Bit Origin, a China-based company originally known for pork processing and now a Bitcoin miner, has taken a significant step in its digital asset investment strategy by acquiring 40.5 million Dogecoin (DOGE).
The CEO, Jinghai Jiang, announced this acquisition as the first major move in Bit Origin’s crypto treasury initiative, which is part of a $500 million capital raise through share sales and debt offerings.
At an average purchase price of $0.24 per Dogecoin, Bit Origin invested approximately $9.9 million in this meme cryptocurrency, which currently trades near $0.26 according to data from Nansen.
Bit Origin has notable links to MineOne Partners Limited, a China-affiliated crypto mining firm that previously faced a forced property exit in Wyoming in 2024 due to security concerns near a nuclear missile base. Bit Origin has been involved with MineOne since 2022, supporting its mining operations in Cheyenne, Wyoming.
Before leading Bit Origin, CEO Jiang was a director at MineOne Partners, joining Bit Origin in 2021 as COO and later CEO. The firm has evolved from its roots in slaughtering and pork distribution to becoming a crypto-focused enterprise.
Dogecoin’s Growth and Utility Potential
Dogecoin started in 2013 as a lighthearted alternative to traditional cryptocurrencies but has grown to become the eighth largest digital coin by market capitalization.
Jiang emphasized choosing Dogecoin for the treasury because of its advancing utility in micropayments, driven by increased developer involvement and a surge in institutional interest in tokenization. He highlighted the token’s cultural appeal and evolving decentralized finance role.
While respecting Dogecoin’s cultural roots that boost liquidity and recognition, we believe market trends position it to evolve further into decentralized finance, explained Jiang.
Strategic Shift From Food Processing to Digital Assets
On July 17, Bit Origin secured agreements to raise up to $400 million through share sales and $100 million via convertible debt to support its Dogecoin treasury acquisition and broader crypto strategy.
This move signals Bit Origin’s transition beyond traditional mining hardware toward active engagement with digital asset value and utility.
Founded in 2019 as China Xiangtai Food, the company focused on pork-related businesses but officially rebranded as Bit Origin in 2022 following its initial purchase of over 700 Bitcoin miners.
As of 2025, Bit Origin’s public profile no longer mentions pork operations, highlighting its strategic pivot into cryptocurrency.
Dogecoin Ownership Concentration
Dogecoin holdings are heavily concentrated among large ‘whale’ investors. BitInfoCharts reports that 81% of the total Dogecoin supply is held across just 908 wallets.
One wallet alone controls over 28 billion DOGE, and the next 14 largest wallets hold an additional 43 billion tokens. A March report by Exolix indicates that the largest wallet is associated with brokerage firm Robinhood.
The second and third biggest holders include an unidentified wallet with 8.90 billion DOGE and crypto exchange Binance with 7.65 billion DOGE.
For context, Bitcoin’s supply is distributed among over 152,000 wallet addresses, maintaining a more distributed ownership compared to Dogecoin.
This information underscores the evolving landscape of Dogecoin ownership and institutional interest as Bit Origin bets on the cryptocurrency’s growing utility.
