Dogecoin gets its day in the corporate treasury conversation

Bit Origin, an emerging growth company that operates in the US and is headquartered in Singapore, announced on Thursday that it’s rolling out a corporate treasury centered on dogecoin, a cryptocurrency that has transformed from a joke into a $32 billion economic instrument. While the company isn’t the first to create a dogecoin stash (there’s already a company calling itself the “Strategy of dogecoin,” even), the meme coin is far less popular than bitcoin or even ethereum for corporate stockpiles.

The firm secured $500 million to launch its dogecoin treasury by selling $400 million worth of shares and up to $100 million in convertible debt. The price of dogecoin has increased 4.5% in the last 24 hours, while Bit Origin’s shares have skyrocketed over 80% today.

Jinghai Jiang, CEO and chairman of Bit Origin, said in a press release:

“Few digital assets rival Doge’s settlement speed and scale of community, which continues to drive adoption across peer-to-peer payments and online commerce. We hope Doge’s performance and community make it a natural fit for X Money, as Elon Musk advances his vision for X as a global super-app.”

Elon Musk, CEO of Tesla and owner of social network X, has on numerous occasions supported dogecoin, and has even enabled it as a means to purchase Tesla merch. 

The announcement comes as the US Securities and Exchange Commission is currently considering the approval of several spot dogecoin ETFs.