China-based pork processor and Bitcoin miner Bit Origin has officially launched its crypto treasury strategy with an initial purchase of 40.5 million Dogecoin.
In a statement released Monday, the company described the move as its “first strategic acquisition” under the newly formed digital asset treasury initiative. The initiative is backed by a combination of a share sale and a debt offering, aimed at raising up to $500 million.
Bit Origin reportedly paid an average of $0.24 per Dogecoin, bringing the total cost of the acquisition to approximately $9.9 million. At present, Dogecoin is trading at around $0.26, according to data from Nansen.
Notably, Bit Origin has connections to a China-affiliated crypto mining company that was ordered to vacate a site in Wyoming following a directive from the White House.
In 2022, Bit Origin partnered with MineOne Partners Limited to help run a crypto mining facility in Cheyenne, Wyoming, offering both strategic and operational support. However, in 2024, MineOne was forced to abandon the site due to its close proximity to a U.S. nuclear missile base.
Bit Origin’s current CEO and chief operating officer, Jinghai Jiang, previously served as a director at MineOne Partners Limited before joining Bit Origin in 2021.
Bit Origin CEO: Dogecoin Reaching a Turning Point
Dogecoin, created in 2013 by software engineers Billy Markus and Jackson Palmer as a satirical take on the frenzy surrounding cryptocurrency speculation, has since evolved into the eighth-largest digital asset by market capitalization.
According to Bit Origin CEO Jinghai Jiang, the company chose Dogecoin for its treasury over other cryptocurrencies because of its growing utility for micropayments. Jiang noted that Dogecoin is approaching an “inflection point,” fueled by a resurgence in developer activity and increasing institutional interest in tokenization.
“While we embrace its cultural origins, which have helped drive liquidity and global familiarity, we believe current market conditions align with Dogecoin’s evolution toward decentralized finance.”
Food Company Deepens Its Shift Into Crypto
On July 17, Bit Origin announced agreements with investors to raise up to $500 million—$400 million through share sales and $100 million via convertible debt—to support its Dogecoin-focused treasury strategy.
At the time, CEO Jinghai Jiang stated, “Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets.”
Originally launched in 2019 as China Xiangtai Food, the company was primarily involved in pork processing—handling everything from slaughtering and packing to distribution and wholesale. But in December 2021, it began its pivot into crypto, acquiring 742 spot first-tier Bitcoin miners. This strategic shift culminated in a rebrand to Bit Origin in 2022.
As of 2025, the company’s profile no longer references any involvement in pork processing.
The largest Dogecoin Holders
Dogecoin ownership remains heavily concentrated among large holders. According to data from crypto tracker BitInfoCharts, more than 81% of the total Dogecoin supply is held across just 908 addresses.
One wallet alone holds over 28 billion Dogecoin, while the next 14 largest wallets collectively account for more than 43 billion tokens. In March, crypto exchange Exolix reported that the wallet containing 28 billion Dogecoin is linked to brokerage firm Robinhood.
The second-largest holder is an unidentified address with 8.90 billion Dogecoin, followed by crypto exchange Binance, which holds approximately 7.65 billion.
For comparison, Bitcoin’s ownership is more distributed—about 82% of its total supply is held across 152,002 wallet addresses, according to BitInfoCharts.
