Bit Origin, a company that started in China processing pork and has since moved into Bitcoin mining, has officially launched its cryptocurrency treasury program. Their first move was to purchase 40.5 million Dogecoin.
The company announced Monday that the Dogecoin (DOGE) acquisition represents the “initial strategic investment” for its digital asset holdings. This initiative is backed by a combination of stock sales and a debt offering intended to generate $500 million.
Based on an average purchase price of $0.24 per Dogecoin, Bit Origin’s recent acquisition would have cost approximately $9.9 million. Data from Nansen indicates that the current trading price of Dogecoin is around $0.26.
It’s worth noting that Bit Origin has connections to a crypto mining operation previously associated with China. This operation was required to shut down its Wyoming facility following an order from the U.S. government.
In 2022, Bit Origin partnered with MineOne Partners Limited to run a cryptocurrency mining center located in Cheyenne, Wyoming, offering both strategic guidance and operational support. However, MineOne Partners Limited, because of Chinese connections, was forced to close down that facility in 2024 because it was situated close to a U.S. nuclear missile base.
Jinghai Jiang, who later joined Bit Origin in 2021 as its Chief Operating Officer and CEO, formerly held a director position at MineOne Partners Limited.
Bit Origin CEO Sees Dogecoin’s Potential
Dogecoin, which started as a lighthearted joke payment system created in 2013 by software developers Billy Markus and Jackson Palmer to make fun of the speculative crypto market, has grown into the eighth largest cryptocurrency based on market capitalization.
Jiang stated that Bit Origin selected Dogecoin for its treasury due to the company’s belief in the cryptocurrency’s “potential utility for microtransactions, which is approaching a turning point.” He cited renewed developer activity and growing institutional interest in tokenization as reasons for this belief.
“While we respect its cultural roots, which have boosted its visibility and liquidity, we think recent market dynamics are lining up well with Dogecoin’s path towards decentralized finance.”
Former Food Company Increasing Crypto Involvement
On July 17th, Bit Origin finalized agreements with investors to sell shares valued at up to $400 million, along with convertible debt reaching up to $100 million. The goal is to fund their Dogecoin treasury strategy.
Jiang emphasized in a prior statement that “Bit Origin is expanding its focus beyond mining infrastructure to directly engage with the inherent value and practical applications of digital assets.”
Established in 2019 as China Xiangtai Food, Bit Origin initially focused on pork processing activities, including slaughtering, packaging, distribution, and wholesale.
However, the company revealed in December 2021 that it had acquired 742 cutting-edge Bitcoin miners, signaling a strategic shift towards cryptocurrency. Subsequently, the company rebranded itself as Bit Origin in 2022.
As of 2025, the company profile no longer mentions any engagement in pork processing activities.
Distribution of Dogecoin Ownership
Dogecoin’s ownership is heavily concentrated among large holders. According to data from the cryptocurrency tracker BitInfoCharts, over 81% of the total Dogecoin supply is held by just 908 addresses.
One single address controls more than 28 billion Dogecoins, while the next 14 largest wallets together possess more than 43 billion. In March, cryptocurrency exchange Exolix identified a wallet associated with the brokerage firm Robinhood as the owner of the 28 billion Dogecoins.
An unidentified individual holds the second largest share with 8.90 billion Dogecoins, and the cryptocurrency exchange Binance holds the third largest share with 7.65 billion.
By comparison, roughly 82% of Bitcoin (BTC) is distributed across 152,002 wallet addresses, according to BitInfoCharts.