You think you’ve seen it all in this crypto game, right? Then comes Bit Origin, a Bitcoin mining firm, minding its own business.
But that ain’t enough for these guys. They just pulled a move so crazy, so outta left field, it makes you wonder if they’re geniuses or if they’ve been sipping too much of that Doge Kool-Aid.
Bitcoin miners, and memecoin dreams
For a long time, Bit Origin was just another player in the Bitcoin mining game. They knew their proof-of-work systems, they understood the grind.
But behind the scenes, CEO Jinghai Jiang was cooking up something different.
While everyone else was focused on the usual suspects, Jiang was looking at a different kind of dog, Dogecoin.
He saw its potential, not just as a joke, but as something real, something useful for those little, everyday payments.
Like when you spot your buddy for lunch and he owes you $3.27. That’s Dogecoin territory.
Then came the bombshell. Last week, Bit Origin announced plans to raise a cool $500 million to fill a treasury with Dogecoin. Not Bitcoin, not Ethereum, but Dogecoin.
The market went nuts, and Bit Origin’s stock, BTOG, shot up by over 90%. People were either laughing their heads off or scrambling to get in on the action.
A $10 million DOGE drop
Now, they’ve pulled the trigger. Bit Origin just dropped $10 million to kickstart that memecoin treasury, scooping up 40,543,745 DOGE at an average price of $0.24 each.
And get this, the market’s already smiling on them.
That $10 million is already worth nearly $11.5 million, with Dogecoin jumping over 8% in the last 24 hours and 42% in the past week. It’s like hitting a jackpot at the track, but instead of horses, it’s a doggo.
Jiang ain’t just blowing smoke either. He’s talking about Dogecoin getting wrapped up in X Money, the new finance and payments app from X.
He sees Dogecoin’s cultural origins, the meme-driven energy that draws people in, as a way to push it towards the serious world of decentralized finance.
It’s a gamble, sure, but sometimes the biggest rewards come from the biggest risks.
Doge-Per-Share and the memecoin legitimacy?
Bit Origin is even tracking its Dogecoin holdings with a fancy new metric, DOGE-per-share, or DPS. Their initial buy-in gives them a DPS of 0.69, ffs, come on.
Meaning for every share of BTOG outstanding, they got almost a whole Dogecoin. It’s a way for them to show the world they’re serious about this Dogecoin play.
BTOG’s stock itself is up 386% since July. That’s the kind of return that makes even the most skeptical suits sit up and take notice.
So, is this just a crazy stunt, or is Bit Origin seeing something the rest of us are missing?
Are they about to make Dogecoin the next big thing for corporate treasuries? I have no idea, but this is a freakin’ crazy story already.
