Bit Origin purchased 40.5 million Dogecoin in the first cryptocurrency transfer.

Bit Origin, a pork processing company transformed into a Bitcoin mining company based in China, has officially launched a cryptocurrency treasury strategy by purchasing 40.5 million Dogecoin, marking an important shift in the company's evolving business direction. The company announced this acquisition deal on Monday, describing it as the "first strategic acquisition" under the digital asset fund initiative, funded through the sale of shares and the issuance of bonds aimed at raising $500 million. With an average purchase price of 0.24 dollars for each Dogecoin, Bit Origin has spent nearly 9.9 million dollars on this buyback deal, with the current price of this leading memecoin being 0.26 dollars, according to CoinMarketCap. This move comes amid Bit Origin's efforts to expand its presence in the cryptocurrency ecosystem, going beyond mining infrastructure to directly access the value and utility of digital assets. Bit Origin, originally launched in 2019 under the name China Xiangtai Food, previously focused on pork processing, including slaughtering, packaging, and wholesale distribution. In December 2021, the company pivoted by acquiring 742 top-tier Bitcoin mining machines, and eventually rebranded to Bit Origin in 2022 to reflect its focus in the cryptocurrency sector. In 2022, Bit Origin partnered with MineOne Partners Limited to operate a mining facility in Cheyenne, Wyoming, providing operational support and strategy. However, in 2024, this China-linked mining company was forced to leave the facility following an order from the White House due to its proximity to a nuclear missile base. The CEO of Bit Origin, Jinghai Jiang, joined the company in 2021, having previously served as a director at MineOne Partners, helping to strengthen operational relationships between companies. Currently, in 2025, Bit Origin's company profile no longer mentions pork processing, reflecting the company's comprehensive commitment to the cryptocurrency sector. The Strategic Role of Dogecoin Dogecoin, created in 2013 as a lightweight payment system by software engineers Billy Markus and Jackson Palmer, has grown into the eighth largest cryptocurrency by market capitalization. The CEO of Bit Origin, Jiang, stated that the decision to adopt Dogecoin as the company's treasury is due to this token nearing its "inflection point" for small payments. This is driven by renewed interest from developers and a broader momentum from organizations towards coding. Jiang said: "Although we respect the cultural origins of Dogecoin, which has driven liquidity and familiarity, we believe that the current market environment is conducive to the development of this meme coin towards decentralized finance." Bit Origin recently signed agreements to sell up to 400 million dollars in stock and 100 million dollars in convertible bonds to fund the Dogecoin fund initiative. This move also places Bit Origin in the context of a volatile cryptocurrency market, where large memecoin holders include wallets linked to Robinhood and Binance.