Bit Origin Ltd announces plans to establish Dogecoin treasury backed by $500 million

Bit Origin Ltd has announced plans to establish a Dogecoin treasury, backed by a $500 million equity and debt deal with accredited investors. The company, formerly known as China Xiangtai Food Co., Ltd, could become the first publicly traded holder of Dogecoin.

According to a press statement released on Thursday, finance for the Dogecoin treasury will come from sale of up to $400 million in Class A ordinary shares and an additional $100 million in convertible debt. Bit Origin has already closed $15 million under the debt facility, funds it intends to use for its initial Dogecoin acquisitions.

The financing was overseen by Chardan, the official placement agent, and is backed by ATW Partners. Bit Origin provided more information on the transaction in a regulatory Form 6-K filing dated July 17.

According to CoinGecko, Dogecoin (DOGE) is currently trading at $0.2113, a 3.2% increase over the past 24 hours, and a 14.9% uptick in the last seven days. The coin has surged past a descending triangle formation on the 3-day chart. 

Bit Origin takes strides towards Dogecoin

Jinghai Jiang, Chairman and CEO of Bit Origin, called the treasury initiative a “transformation” in the company’s business model. He mentioned that the company is adding a crypto treasury on top of its mining activities to become more involved in the digital asset market.

“Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets,” Jiang said in a statement. “What started as a joke has evolved into a globally liquid asset with payments utility.”

Bit Origin’s newly announced Doge-focused roadmap includes asset accumulation and more interactions with the Dogecoin ecosystem. 

The company could use the treasury to service miners, develop payment applications, and pursue other Doge-based operations with long-term shareholder value.

“We hope Doge’s performance and community make it a natural fit for X Money,” said Jiang. “DOGE embodies a shared culture of optimism and resilience that transcends existing political and financial systems.”

The company is also launching a Doge-per-share performance metric. According to its documents, the treasury value will increase over time, where shareholders will be holding stakes pegged to the token’s performance. 

Company regains Nasdaq compliance 

On July 1, 2025, Bit Origin released a statement saying it had regained compliance with Nasdaq’s minimum equity requirement. This followed a previous warning from Nasdaq issued on January 3, 2025, citing deficiencies in the company’s stockholder equity levels.

In response to the warning, Bit Origin submitted a compliance plan and by June 30 had demonstrated the necessary improvements. As a result, Nasdaq confirmed the company’s return to compliance with listing standards. 

Still, Nasdaq said that the company is still “under monitoring,” and any future failures could result in delisting proceedings. In that event, the company would retain the right to appeal the decision before a Nasdaq Hearings Panel.

“We are pleased to have regained compliance with Nasdaq’s equity standard,” said CEO Jiang. “We are focused on building long-term growth and fulfilling compliance with all listing requirements.”

Dogecoin analysts have spotted a breakout verified by a strong candle close above two technical indicators, the 50-day Simple Moving Average at $0.1859 and the 200-day SMA at $0.1774. 

The levels were DOGE’s previous psychological resistance, and the close above both spells a potential reversal in trend from bearish to bullish.

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