- BitOrigin has purchased 40.5 million DOGE worth $10 million as part of a $500 million treasury plan.
- The company aims to become a major institutional holder of Dogecoin using equity and convertible debt.
- Traders see bullish signals for DOGE, with analysts expecting a possible price rally if support holds.
Nasdaq-listed BitOrigin Ltd has revealed its acquisition of approximately 40.5 million Dogecoin (DOGE), worth around $10 million. This marks the initial step in its $500 million digital asset treasury plan focused solely on DOGE.
The company’s press release highlights this strategic move as a long-term treasury play rather than a speculative trade. BitOrigin is committing to a DOGE-backed reserve, with CEO Jinghai Jiang citing the firm’s mining expertise and understanding of proof-of-work protocols as the basis for this approach.
The DOGE purchase equals a DOGE-per-share ratio of 0.691 and an average acquisition price of $0.2466. BitOrigin aims to build a position that leverages Dogecoin’s potential utility in micropayments, amid growing developer activity and rising institutional attention to decentralized finance.
DOGE Treasury Trend Gains Momentum
With a structure that includes $400 million in equity and $100 million in convertible debt from accredited investors, BitOrigin’s treasury plan could make it the first Nasdaq-listed company to hold DOGE as a primary treasury asset. This aligns with a broader shift, following similar strategies by Strategy and Japan-based Metaplanet.
The company’s entry into the DOGE ecosystem also underscores the growing appeal of crypto-backed treasury reserves. As traditional and digital finance merge, BitOrigin is positioning itself at the forefront of this trend.
Technical Outlook Points to Possible DOGE Upside
Market response to the announcement has been notable. Dogecoin recently broke through a key resistance on the daily chart, and the RSI remains steady without signs of bearish divergence. Analysts see this momentum as a possible indicator of a new DOGE cycle.
Trader Alan, also known as Trader Tardigrade, noted that a short-term retest of support near $0.25 could act as a launchpad for DOGE to target $0.31 or $0.42. Analyst GalaxyBTC echoed the sentiment, stating the market may be in the early stages of another bullish DOGE phase.
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