makes Waves by Raising 500 Million USD to Acquire DOGE Treasury
š„ Bit Origin (BTOG) ā the Singapore-based cryptocurrency mining company listed on Nasdaq ā has just announced the raising of 500 million USD to acquire Dogecoin as its core treasury asset.
ā According to the plan, #BitOrigin will raise 400 million USD in equity and 100 million USD in convertible bonds, having secured the first 15 million USD from debt to start accumulating DOGE. This is a move that goes āagainst the grainā compared to Strategy ā the company known for accumulating Bitcoin ā as Bit Origin chooses Dogecoin, the meme coin that was once considered a joke.
š” CEO Jinghai Jiang stated that the goal is not only to hoard DOGE but also to build a financial ecosystem around it: supporting miners, integrating e-commerce, payment solutions, and hoping that $DOGE will soon become the āinternet currencyā when combined with Elon Musk's X Payments.
š The news has sent BTOG's stock soaring 90% to 0.63 USD in a single day, despite the stock having previously lost 58% of its value since the beginning of the year. The price of DOGE also ācelebrated,ā increasing by 15%, reaching a market capitalization of 36.5 billion USD, confirming its position as the 8th largest cryptocurrency in the world.
šÆ Will this be a pioneering move or a reckless gamble? The market is watching closely!
