U.S.-Japan trade pact; Alphabet, Tesla to report - what’s moving markets
Investing.com -- Bit Origin Ltd (NASDAQ:BTOG) stock jumped 12% after the company announced its first strategic acquisition of approximately 40.5 million Dogecoin (DOGE) as part of its digital asset treasury initiative.
The purchase marks the beginning of the company’s previously announced capital facilities of up to $500 million. According to the company’s report, Bit Origin acquired the DOGE at an average cost of approximately $0.2466 per coin, with an initial DOGE-Per-Share (DPS) of about 0.691.
Jinghai Jiang, CEO, COO and Chairman of the Board of Bit Origin, stated: "Our new origin has begun. From our experience in mining, we understand the tradeoffs that define proof-of-work systems. We see Dogecoin’s utility potential for micropayments nearing an inflection point, driven by renewed developer activity and broader institutional interest in tokenization. While we embrace its cultural origins, which have helped drive liquidity and global familiarity, we believe current market conditions align with Dogecoin’s evolution toward decentralized finance."
The company calculated its DOGE-Per-Share by dividing its current Dogecoin holdings by the total number of Class A and Class B ordinary shares outstanding as of April 18, 2025.
This move represents Bit Origin’s strategic shift toward building a digital asset treasury, with Dogecoin being the first cryptocurrency added to its portfolio.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.