Bit Origin Ltd (NASDAQ: BTOG), a U.S.-based cryptocurrency mining company, has announced agreements with accredited investors to raise up to $500 million. The funding includes up to $400 million in Class A ordinary shares and up to $100 million in convertible debt. The company will use the funds to start a new strategy focused on accumulating Dogecoin (Doge) as a core asset.
Bit Origin is the first publicly listed company on a major U.S. exchange to adopt Dogecoin as part of its treasury. It expects to become one of the largest public holders of Dogecoin and aims to increase the Doge-per-share value for investors over time. The company sees Dogecoin as having long-term potential, especially in payment-related use cases, due to its low fees and growing merchant acceptance.
Bit Origin also plans to expand its operations within the Dogecoin ecosystem, including services for miners and potential payment applications. The company believes these activities can add value beyond its mining business.
The first part of the funding has already been completed, with $15 million secured through the convertible debt facility. A large part of this amount will be used to acquire Dogecoin for the company’s treasury. Chardan acted as the placement agent for the financing, which was provided by ATW Partners.
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