Bit Origin Makes a Splash as It Raises $500 Million to Build a Dogecoin Treasury, Stock Soars 90%

Shares of Bitcoin mining company Bit Origin (BTOG) surged 90% in the latest trading session, after the company revealed plans to raise up to $500 million to build a Dogecoin (DOGE) treasury. The move marks a major strategic shift, as Bit Origin expands its focus from traditional Bitcoin mining to investing directly in digital assets with high liquidity and large communities.

Bit Origin Bets on Dogecoin
Bit Origin, a publicly listed US company that operates in the field of Bitcoin mining infrastructure, said it has signed agreements to raise $400 million through the issuance of Class A common stock, along with $100 million in convertible bonds. The goal of the fundraising is to build a digital treasury focused on Dogecoin, a cryptocurrency that was once considered a “joke” but has grown into a major asset in the online culture and peer-to-peer payments ecosystem.

Bit Origin President Jinghai Jiang emphasized that the move reflects the company’s long-term strategy of actively participating in the intrinsic value and growing utility of digital assets.

“Dogecoin is more than just a meme coin; it is proving its worth as a global payment asset with fast transaction speeds and an active user community,” Jiang said. “We believe that DOGE is becoming increasingly relevant for real-world payment applications, especially in the context of the development of the X Money platform.”

X Money and Elon Musk Expectations
Bit Origin is also looking forward to Dogecoin’s potential role in the financial ecosystem that Elon Musk is developing around the X platform (formerly Twitter). Although there has been no official announcement, investors still believe that Musk will integrate DOGE into X as a native means of payment in the global super app ecosystem that he is building.

Elon Musk’s association with Dogecoin is no stranger. From iconic tweets to self-proclaimed “Dogefather,” Musk has repeatedly brought DOGE into the media and market spotlight. Bit Origin’s belief in this integration, while still speculative, shows that the company is embracing a long-term investment trend – where social consensus and technological application converge.

Dogecoin fever spreads to businesses
Bit Origin is not the only company that has Dogecoin in its financial strategy. In July 2025, a publicly traded US cannabis company also announced plans to build a DOGE treasury. Earlier in April, biotech company Coeptis announced it would shift to Dogecoin mining, signaling a wave of businesses gradually approaching DOGE as part of their digital asset strategy.

In addition, Thumzup, a Los Angeles-based social media marketing company, is evaluating adding Dogecoin, along with other assets such as Solana, XRP, and Ethereum, to its treasury after receiving approval from its board of directors.

Market Impact
After the news from Bit Origin, BTOG shares jumped 90%, closing at $0.63. However, the stock is still down more than 35% year-to-date, reflecting the general volatility of technology and crypto mining stocks amid market volatility.

On the digital asset side, Dogecoin is up 2% on the day, trading around $0.21 and up nearly 25% over the past 30 days. However, DOGE is still down about 71% from its all-time high in 2021, suggesting there is still plenty of room for growth if market sentiment continues to strengthen.

A risky strategy or a long-term vision?
A Bitcoin mining company like Bit Origin expanding into Dogecoin can be viewed in two ways. On the one hand, it is a strategic move to diversify into digital assets and capitalize on DOGE’s community. On the other hand, it also comes with risks as DOGE’s price is also dependent on market sentiment and the influence of individuals like Elon Musk.

However, as more and more companies look to integrate digital assets into their treasury as part of their modern financial strategy, Bit Origin’s decision could be an early sign of a new wave where Dogecoin is no longer a joke, but a serious part of the digital financial future.

Conclusion

Bit Origin has made a bold bet on Dogecoin, not just as an investment asset, but as a strategic payment tool tied to its global super app vision. While the market remains to see whether this move will be successful, the strong stock price and attention from the investment community show that Dogecoin remains a key part of the digital financial transformation of the 21st century.