rewrite this title Bit Origin lines up $500M to build Dogecoin treasury as corporate altcoin bets expand

Bit Origin has arranged up to $500 million in new capital to accumulate Dogecoin (DOGE) for its corporate treasury, becoming the latest public company to shift its digital asset reserves beyond Bitcoin. 

The company stated in a current report on Form 6-K that accredited investors committed $400 million in Class A shares and $100 million in convertible notes. 

Bit Origin closed the first $15 million under the debt facility and plans to use a large portion of this to purchase Dogecoin. 

CEO Jinghai Jiang framed the move as a step “beyond mining infrastructure” toward direct participation in assets the firm believes will power future payment networks.

Bit Origin says Dogecoin’s fast settlement, active merchant base, and large user community justify a treasury strategy designed to “increase Doge-per-share” over time. 

The company cited potential integrations with X Money, the payments rail envisioned for Elon Musk’s everything-app initiative, as a possible demand catalyst. 

Proceeds not used for token acquisition may be used to fund miner services, payment applications, and other Dogecoin-focused business lines. 

Treasuries expand to altcoins

Bit Origin’s plan follows a wave of treasury reallocations into non-Bitcoin assets. 

SharpLink Gaming disclosed holdings of 280,706 Ethereum (ETH), surpassing the Ethereum Foundation and cementing the sports-betting firm as the largest public ETH holder after a series of treasury purchases this month.

Furthermore, biotech developer Windtree Therapeutics has secured an agreement for up to $200 million to establish a BNB reserve that will support upcoming product launches and tokenized finance initiatives.

On the newer Hyperliquid network, Sonnet BioTherapeutics combined with a partner to form Hyperliquid Strategies Inc., earmarking $583 million in HYPE tokens for balance-sheet deployment.

Bit Origin expects the planned reserve to position it among the largest publicly traded holders of Dogecoin once fully deployed. The share sale portion is priced at $10, and the notes convert at undisclosed terms.

The Form 6-K stated that management views Dogecoin’s low fee structure and community-led development model as durable features suited for retail payments at scale.

Bit Origin will disclose Dogecoin purchase details in subsequent SEC filings as funds are deployed.

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