As institutional interest in Dogecoin grows in the cryptocurrency market, Bit Origin (BTOG) announced its first Doge purchase in the company’s history.
The company purchased around 40 million DOGEs after it announced last week that it had set up its on-site Dogecoin Treasury.
Bit Origin, which has a market capitalization of about $45 million and trades below $0.80 per share, announced last Thursday it had secured up to $500 million in shares and debt funding to build Dogecoin’s Treasury Department.
“Our new beginnings have begun,” Bit Origin CEO Jinghai Jiang explained the strategic vision behind Dogecoin Investment in a press release released Monday.
“Thanks to our mining experience, we have a good understanding of the dynamics of work demonstration systems. The increased activity of developers and the revival of institutional interest in tokenization suggests that Dogecoin is approaching a key milestone in the micropeeting system.”
The company also made a clear reference to Elon Musk’s super application vision last week through the X platform, stating it is shaping Dogecoin’s future role in this direction.
“We embrace Dogecoin’s cultural roots, which raises liquidity and global awareness. However, we believe that the current market situation is compatible with Doge’s evolution over decentralized finance (Defi),” says Jiang.
The total amount of DogeCoin purchased by Bit Origin was announced as 40,543,745. The company made the purchase for an average cost of $0.2466.
*This is not investment advice.