Singapore-based crypto mining firm Bit Origin announced its plans to secure $500 million in funding. The capital raise, which comprises $400 million in Class A shares and $100 million in convertible debt, aims to create a public Dogecoin (DOGE) treasury. The initial tranche included a $15 million convertible debt closing, solely for the first wave of Dogecoin acquisitions.
We’re proud to lead this new origin!
From meme to monetary backbone.
From mining to movement.We believe in the evolution of @dogecoin from internet culture to real-world payments.$BTOG | https://t.co/D2JQ9ikzia https://t.co/2IrvjLbtxR
— BitOrigin (@BitOriginLtd) July 17, 2025
Bit Origin Moves Differently
Notably, other firms, such as Strategy, Sharplink Gaming, Nano Labs, and Upexi, have established treasuries for Bitcoin, Ether, BNB, and Solana, respectively. However, Bit Origin moves differently by channeling its focus on Dogecoin. If executed successfully, it will make the Singapore firm the first Nasdaq-listed entity to designate DOGE as a core treasury asset.
The company believes the move will deliver long-term value as it increases Doge-per-share and explores the asset’s real-world use cases. It plans to engage in mining and payment services on the Dogecoin network. It expressed optimism over potential integration with Elon Musk’s “X Money” super-app.
The company further highlighted Dogecoin’s low fees, high transaction speed, and merchant acceptance as key advantages. Interestingly, the initiative demonstrates its interest in actively engaging with DOGE’s claimed utility. Commenting on the firm’s interest in the crypto asset, Bit Origin’s CEO and Chairman, Jinghai Jiang, explained:
“What started as a joke has evolved into a globally liquid asset with payments utility. Few digital assets rival Doge’s settlement speed and scale of community, which continues to drive adoption across peer-to-peer payments and online commerce.”
From Memecoin to Treasury Asset
Dogecoin was launched in December 2013 as a meme-inspired spoof of Bitcoin, utilizing Litecoin-derived technology to offer faster transactions. Conceived as a meme, it gained early traction through vibrant community support, making it the internet’s favorite memecoin. Fast forward to today, and it’s among the top ten crypto assets with institutions filing for its ETF.
Recently, rumors circulated suggesting that U.S. government agencies might use Dogecoin. The speculation was fueled by the odd intertwining of Dogecoin and the “DOGE” acronym, which is also associated with the Department of Government Efficiency. However, Elon Musk burst the bubble by clarifying that the U.S. authorities have no plans to utilize the asset.
Meanwhile, Bit Origin’s plan to make Dogecoin a core treasury asset mirrors that of Sonnet BioTherapeutics and Rorschach I LLC. Together, the firms plan to form Hyperliquid Strategies, an entity that will hold approximately $583 million worth of HYPE, the native asset of the Hyperliquid platform.
