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Bit Origin increased its holdings by over 40 million DOGE at an average price of $0.2466, completing its first ever Treasury Reserve strategy purchase
BlockBeats News, July 22, Bit Origin (stock code: BTOG) announced on Monday that it has increased its holdings by 40,543,745 DOGE, with an average purchase price of about $0.2466 per coin. This move comes less than a week after the company officially established a DOGE-centric corporate treasury.
The company has a market value of about $45 million, with a stock price below $0.80. Last Thursday, Bit Origin announced that it had secured a total of up to $500 million in equity and debt financing to launch an enterprise-level Dogecoin treasury.
Bit Origin's CEO stated: "Our new beginning has begun. With our experience in the mining field, we understand the trade-offs of the Proof of Work (PoW) system. We believe that, amidst a resurgence of developer activity and increasing institutional interest in tokenization, Dogecoin's practical potential for microtransactions is approaching a tipping point."
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