Bit Origin has increased its Dogecoin reserves to over 70.5 million DOGE after completing a strategic private placement.

Key Points:

• Bit Origin completed a private placement for 30 million DOGE at $0.20 per DOGE.
• The company’s average acquisition cost now stands at $0.2268 per DOGE.
• Analysts highlight a bullish technical setup for DOGE, targeting potential price gains.

Bit Origin Ltd expanded its Dogecoin holdings to 70,543,745 DOGE after closing a private placement on August 12, 2025. 

The transaction involved issuing 20 million Class A ordinary shares in exchange for 30 million DOGE at $0.20 per DOGE. Consequently, the company’s pro forma DOGE-per-share now stands at approximately 0.80.

This move follows its previously announced $500 million equity purchase and convertible note facility, aimed at building one of the largest corporate DOGE treasuries. 

The company’s average acquisition cost for its DOGE holdings is approximately $0.2268. Market data from CoinGecko shows DOGE trading near $0.2303, placing the company’s position slightly in profit.

Bit Origin stated in its August 12 filing that this DOGE-denominated financing supports its digital asset strategy and strengthens its treasury reserves. 

“We continue to reimagine how capital formation can align with our digital asset strategy,” said Chairman and CEO Jinghai Jiang in the company’s statement.

Market Analysis and Price Outlook

On the technical front, Dogecoin confirmed a bullish crossover between the 50-day and 200-day simple moving averages on the daily chart, according to Trader Tardigrade. 

Historical patterns suggest that such crossovers often precede significant upward price movements. The analyst highlighted that DOGE’s chart structure now mirrors past setups that led to sharp rallies.

Additionally, Ali Martinez noted that DOGE has formed a bullish flag pattern on the hourly chart. He projected a breakout target near $0.27, supported by Fibonacci extension levels. 

The current price action shows consolidation near $0.225 after a retracement from recent highs, which aligns with the pattern’s continuation potential.

Trading volume in the last 24 hours reached approximately $2.45 billion, indicating strong market participation as per CoinGecko.