Bit Origin, a publicly available Bitcoin mining infrastructure company, announced Monday that it had purchased around $10 million from Dogecoin (Doge) to launch Meme Coin Treasury.
A company based in Singapore Detailed plans from last week BTOG stock has risen more than 90% in the news, raising up to $500 million to buy major meme coins.
“From our mining experience, we understand the trade-offs that define a proof of work system. There is the possibility of a micropayment Dogecoin utility that approaches the point of change.
Last week, Jiang highlighted the potential inclusion of tokens in the financial ecosystem born from X Money, X (formerly Twitter) financial and payments applications.
“While we embrace cultural origins that helped to promote liquidity and global familiarity, we believe that the current market situation is in line with Dogecoin’s evolution towards a decentralized fiscal,” he added.
With the company’s acquisition, Bit Origin gave a total of 40,543,745 Doges, earning about $10 million in total spending at the average price per Doge.
Its value rose 8.1% over the last 24 hours due to Meme Coin’s rise, and rose 42% last week to nearly $11.5 million.
Following in the footsteps of other cryptocurrency companies, Bit Origin tracks Dogecoin Holdings via Doge Pers-Share (DPS) metrics. After the initial purchase, the company has reported a DPS of 0.69 or 0.69 Doge coins per share in BTOG Outstanding.
BTOG shares have so far been under 1 percent point on Monday, trading at a 386% increase from $0.16 in July.