Bit Origin LTD, a cryptocurrency extraction company, saw its actions increase by more than 90% after adopting Dogecoin (DOGE) as a reserve asset.
The company announced yesterday that it planned to raise $ 500 million to build a Doge Treasury.
The Crypto Operating Company is launching the Treasury of Dogecoin
In his latest press release, Bit Origin described his financing plan. This includes the collection of $ 400 million by selling ordinary class A stocks and $ 100 million via a convertible debt.
The firm added that it had already raised $ 15 million initial dollars thanks to the debt, facilitated by the Chardan investment agent. Bit Origin said that this initiative makes it the first company listed on a large American exchange to adopt the memes piece as a basic reserve asset.
The company aims to become one of the largest holders of Dogecoin listed on the stock market, taking advantage of the low transaction costs of the cryptocurrency, the speeds of rapid settlement and the solid community to generate a value of long-term shareholders thanks to the increase in DOGE by sharing.
“What started as a joke has become an asset worldwide with a payment utility. Few digital active ingredients compete and the speed of regulation of Doge and online trade continue to stimulate the performance of Doge and the community makes it a natural blow for X Money, as Elon Musk advances his vision for a first appearance.
After the announcement, Bit Origin’s Stock BTOG experienced an increase of 90.17%, ending at $ 0.63. Google Finance Data has shown that positive impetus continued in trading before the market, and the stock experienced an additional 14.42%.
This pump was quite important in the middle of a mainly disappointing performance. In the past year, BTOG’s value depreciated by 63.3%. Thus, the last performance highlights the confidence of investors in the decision of the company.
Can Doge find its 2021 glory?
In particular, the announcement also fueled the rise of DOGE. The same part saw an increase of 11.62% in the last day. At the time of writing this document, the part on the dog’s theme was negotiated at $ 0.23.
The scheme of the price increase reflects the increase observed in Bitcoin and Ethereum, driven by the growth of institutional interests. While BTC has greatly benefited from the institutions that added it to their balance sheets, the last ETH rally is also reinforced by large -scale purchases. In addition, he also solidified assets as a value store.
If more companies join Bit Origin, DOGE could feel a similar trend, which allows it to get up and take prominence once again. In addition, many other factors work in favor of Dogecoin.
Several asset managers have filed a launching file for a negotiated Doge stock market fund. Above all, the SEC actively engages with deposits, stressing that the process is not blocked. In addition, analysts have awarded a probability of 90% that an ETF de Dogecone is approved this year.
If this happens, Doge will probably see a massive influx of capital, which more stimulates its growth and adoption on the market. In addition, Beincrypto recently reported that a memelian currency season could come back, which is again optimistic for Doge.
Meanwhile, the interest in retail is also rekindled. Google Trends Data revealed that the interest in the search for “dogecoin” addresses the peak levels, indicating the public interest. Analysts also provide higher assessments for DOGE.
In addition, in the long term, some believe that Doge could reach $ 5.
“No matter what someone says, the $ 5 trip started,” said an analyst.
Thus, all these factors brush a favorable perspective for DOGE. Although the price is still 67% below its top of all time, if the analysts’ predictions are realized, the memes piece can also recover its record and its glory in 2021.
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