Bit Origin, a China-based pork processing company and Bitcoin miner, has launched its crypto treasury initiative by acquiring 40.5 million Dogecoin for approximately $9.9 million. This acquisition is part of a broader strategy aimed at raising $500 million through share sales and debt offerings. Bit Origin sees Dogecoin's potential for micropayments as it adapts to market conditions and garners institutional interest in tokenization. The company, which transitioned from being largely focused on pork processing to crypto mining since its inception in 2019, is evolving to engage directly with digital assets. Notably, over 81% of Dogecoin supply is concentrated in just 908 addresses, with significant holdings attributed to major players like Robinhood and Binance. The acquisition aligns with Bit Origin's commitment to embracing digital assets, having previously acquired Bitcoin mining capabilities and rebranded from China Xiangtai Food.

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