"Interviews with Executives of Crypto Concept Stocks" Cultural Consensus Drives Financial Innovation: Analysis of Bit Origin's DOGE Treasury Strategy

Article author: 0x9999in1 Source: MetaEra The Web3 strategies and layouts of publicly listed companies have become a hot topic of increasing public interest. Against this backdrop, MetaEra officially launches the "High-End Dialogue" series of interviews with executives of crypto concept stocks. We will engage in conversations with business leaders who dare to lead in the wave of digital transformation, delving into their strategic layouts, business innovations, and financial innovations through the first-person perspective of decision-makers, providing forward-looking insights for industry participants.

The guest of this interview is Jinghai Jiang, the Chairman of the Board and CEO of Bit Origin ( Nasdaq:BTOG). Bit Origin has sparked extensive discussion with its bold DOGE ($DOGE, Dogecoin) strategic reserve. MetaEra and Jinghai Jiang delve into how Bit Origin explores the integration of cultural consensus and financial innovation through its DOGE strategic reserve. The Journey of Career: It is "Transformation", but also "Origin" Jinghai Jiang's career spans over 20 years and is a continuous breakthrough of "transformation." "If I had to use one word to describe this journey, I would choose 'transformation,'" he said. "From studying industrial automation to later entering the blockchain industry, and now leading Bit Origin to launch the DOGE strategic treasury, each phase is not merely a simple transition but an upgrade and reconstruction of systematic cognition." In 2000, Jinghai Jiang graduated with a degree in industrial automation, learning how to optimize systems and efficiency; in 2016, he founded the "Big Cabbage Blockchain" community, embarking on the exploration of blockchain culture; today, he leads Bit Origin, integrating cultural consensus, financial structures, and corporate governance to explore organizational forms, asset expression, and trust mechanisms in the digital world. "Industrial automation taught me how to understand systems and efficiency; founding Big Cabbage Blockchain was a cultural and community awakening; and now Bit Origin is an experiment where we truly integrate cultural consensus, financial structure, and corporate governance together." Jinghai Jiang stated that this is not just a change in his career, but also a transcendence of the 'spirit of the times'. He has always been asking: "What is the next form of organization in the digital world? What is the next expression of assets? What is the next mechanism of trust?" He views Bit Origin as "a note within the cycle of transformation", not just a company, but a signal representing the possibilities of a new paradigm. After recounting his career, Jinghai Jiang concluded: "This journey is 'transformation', and it is also 'origin'." Why Choose DOGE: The Fusion of Culture and Practicality Bit Origin recently announced a financing plan of up to $500 million (including $400 million in equity and $100 million in convertible bonds) to establish a strategic reserve of DOGE ($DOGE), becoming the first publicly traded company in the U.S. with DOGE as its core asset. As of July 2025, the company has accumulated approximately 40.5 million DOGE, with a weighted average price of $0.2466 per DOGE, totaling about $10 million. Jinghai Jiang explained, "For Bit Origin, this strategy is not just about asset selection; it's a transformation of the company's identity - we are evolving from a traditional Bitcoin mining company into a more culturally aware, community-connected, and financially forward-looking crypto enterprise." He proposed three core motivations for choosing DOGE:

1. Cultural Power: "We have seen the power of 'culture' in crypto assets becoming a new logic of sovereign assets. Although DOGE originated from a meme, it is not just a meme. It is an internet-native asset with significant emotional value, community consensus, and payment utility. Today, we are in an era where trust institutions are gradually collapsing, and the traditional currency system faces distrust from the younger generation, while DOGE represents a reverse financial culture: relaxed, decentralized, and widely consensual - this itself is its value."
2. Payment Practicality: "DOGE's performance in the on-chain payment layer far exceeds that of most mainstream assets. Whether it’s transaction fees, speed, or liquidity, DOGE has a real and practical financial basis. It is not a technologically complex asset that is left unused but a token that is genuinely used for transfers, tips, and payments. We believe it has the natural conditions for deep integration with platforms such as X Money, Telegram Bot, and Web3 micropayments."
3. Meme and Market Value Management: "We believe that Meme + Market Value Management is the way for Web3 enterprises to truly connect with the public. If Bitcoin represents digital gold and Ethereum represents a computing platform, then DOGE represents the cultural internet, user consensus, and the most authentic dissemination path of Web3. We choose DOGE not because it is 'alternative,' but because we see its vitality in global cultural dissemination, young communities, payment circulation, brand penetration, and other aspects far exceeding that of technical assets." "We hope to become the first Nasdaq public company to assetize, strategize, and structurally manage Meme coins, and based on this, explore multiple directions such as payments, computing power, stablecoins, and culture." Jinghai Jiang emphasized that this strategy integrates DOGE into the company’s financial system through the "DOGE-per-share" logic, sharing the appreciation potential of Meme assets with shareholders. Risk Management: Turning Volatility into Value After clarifying the strategy of DOGE as the core asset, the risk management challenges faced by Bit Origin have also become particularly critical. Jinghai Jiang stated, "In the face of the volatility of the cryptocurrency market, Bit Origin is not blindly 'holding assets without action', but has established a comprehensive risk management framework to ensure a balance between cultural consensus and financial stability. This is precisely where we differ as a NASDAQ-listed company from community projects." Specific measures include:

