Bit Origin Aims to Raise $500M in Equity and Debt to Establish a Corporate Dogecoin Treasury

Bit Origin Moves to Adopt Dogecoin as Core Treasury Asset, Targets $500M Raise

Bit Origin (BTOG), a Nasdaq-listed crypto mining firm headquartered in Singapore, is making Dogecoin (DOGE) its primary treasury asset—becoming the first company on a major U.S. exchange to commit to such a strategy.

The company said Thursday it has lined up $400 million in equity financing and $100 million in convertible debt from accredited investors. It has already secured $15 million of that capital, a portion of which will fund initial DOGE purchases.

The move echoes the corporate crypto playbook popularized by MicroStrategy, which famously converted its balance sheet to Bitcoin starting in 2020. Bit Origin’s DOGE-centric pivot, however, represents one of the first serious corporate attempts to anchor a treasury around a memecoin.

DOGE, which began as a parody token, has evolved into a significant digital asset—fueled by a loyal user base, frequent social media buzz, and high-profile endorsements. Despite its volatility, its adoption in retail and now institutional spaces continues to grow.

Shares of Bit Origin, down nearly 100% since going public in 2019 and off 58% year-to-date, jumped 28% on the day to $0.52, briefly lifting its market cap to around $20 million.

For Bit Origin, the shift marks a high-risk play to reboot its corporate narrative and align with broader digital asset trends. If successful, it could set a precedent for more experimental crypto treasury models beyond Bitcoin and Ethereum.

DOGE is currently up 3.6%, trading at $0.21.