Everything in Observer
Public Companies
Business Description
Bit Origin Limited (NASDAQ: BTOG), incorporated in 2018 and headquartered in Singapore, is a bitcoin mining operator that rebranded from China Xiangtai Food Co., Ltd. in May 2022 and has since built U.S. mining capacity in Indiana and Wyoming while pursuing parallel pivots into digital-asset treasury operations and AI infrastructure.
After completing its name change effective May 18, 2022, Bit Origin established its first operational base at a 5.3 MW facility in Marion, Indiana, where the company deployed 4,250 ASIC miners and reached a total installed hashrate of approximately 403 PH/s. Monthly bitcoin production from Marion averaged between 22.7 and 29.9 BTC during mid-2023. Concurrently, the company committed to a 75 MW site in Cheyenne, Wyoming; Phase I of that project (45 MW) was energized in March 2023. By September 2023, Bit Origin ceased Indiana operations and relocated its miner fleet to Wyoming. As of September 30, 2023, 3,200 miners were operational there with 1,050 awaiting deployment. In December 2023 the company secured $6.74 million to build a second Wyoming facility targeted at accommodating 4,480 to 8,400 miners.
Expansion targets disclosed in 2022 included 100 MW of total power capacity, a self-mining hashrate of 1.21 EH/s, and hosting capacity of 3.54 EH/s by mid-2024. Public operational reporting from the company ceased after late 2023, and no subsequent disclosure has confirmed whether those targets were met.
In July 2025, Bit Origin pivoted toward digital-asset treasury operations, securing $500 million in combined facilities (up to $400 million in Class A ordinary shares and $100 million in convertible notes), with an initial $15 million closing completed through ATW Partners. The company subsequently acquired approximately 40.5 million DOGE under that structure, positioning itself as the first publicly listed company on a major U.S. exchange to hold Dogecoin as a core balance-sheet asset.
Nasdaq compliance work ran in parallel: Bit Origin executed a 1-for-60 reverse stock split on January 20, 2026. The split reduced outstanding Class A shares from approximately 88.6 million to roughly 1.5 million, satisfying Nasdaq Listing Rule 5550(a)(2)'s minimum bid price requirement. The company confirmed compliance on February 11, 2026.
On April 16, 2026, Bit Origin announced strategic financing to explore AI computing, storage infrastructure, and cooling services including GPU-based systems, citing preliminary collaborations within the Aethir ecosystem since 2024. According to BitcoinMiningStock.io data as of May 8, 2026, Bit Origin carries an enterprise value of $0.00B, reflecting its micro-cap standing as it pursues concurrent tracks in bitcoin mining, digital-asset treasury management, and AI infrastructure.