• Treasury Transparency Mechanism: "We have established a 'Treasury Transparency Mechanism' to enhance information disclosure and market trust. We will regularly disclose the holdings of DOGE, usage strategies, and progress in integration with payment applications in our financial reports. We do not view DOGE as a 'speculative asset,' but instead structure it as part of the company's financial system, gradually promoting the concept of 'Doge-per-share' as a new metric for expressing shareholder value."
• Dynamic Configuration Model: "We designed the 'Dynamic Configuration Model' to respond to market fluctuations. The DOGE treasury will not remain static, but will be flexibly adjusted according to market conditions, project needs, and the external macro environment."
• Exploration of Hedging Tools: "We are evaluating the applicability of various hedging tools, including strategies such as options, forward contracts, stablecoin pegs, and DeFi hedging mechanisms, all of which are directions we are exploring. Although the maturity of the DOGE derivatives market is currently limited, we will collaborate with professional institutions to explore risk mitigation solutions suitable for the compliance framework of publicly listed companies."
• Diversified Income Model: "We reduce the risk of reliance on a single asset through the 'Diversified Income Model'. Bit Origin is not merely a 'DOGE holding company'; we are building a payment ecosystem, computing power network, and cultural asset application scenarios around DOGE, forming diverse income sources including miner services, micro-payment systems, and Web3 product incubation. These 'infrastructure-type revenues' can provide stable cash flow during market downturns, further buffering the financial impact of price fluctuations." "We are not afraid of volatility, but rather institutionalize it, turning volatility into a part of value management. This is the key to Meme assets truly entering the mainstream financial world," summarized Jinghai Jiang. Balancing Meme Culture with the Professional Image of Public Companies The meme attribute of DOGE may raise questions among traditional investors regarding corporate decision-making, but Jinghai Jiang believes that this is precisely where its unique value lies. "We do not view memes as jokes, but rather as a new consensus mechanism." He pointed out that traditional investors are accustomed to evaluating assets through cash flow discounting or balance sheets, while the value of memes comes from internet culture, community vitality, and self-propagation ability. "We see a clear trend: cultural assets are becoming the infrastructure of the digital world. From Tesla accepting payments in DOGE to X integrating DOGE emojis internally, to the meme trading culture involving hundreds of millions of people, DOGE represents a decentralized, community-driven, and emotionally resonant online culture. The power of this cultural consensus is precisely an important way for the younger generation to combat the old financial system and express their identity." As a publicly listed company, Bit Origin has the ability to "institutionalize" and "assetize" this cultural power. "We set up a DOGE treasury not to chase trends, but to treat it as a long-term strategic allocation, and to establish a complete system around it including governance, disclosure, risk control, and financial reporting," Jinghai Jiang stated. The company will disclose changes in its DOGE holdings, usage strategies, and progress in integration with payment networks each quarter, transforming meme culture into a part of structured market value. "This is professionalism." "We are not giving up professionalism to embrace culture, but rather gaining a broader market power through culture." Jinghai Jiang added that Bit Origin has both a professional compliance framework and inherent cultural discourse power, and this dual-driven mechanism will be the competitiveness of future Web3 companies. Business Growth Model: Become a Co-builder of the DOGE World Bit Origin's DOGE strategy goes far beyond merely holding assets. Jinghai Jiang stated, "Establishing a DOGE treasury is just the first step we are taking. Bit Origin's goal is not only to hold DOGE, but more importantly, to support the real and usable financial and technological infrastructure built around it, and to explore new business growth models." The company plans to focus on three dimensions:

1. Payment application scenarios: "We believe that the most underrated aspect of DOGE is its practicality at the payment layer. Low fees, fast transfers, and good liquidity make these features very suitable for building lightweight, on-chain native payment applications." Specifically including:

• Social payments and content tipping: Collaborate with social platforms and wallet products that support DOGE to enable instant payments, content creator revenue settlements, and other scenarios.
• E-commerce and virtual service settlement: Supports online platforms to accept DOGE as a transaction currency, particularly in areas such as Web3 digital goods, AI services, and computing power products;
• B2B micro-payment scenarios: Used for on-chain calls, API fees, plugin subscriptions, and other lightweight high-frequency payment activities.

2. Miners and Technical Network Services: "Bit Origin has years of experience in computing power operations and mining. We plan to extend this foundation to the DOGE network, promoting the standardization and infrastructure of services for miners and nodes." The goals include:

• Provide integrated solutions for DOGE including computing power support, mining services, node access, and service management;
• Launch miner-friendly DOGE resource toolkit, yield management tools, wallet support, and other products;
• Explore merged mining, mining pool ecosystem development, and other extended directions.

