Former Pork Producer Bit Origin Makes Bold Dogecoin Treasury Bet

China's pork producer company, Blue Origin, has become the first company to adopt Dogecoin for its treasury.

In a statement on Monday, the company revealed that its first step would be to acquire 40.5 million Dogecoin.

The company’s move is underpinned by a $500 million capital-raising initiative, including a mix of share sales and convertible debt offerings.

Blue Origin's acquisition of Dogecoin in its corporate treasury could be seen as an anomaly, in a times when other companies are acquiring cryptocurrencies like Bitcoin or Ether.

Bit Origin Unique Selection Of Dogecoin

CEO Jinghai Jiang highlighted Dogecoin’s utility potential for micropayments nearing an inflection point, driven by increased developer activity and growing institutional interest in payment tokenization within the Dogecoin ecosystem.

Jiang explained that for this reason, he has chosen the Dogecoin over all other cryptocurrencies.

"While we embrace its cultural origins, which have helped drive liquidity and global familiarity, we believe current market conditions align with Dogecoin evolution towards decentralised finance."

On July 17, Bit Origin entered agreements with investors to sell up to $400 million shares and up to $100 million in convertible debt to fund the Dogecoin treasury strategy.

At that time, Jiang teased how the company was pivoting towards digital assets

"Bit Origin is evolving beyond mining infrastructure to engage directly in the value and utility of digital assets."

Bit Origin was first launched in 2019 under the company name ChinaXiangtai Food, with a its business model primarily surrounding food processing.

But in 2021, the company announced its plans to purchase 742 spot first-tier new Bitcoin miner as part of a crypto pivot and changed its name to Bit Origin in 2022.

Dogecoin Primarily Held By Whales

Dogecoin remains highly concentrated among large “whale” holders: Over 81% of the DOGE supply is controlled by just 908 wallet addresses.

The largest single holder manages more than 28 billion DOGE, with major crypto exchanges like Robinhood and Binance also among the leading custodians.

Comparatively, Bitcoin’s distribution is more dispersed, with 82% of BTC spread across over 150,000 addresses.