The former Chinese pork-processor-turned-Bitcoin-miner is now diving headfirst into memecoins. Bit Origin, a company once known for slaughterhouses and frozen cuts, has just bought 40.5 million Dogecoin tokens in what it calls the “first strategic acquisition” of its new digital asset treasury plan.
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The purchase, made at an average price of 24 cents per coin, puts the total spend around $9.9 million. With Dogecoin now trading at 26 cents, the move has already edged into the green. But the real story isn’t about a few cents on the spread. It’s about where Bit Origin thinks Dogecoin is going next and why a company with roots in pork distribution is suddenly staking its future on meme-powered micropayments.
Bit Origin Leans into Dogecoin for Treasury Strategy
Bit Origin’s Dogecoin play is part of a much broader pivot. The company has raised up to $500 million through a combined share sale and convertible debt offering to fund what it describes as a long-term crypto asset strategy. The Dogecoin purchase marks the beginning of that campaign, and more acquisitions may follow.
CEO Jinghai Jiang says Dogecoin’s moment is coming. In his words, the coin is “nearing an inflection point” in utility, especially for micropayments. That optimism is rooted in renewed developer activity around Dogecoin’s base layer and fresh interest from institutional players exploring tokenized payment systems. In short, Bit Origin sees Dogecoin not just as a meme but as money.
Dogecoin Gets Framed as a Serious Payment Layer
Dogecoin may have started as a joke in 2013, but Bit Origin doesn’t seem to be laughing. Jiang made it clear that the company still respects the coin’s cultural roots and wide recognition, but the focus now is on use cases. As more platforms look for low-cost, fast-settling payment rails, Dogecoin’s simplicity and brand visibility give it a real shot at adoption.
Dogecoin is already the eighth largest cryptocurrency by market cap. Bit Origin is betting that if the market takes utility more seriously this cycle, DOGE could find itself in the center of real-world payments, not just social media memes. It’s a narrative shift that lines up with where investor attention is starting to drift.
The Crypto Pivot Is Now Complete
Bit Origin’s journey has been anything but typical. Launched in 2019 as China Xiangtai Food, the company processed pork, handled wholesale distribution, and ran cold chain logistics. That ended in 2021, when it bought hundreds of Bitcoin miners and began transitioning into digital infrastructure. By 2022, the company had dropped pork entirely and rebranded as Bit Origin.
Now, in 2025, the pivot appears complete. Bit Origin is no longer a mining-first operation. It wants to be a full-fledged crypto player, holding assets on its balance sheet and building around token utility. Jiang made that clear when he said the company is “evolving beyond mining infrastructure” to engage directly with the value side of digital assets.
History with MineOne Adds Complexity
Bit Origin’s crypto involvement hasn’t always been smooth. The company previously partnered with MineOne Partners Limited to operate a mining site in Cheyenne, Wyoming. That facility came under federal scrutiny in 2024 due to its location near a U.S. nuclear missile base. MineOne, which had China ties, was ordered off the site. Bit Origin, through its CEO, was directly linked to that partnership.
Jinghai Jiang was a director at MineOne before becoming Bit Origin’s CEO in 2021. That connection adds another layer of intrigue to the company’s shift toward Dogecoin. It also raises questions about regulatory optics, especially as the company raises and deploys hundreds of millions of dollars into crypto assets from a China-linked past.
Whale-Dominated Dogecoin Raises Liquidity Questions
One concern is whether Bit Origin can rely on Dogecoin as a stable treasury asset. Data shows that more than 81% of all DOGE is held in just 908 wallets. One address alone controls over 28 billion tokens. The top 15 wallets combined hold more than 70 billion. That level of concentration limits liquidity and opens the door to sudden volatility.
Some of these wallets are tied to known players like Robinhood (HOOD) and Binance. Others remain unidentified. If one or two major holders sell into strength, the price could crash. That risk makes Bit Origin’s Dogecoin bet brave but also vulnerable, especially if it aims to treat DOGE as a strategic treasury reserve over the long term.
Bit Origin is not the only company experimenting with crypto balance sheets, but few have made such an aggressive pivot from traditional business lines. The DOGE purchase is an early signal of how corporate treasuries might evolve in this cycle. For investors, it also shows how fast a coin can shift from meme status to treasury-grade asset, at least in theory.
Dogecoin’s long-term future still hinges on adoption, developer progress, and ecosystem upgrades. But when companies start buying millions of dollars’ worth for non-custodial treasury use, that narrative begins to change.
At the time of writing, Dogecoin is sitting at $0.2640.
