In a shocking turn of events, the China-based company that used to sell pork (because who doesn’t love a good BLT?) has officially jumped into the wild world of cryptocurrency with both feet… and a rather large wallet 🤯. Bit Origin, formerly known as China Xiangtai Food, has kicked off its crypto treasury initiative by buying 40.5 million Dogecoin. Because, why not? 🐕
The company claims this is the “first strategic acquisition” under its digital asset treasury initiative, which was made possible by selling shares and debt to the tune of $500 million. We’re not sure what’s more impressive, the amount of money or the fact that they’re using it to buy a cryptocurrency that was started as a joke 🤣.
At an average price of $0.24 per coin, Bit Origin shelled out around $9.9 million for its Dogecoin stash. And, as of now, it’s looking like a decent investment, with the token currently trading at $0.26 📈.
It’s worth noting that Bit Origin has some… let’s call them “interesting” ties to a China-linked crypto mining firm that got kicked out of Wyoming due to being too close to a nuclear missile base 🚀. But hey, that’s all in the past, right?
Before becoming the CEO of Bit Origin, Jinghai Jiang was a director at MineOne Partners Limited. We’re not sure if that’s a resume booster or not 🤔.
Dogecoin: From Joke to… Well, Still a Bit of a Joke
Dogecoin was launched in 2013 as a bit of a parody on the crypto craze, but it’s since become the eighth largest cryptocurrency by market cap. Who knew? 🤷♂️ Jiang thinks it’s an “inflection point” for Dogecoin, driven by “renewed developer activity and broader institutional interest in tokenization.” Or, you know, it could just be a bunch of hype 📊.
“While we embrace its cultural origins, which have helped drive liquidity and global familiarity, we believe current market conditions align with Dogecoin’s evolution toward decentralized finance.”
From Pork to Crypto: A Journey
Bit Origin started out in 2019 as a humble pork processing company. But, in 2021, they decided to get into the crypto game by buying 742 Bitcoin miners. And, as of 2025, they’re all about crypto – no more pork processing in sight 🐖.
On July 17, they announced plans to sell up to $400 million in shares and up to $100 million in convertible debt to fund their Dogecoin adventure. Jiang said they’re “evolving beyond mining infrastructure to engage directly in the value and utility of digital assets.” Fancy talk 💡.
The Dogecoin Whales
It turns out that Dogecoin is a bit of a whale magnet 🐳. Over 81
In comparison, Bitcoin is a bit more decentralized, with 82
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2025-07-22 09:16