Is DOGE becoming the "new favorite" of enterprises? Bitcoin mining company Bit Origin invests $500 million to build DOGE reserves, and the stock price skyrockets by 90%!

In the crypto assets market, it is no longer a novelty for companies to include digital assets in their balance sheets, but it usually focuses on Bitcoin. However, Nasdaq-listed Bit Origin Ltd (BTOG) recently announced a groundbreaking strategy: to utilize up to $500 million to establish a DOGE reserve. This initiative not only caused BTOG's stock price to pump 90% in after-hours trading but also led analysts to point out that this may not just be a single company's adjustment of asset allocation, but rather marks a watershed moment for meme coins transitioning from a "joke" to a "financial tool."

Bit Origin Bets 500 Million USD to Establish DOGE Reserves

According to GlobeNewswire, Bit Origin Ltd (BTOG) announced that it has reached an agreement with qualified investors to issue up to $400 million in Class A common stock and $100 million in convertible bonds. The raised funds will be used to establish the company's reserve strategy regarding DOGE.

The company has completed the first round of convertible bonds (15 million USD) delivery and plans to use most of the funds for the initial purchase of DOGE. According to the announcement, the strategy aims to achieve long-term value by increasing the "amount of DOGE held per share," while the company is also exploring services for miners and payment applications.

Bit Origin is a cryptocurrency mining company headquartered in the United States, currently actively diversifying its development of blockchain technology. Chardan acts as the placement agent for this securities offering, with specific terms as per the company's 6-K filing submitted on July 17, 2025. The company expects to become one of the publicly listed companies with the largest holdings of DOGE after completing full financing. CEO Jinghai Jiang stated, "DOGE has transformed from a joke into a global liquid asset suitable for payment. We aim to create long-term value for shareholders by increasing the 'DOGE held per share.'"

Dual Layout of Financing Structure and Business Transformation

Bit Origin's main business is a Bitcoin mining enterprise, with past capital expenditures focused on mining machines and electricity. Now it holds DOGE in the form of a "treasury," with three layers of intent:

Directly participate in DOGE value growth: By holding DOGE, you directly benefit from its price increase.

Entering the peer-to-peer payment market: Utilizing the fast settlement speed and low transaction fees of DOGE to enter the peer-to-peer payment market.

Locking in opportunities for integration with payment layers like X Money envisioned by Musk: The close relationship between DOGE and Musk provides imaginative space for its future applications in the payment field.

The "payment + treasury" dual engine proposed by the company allows both its core business and balance sheet to benefit simultaneously, reducing the risks of a purely mining cycle. Additionally, the announcement mentioned that Bit Origin plans to provide services for DOGE miners, develop payment applications, and even promote other value-added operations within the ecosystem. In other words, it not only holds coins but also aims to be a driving force for infrastructure and applications, thereby expanding the network effect of DOGE.

Market Reaction: BTOG Stock Price Jumps 90%

Inspired by this news, Bit Origin stock BTOG surged by 90% after hours on July 18 Taiwan time, with the stock price currently reported at 0.63 USD and a market capitalization of about 37.41 million USD. This shows the market's positive reaction to Bit Origin's innovative strategy.

Meme Coins Moving Toward Institutionalization: Meaning and Risks Coexist

Prior to this, few companies in the public market had treated meme coins as core reserves. While exchanges hold a large amount of DOGE, most of it is for customer custody. The actions of Bit Origin represent the official entry of meme coins into corporate financial statements, prompting the capital market to reassess the risk premium and valuation model of DOGE.

On the other hand, meme coins have high volatility and unclear regulatory attitudes. If prices plunge sharply, their financial reports will face impairment pressure, and stock prices may also be affected. Overall, whether this move can bring the "per share DOGE" dividends that shareholders expect will take time to verify. The only certainty is that when capital starts to calculate the supply and valuation of meme coins, the market narrative may already be on the verge of being rewritten.

In the next phase, investors should pay attention to two things: First, when will Bit Origin complete its $500 million financing? Second, will more listed companies follow suit in establishing meme coin treasuries, and will other meme coins also be included in the company's balance sheet? If someone takes over, DOGE and other meme coins may have the opportunity to officially transition from internet memes to the "new normal" of corporate asset statements.

Bit Origin's strategy for establishing a DOGE reserve is a bold and innovative attempt in the Crypto Assets market. This not only opens new avenues for the institutional application of meme coins but also provides new ideas for the business transformation of traditional mining companies. Whether this initiative will succeed will have a profound impact on the future development of DOGE and the narrative of the entire meme coin market.