BitOrigin Buys 40.5M DOGE in $500M Move to Lead Institutional Crypto Shift
BitOrigin Ltd, listed on Nasdaq, has bought 40.5 million Dogecoin (DOGE) worth around $10 million in the first phase of its $500 million...
Quick overview
- BitOrigin Ltd has purchased 40.5 million Dogecoin (DOGE) for approximately $10 million as part of its $500 million treasury allocation.
- The company aims to become a leading institutional holder of Dogecoin, recognizing its utility in micropayments and decentralized finance.
- CEO Jinghai Jiang emphasizes that this investment reflects a shift in institutional perception of DOGE from a meme to a legitimate asset class.
- Market reactions indicate that BitOrigin's entry could signal the start of a new cycle for Dogecoin, with potential price movements anticipated.
BitOrigin Ltd, listed on Nasdaq, has bought 40.5 million Dogecoin (DOGE) worth around $10 million in the first phase of its $500 million treasury allocation. The purchase gives BitOrigin an initial DOGE-per-share ratio of approximately 0.691 based on the current share structure. The average acquisition price per token is $0.2466.
CEO and Chairman Jinghai Jiang said this isn’t speculation but the company’s expertise in mining and proof-of-work (PoW) framework. BitOrigin sees Dogecoin’s growing relevance in micropayments and decentralized finance (DeFi) as developer activity and institutional awareness increases.
The company’s bigger goal is to become a leading institutional holder of Dogecoin. This is backed by a financing model of $400 million equity and $100 million convertible debt from accredited investors. If market conditions are favorable, BitOrigin may significantly increase its DOGE reserves and become the first Nasdaq listed company to hold a large Dogecoin treasury.
Why BitOrigin Sees DOGE as More Than a Meme
BitOrigin’s move into DOGE shows a broader shift in how institutions view the cryptocurrency. While Dogecoin got famous through community driven meme-based appeal, BitOrigin’s move shows institutions are recognizing the token’s real world utility.
Key drivers of BitOrigin’s DOGE commitment are:
- Micropayment Utility: DOGE is fast and low cost transactions.
- Tokenization Trends: Institutions are exploring blockchain for real assets.
- Network Resilience: Dogecoin’s PoW model adds reliability.
- Cultural Familiarity: DOGE’s global recognition helps drive adoption.
Jinghai Jiang said the cultural foundation of Dogecoin helps drive liquidity making it a good candidate for long term integration into digital finance ecosystems.
Market Reactions Suggest New DOGE Cycle
BitOrigin’s move has sparked excitement in the community. On technical charts Dogecoin has broken through long term resistance, RSI is bullish and no bearish divergence.GalaxyBTC said institutional entries like BitOrigin is the catalyst for new DOGE cycle. Trader Tardigrade (Alan) said a pullback to $0.25 could be a setup for a move to $0.31 or $0.42.
BitOrigin’s move is a big deal: Dogecoin is no longer a meme, it’s an asset class in institutional portfolios.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save