Chinese pork producer turned BTC miner kicks off Dogecoin plan

Bit Origin's Dogecoin Acquisition

China-based pork processing company and Bitcoin miner Bit Origin has officially kicked off its crypto treasury initiative with its first acquisition of 40.5 million Dogecoin. The company revealed that the Dogecoin buy was the “first strategic acquisition” under its digital asset treasury initiative, which was supported by a share sale and debt offering aiming to raise $500 million. With an average price of $0.24 per coin, Bit Origin would have spent approximately $9.9 million on its recent Dogecoin acquisition, with the token currently trading at $0.26.

Bit Origin's Mining Partnerships

Bit Origin has ties to a China-linked crypto mining firm that was required to vacate a property in Wyoming following an order from the White House. The company joined forces with MineOne Partners Limited in 2022 to operate a crypto mining facility in Cheyenne, Wyoming. However, due to its proximity to a nuclear missile base, the China-linked crypto mining firm had to leave the property in 2024. Jinghai Jiang, who joined Bit Origin in 2021 as its chief operating officer and CEO, was previously a director at MineOne Partners Limited.

Dogecoin's Rise and Bit Origin's Strategy

Dogecoin, initially launched in 2013 as a joke payment system, has since become the eighth largest cryptocurrency by market cap. Bit Origin decided to adopt Dogecoin for its treasury over other cryptocurrencies due to its utility potential for micropayments. The company entered into agreements with investors to sell up to $400 million in shares and up to $100 million in convertible debt to fund its Dogecoin treasury strategy, signaling its shift from mining infrastructure to the value and utility of digital assets.

Company Transformation and Dogecoin Ownership

Bit Origin, formerly known as China Xiangtai Food, transitioned from pork processing to crypto mining in 2022 after purchasing Bitcoin miners. As of 2025, the company no longer mentions pork processing in its profile. Dogecoin ownership is currently concentrated among whale holders, with over 81% of the token's supply held among 908 addresses. This is in contrast to Bitcoin, where roughly 82% of the supply is held among 152,002 wallet addresses.