Simply put
- Bitcoin mining company Bit Origin has raised about $10 million through Dogecoin (Doge).
- Last week, the company revealed plans for salary boosts totaling up to $500 million to support a new Meme Coin Treasury.
- Since its launch in July, Bit Origin’s stock has grown by 386%.
Bit Origin, a publicly traded Bitcoin mining firm, announced on Monday that it had secured roughly $10 million in Dogecoin (Doge) for its Meme Coin Treasury initiative.
Based in Singapore, the company shared its detailed plans last week, noting that its stock has soared by over 90% following the news of raising funds up to $500 million for major meme coin acquisitions.
“From our experience in mining, we recognize the trade-offs inherent in a proof-of-work system. There’s a real chance for a micropayment utility using Dogecoin,” an executive commented.
Last week, Jiang also emphasized the potential for integrating tokens within the financial ecosystem emerging from X Money, X’s financial and payment platforms (formerly known as Twitter).
“While we value the cultural roots that have driven liquidity and global recognition, we feel the current market aligns well with Dogecoin’s shift towards decentralization,” he further elaborated.
With its recent acquisition, Bit Origin has accumulated a total of 40,543,745 Doges, translating to roughly $10 million spent at the average Doge price.
The value of Dogecoin increased by 8.1% over the past 24 hours thanks to the interest in meme coins, and it rose 42% last week, reaching nearly $11.5 million.
Following the trend set by other crypto firms, Bit Origin monitors Dogecoin holdings using the Doge Per Share (DPS) metric. After this initial purchase, the company reported a DPS of 0.69, indicating 0.69 Doge coins per share in BTOG Outstanding.
BTOG shares were reported to be down less than 1 percent on Monday, yet they have surged by 386% since July when they were valued at $0.16.
