Nasdaq-Listed Bit Origin Rallying 105% to Become First Public Company with Dogecoin Treasury

Bit Origin Ltd (NASDAQ: BTOG), a U.S.-based company specializing in cryptocurrency mining and blockchain technology, has secured up to $500 million through a mix of equity and convertible debt to launch a pioneering Dogecoin treasury strategy.

The financing includes $400 million in Class A ordinary shares and $100 million in convertible debt, with an initial closing of $15 million already completed under the debt facility.

With this move, Bit Origin becomes the first publicly listed company on a major U.S. exchange to formally adopt Dogecoin as a core treasury asset — an unprecedented step that sets it apart from previous corporate crypto strategies focused on Bitcoin or stablecoins.

The strategy represents a significant pivot from the company's traditional mining operations and positions Dogecoin at the center of its future value creation plans. Chardan served as the placement agent, and the facility is managed by ATW Partners.

Jinghai Jiang, CEO and Chairman of Bit Origin, emphasized the company's evolving vision: “Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets. What started as a joke has evolved into a globally liquid asset with payment 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.”

Strategic Pivot to Dogecoin Treasury

A significant portion of the proceeds will be used to acquire Dogecoin, aiming to increase Doge-per-share for existing shareholders. Beyond asset accumulation, Bit Origin plans to expand its role within the Dogecoin ecosystem by developing miner-facing services, payment applications, and other infrastructure.

The strategy capitalizes on Dogecoin’s low transaction fees and fast settlement speeds, making it a viable digital currency for global payments. The company also expressed interest in potential integrations with payment platforms like X Money, aligning with broader trends in crypto adoption — possibly influenced by public figures such as Elon Musk.

The financing details, including forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995, were disclosed in a Form 6-K filed on July 17, 2025. The company also highlighted associated risks and uncertainties.

Market Surge Follows Historic Dogecoin Treasury Announcement

Following the announcement, Bit Origin shares saw a significant surge on July 17. The stock opened at $0.4219, reached an intraday high of $0.696. The company’s market cap rose to $17.10 million.

Within 24 hours of the announcement, BTOG shares had climbed as high as $0.68 in after-hours trading, representing a total gain of over 105% from the pre-announcement price of $0.3318.

The bold Dogecoin strategy has stirred intense interest across social media, with many crypto commentators praising the move as both visionary and potentially lucrative. Speculation about possible support from high-profile individuals such as Elon Musk further fueled online discussions.

By adopting a Dogecoin-based treasury model, Bit Origin aims to redefine the role of meme-based cryptocurrencies in corporate finance. If successful, the move could inspire similar strategies across the industry.