This crypto stock wants to be the MicroStrategy of memecoins

Crypto treasury fever is back, and we may have just reached peak meme.

In a move that blurs the line between meme stock and memecoin, pork-processor-turned-bitcoin-miner Bit Origin (BTOG) has announced a $500 million share sale and debt offering to fund what it calls a Dogecoin treasury strategy.

Yes, Dogecoin, the Shiba-faced internet joke turned Elon-backed asset.

The company says it’s aiming to become “one of the largest publicly traded Doge holders,” starting with an initial purchase of over 40 million DOGE last week. The goal is to increase “Doge-per-share” and deliver “long-term value.”

If that sounds suspiciously like Michael Saylor’s bitcoin playbook, that’s because it is.

Bit Origin’s CEO Jinghai Jiang even leaned into the meme, calling Doge “a globally liquid asset with payments utility.” And the company’s pivot marks the latest in a series of Saylor-inspired plays that have turned crypto balance sheets into stock-price rocket fuel.

Except this one hasn’t taken off. Despite the buzz, Bit Origin’s stock has plunged 41.3% over the past five days and is down 51.3% year-to-date.

Dogecoin may not carry the same Wall Street magic as Bitcoin, but it’s a striking example of just how far the crypto treasury trend has spread.

MicroStrategy’s olaybook in meme mode

Saylor’s 2020 bitcoin pivot turned MicroStrategy into a high-beta proxy for BTC and triggered a wave of imitators.

So far this year alone:

• GameStop (GME) launched a Bitcoin treasury in a desperate bid to revive its relevance
• MicroCloud Hologram (HOLO) tried to avoid delisting by adding bitcoin to the books
• Right-wing video platform Rumble (RUM) went all in on crypto, citing a more crypto-friendly U.S. president
• Janover (JNVR) rebranded to DeFi Development Corp. and became “the MicroStrategy of Solana”

According to Bitcoin Treasuries, 278 companies now hold BTC, including 159 publicly traded firms. That’s up from fewer than 100 in 2021.

The Wall Street Journal recently reported that dozens of companies with “no previous crypto ties” are now pursuing similar strategies — usually with a short-term boost to the share price.

But Bit Origin’s Dogecoin pivot may be a bridge too far.

With DOGE sitting at $0.24, and investor appetite appearing muted, it’s unclear whether the playbook that worked for Saylor will work in the meme world.

That said, when Elon’s favorite coin meets the public markets, stranger things have happened.