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Bit Origin Ltd (BTOG) announced it has secured up to $500 million in financing to launch a dogecoin treasury strategy, consisting of $400 million in Class A ordinary shares and $100 million in convertible debt from accredited investors.
The Singapore-based cryptocurrency mining company completed an initial closing of $15 million under the convertible debt facility and plans to use proceeds for initial dogecoin acquisitions. Chardan served as placement agent for the funded facility from ATW Partners.
"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 payments utility."
The company claims it expects to become one of the largest publicly traded dogecoin holders. Bit Origin’s strategy aims to increase dogecoin-per-share for shareholders while exploring miner-facing services, payment applications, and other operations within the dogecoin ecosystem.
Jiang cited dogecoin’s settlement speed and community scale as factors driving adoption in peer-to-peer payments and online commerce. The company expressed optimism about potential dogecoin integrations into payment layers, including X Money.
Bit Origin operates in the United States and is engaged in cryptocurrency mining business while deploying blockchain technologies. The company filed a Form 6-K with regulators dated July 17, 2025, in connection with the financing announcement.
The information is based on a company press release statement.