Bit Origin Ltd has entered agreements to raise up to $400 million in Class A ordinary shares and $100 million in convertible debt to launch its Dogecoin treasury strategy. The company aims to become a major publicly traded Dogecoin holder, enhancing long-term value through Dogecoin acquisitions. CEO Jinghai Jiang emphasizes Dogecoin's growth from a joke to a valuable digital asset with payment utility, driven by community adoption. Bit Origin plans to expand services within the Dogecoin ecosystem, benefiting from the network's low fees and increasing acceptance among merchants.
"Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets," said Jinghai Jiang, CEO and Chairman of Bit Origin.
"What started as a joke has evolved into a globally liquid asset with a payments utility. Few digital assets rival Doge's settlement speed and scale of community, which continues to drive adoption across peer-to-peer payments and online commerce."
"We hope Doge's performance and community make it a natural fit for X Money, as Elon Musk advances his vision for X as a global super-app."
Bit Origin's accumulation of Doge reflects the Company's conviction in the network's grassroots strength and payment utility, driven by low fees and merchant acceptance.
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