Bit Origin, a company that once focused on processing pork, announced that the company purchased 40.5 million Dogecoin
According to a July 21 press release, the purchase is the first under its new plan to hold digital assets as part of its balance sheet.
The company stated that it paid about $0.24 per DOGE, which puts the total cost near $9.9 million. Bit Origin is raising $400 million through share sales and an additional $100 million through convertible debt, with agreements already in place as of July 17.
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Company chairman and CEO Lucas Jiang stated at the time that they chose Dogecoin because it is becoming more useful for small payments.
He pointed to a rise in developer interest and growing attention from institutions as reasons why the coin may play a larger role in decentralized finance (DeFi).
Bit Origin began in 2019 under the name China Xiangtai Food. In December 2021, the company shifted focus by buying hundreds of Bitcoin
On July 21, Ether Machine announced plans to launch a publicly traded Ethereum
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