Chinese Food Company Turned Miner Bets Big on Dogecoin for Corporate Reserves

According to Cointelegraph, Bit Origin has acquired 40.5 million Dogecoin tokens for approximately $10 million as part of its digital asset treasury strategy. The China-based company, which transformed from a pork processing business to a Bitcoin mining operation, purchased the tokens at an average price of $0.24 per coin on Monday.

The acquisition represents the first purchase under Bit Origin's $500 million crypto treasury initiative. The company raised funds through $400 million in equity sales and $100 million in convertible debt offerings. Bit Origin CEO Jinghai Jiang said the company selected Dogecoin over other cryptocurrencies due to its utility potential for micropayments and renewed developer activity.

Bit Origin originally operated as China Xiangtai Food, focusing on pork processing and distribution. The company pivoted to cryptocurrency mining in December 2021 and changed its name to Bit Origin in 2022. The firm no longer mentions pork processing in its company profile as of 2025.

Why Corporate Dogecoin Adoption Matters for Digital Assets

The move represents a departure from the typical Bitcoin-first approach most companies adopt for treasury strategies. CTMfile reports that corporate Bitcoin treasuries grew by 31% in 2024, reaching 998,374 BTC according to BitcoinTreasuries data.

Jiang stated that Bit Origin views Dogecoin as approaching an "inflection point" driven by institutional interest in tokenization and decentralized finance evolution. The CEO emphasized the company's belief that current market conditions align with Dogecoin's transition toward practical payment applications.

The acquisition comes amid increased institutional interest in Dogecoin. CoinDesk reported that DOGE surged over 8% on July 21, with trading volume nearly tripling as institutional wallets scaled their positions. Prediction markets now show an 80% probability of Dogecoin ETF approval.

Broader Implications for Corporate Crypto Treasury Strategies

Bit Origin's Dogecoin focus reflects the expanding landscape of corporate cryptocurrency adoption beyond Bitcoin. The Global Treasurer notes that while Bitcoin remains dominant with 20 companies holding significant crypto treasuries, four companies now focus on Solana and two each are dedicated to Ethereum and XRP.

The trend toward diverse cryptocurrency portfolios comes as companies seek alternatives to traditional cash holdings amid inflation concerns. Many treasury companies fund their crypto acquisitions through convertible notes, allowing debt conversion to equity if share prices rise above predetermined levels.

We previously covered how nations maintaining Bitcoin reserves gain strategic advantages during fiscal emergencies, as digital assets provide liquidity options that can shield traditional precious metal reserves like gold. This principle now extends to corporate treasury management as companies diversify beyond fiat currencies.

The corporate crypto treasury movement continues gaining momentum as regulatory clarity improves and institutional infrastructure matures. Galaxy Research data shows at least 28 public companies now hold significant crypto treasuries, with debt obligations for most Bitcoin treasury companies not maturing until 2027-2028, providing substantial runway for strategic implementation.