3. Culture and Financial Ecosystem: "The core value of DOGE lies not only in technology or payment but in the culture behind it." Bit Origin Plan:

• Launch a DOGE Innovation Hackathon Fund program aimed at developers, content creators, and community members;
• Support application projects based on DOGE as the economic foundation;
• Build a dual-track system of "cultural assets + corporate finances", so that memes are not just image macros, but also become real units of value that can be disclosed, held, and utilized. "We not only hope to 'participate in the network', but also to be contributors to its efficiency enhancement and long-term sustainability." Jinghai Jiang emphasized that Bit Origin's goal is to be a co-builder, technology promoter, and cultural voice in the DOGE world. Comparative Strategy: Pioneering a New Paradigm for Cultural Asset Management Bit Origin's DOGE strategy stands in stark contrast to its Bitcoin reserve strategy. Jinghai Jiang stated, "We have great respect for the 'Bitcoin treasury paradigm' led by Strategy, but Bit Origin's DOGE reserve strategy has indeed taken a completely different path in terms of approach, cultural logic, and future imagination." He emphasized, "The core of our strategy is not to replicate the 'BTC treasury', but to create a new paradigm of 'cultural treasury'". The treasury of Bit Origin is divided into three layers:

1. Financial Level: "DOGE is incorporated as an asset on the company’s balance sheet, gradually increasing the 'DOGE-per-share' amount, sharing the appreciation logic of Meme assets with shareholders."
2. Application Layer: "Supports building payment scenarios, service interfaces, and product integration with computing power around DOGE, such as integration with X Money, Telegram, wallets, or offline payments."
3. Cultural Level: "Integrate the vitality, consensus mechanism, and self-propagation ability of the Meme community into the company's brand, operations, and market communication, forming brand assets that go beyond financial data." "The treasury logic of Bitcoin is more inclined towards an institutional, top-down approach; while DOGE is a dynamic treasury model that can be co-built with the community." Jinghai Jiang added that the company plans to allow partner merchants to join the DOGE ecosystem and invest in DOGE-related expansion experimental projects, exploring culture-driven Web3 application incubation and investment. "We believe that Bit Origin's actions will open up pathways for treasury strategies of non-Bitcoin assets," he stated, emphasizing that crypto assets are not limited to BTC and ETH. As on-chain ecosystems develop, there will be more assets with real network effects and cultural consensus. "What we are doing is not just 'storing coins', but defining the next possibility for enterprise assets. And DOGE is the most concrete and culturally native key to this new paradigm." Future Vision: Pioneer of Cultural Assets in the Web3 Field Looking ahead to the next 1-2 years, Jinghai Jiang has a clear vision for the role of Bit Origin. "First, we want to become the most representative DOGE enterprise carrier in the world." He stated that Bit Origin will explore the professional management of meme assets within the public company system through the "DOGE-per-share" metric; in terms of influence, it aims to become a window into the DOGE world; in terms of dissemination, it seeks to show more people that DOGE is not just a currency, but also a culture, payment layer, and experimental platform. "Second, we hope to be pioneers in the 'institutionalization of cultural assets' in the Web3 world." Jinghai Jiang believes that the core of Web3 is "participation" and "recognition." Bit Origin will support payment tools based on DOGE, develop interfaces, API micro-payment systems, and an open ecological collaboration platform to connect developers, content creators, brands, and consumers, creating "cultural assets" that embody both emotional recognition and liquidity. "Thirdly, I hope Bit Origin becomes a model of the integration of 'voice + product capability + emotional value' among Web3 enterprises." He emphasized that the company should not only have memes, strategies, and financial discipline, but also establish a trust bridge between institutional investors and young users through product implementation and cultural influence. "We are not just managing assets, but also defining a new language and posture for Web3 enterprises." Jinghai Jiang summarized: "In my personal vision, Bit Origin is not just a 'public company + DOGE reserves', but a reconstruction attempt of internet culture within the capital system. If we can do this well, in the coming years, more crypto-native projects will be able to be 'institutionalized', and more Web3 users will have trustworthy participation platforms. We hope to be the first piece of this puzzle, even the first button." Conclusion: Exploring the Future Forms of Web3 Enterprises Bit Origin's DOGE strategy is not only a redefinition of crypto assets but also an exploration of the future form of Web3 enterprises. By combining cultural consensus with financial structures, Jinghai Jiang and his team are injecting new possibilities into the DOGE ecosystem and the Web3 field. As the company's name suggests, Bit Origin is not just the "origin of Bitcoin," but also the "origin of transformation." Through its innovative strategy and institutional exploration of cultural assets, Bit Origin may inspire more enterprises to explore non-Bitcoin crypto asset reserves, opening a new chapter for Web3 enterprises.