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" interview series with executives of cryptocurrency concept stocks. We will engage in conversations with those business leaders who dare to lead in the wave of digital transformation, delving into their strategic layouts, business innovations, and financial innovations from the first-person perspective of decision-makers, providing forward-looking insights for industry participants.

The guest of this interview is Jinghai Jiang, Chairman of the Board and CEO of Bit Origin (Nasdaq: BTOG). Bit Origin has sparked widespread discussion with its bold DOGE ($DOGE, Dogecoin) strategic reserve. MetaEra and Jinghai Jiang explored how Bit Origin integrates cultural consensus and financial innovation through its DOGE strategic reserve.

# Career Journey: More than "Transformation," It's "Origin"

Jinghai Jiang's career spans over 20 years, marked by continuous breakthroughs and "transformation." "If I had to describe this journey in one word, I would choose 'transformation,'" he said. "From studying industrial automation to diving into the blockchain industry, and now leading Bit Origin to launch the DOGE strategic treasury, each stage is not merely a simple transformation but an upgrade and reconstruction of systemic understanding." 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, beginning his exploration of blockchain culture; today, he leads Bit Origin, integrating cultural consensus, financial structure, 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 an awakening of culture and community; and now, Bit Origin is our true experiment in integrating cultural consensus, financial structure, and corporate governance." Jinghai Jiang stated that this is not just a change in his career but a traversal of "the spirit of the times." He constantly questions: "What is the next organizational form in the digital world? What is the next way to express assets? What is the next mechanism of trust?" He views Bit Origin as "a note in the cycle of transformation," representing not just a company but a signal of new paradigms' possibilities. After recounting his career journey, Jinghai Jiang summarized, "This journey is 'transformation,' but more importantly, it's '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 $100 million in convertible bonds) to establish a DOGE ($DOGE) strategic reserve, becoming the first publicly listed company in the U.S. with DOGE as its core asset. As of July 2025, the company has accumulated approximately 40.5 million DOGE at 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—transitioning from a traditional Bitcoin mining company to a more culturally aware, community-connected, and financially forward-looking cryptocurrency enterprise."

He outlined three core motivations for choosing DOGE:

1. Cultural Power: "We see the power of 'culture' in cryptocurrency assets becoming a new sovereign asset logic. Although DOGE originated from a meme, it is more than just a meme. It is an internet-native asset with significant emotional value, community consensus, and payment practicality. Today, we are in an era where trust in institutions is gradually collapsing, and the traditional currency system faces distrust from younger demographics, while DOGE represents a reverse financial culture: easy-going, decentralized, and widely consensual—this is its value."

2. Payment Practicality: "DOGE's performance on the payment layer far exceeds most mainstream assets. Whether it's transaction fees, speed, or liquidity, DOGE has a genuine, practical financial foundation. It is not a technologically complex asset left on the shelf but a token genuinely used for transfers, tips, and payments. We believe it has the natural conditions to deeply integrate with platforms (like X Money, Telegram Bot, Web3 micropayments)."

3. Meme and Market Value Management: "We believe that Meme + market value management is the way Web3 companies can truly connect with the public. If Bitcoin represents digital gold and Ethereum represents a computing platform, then DOGE represents cultural internet, user consensus, and the most authentic dissemination path of Web3. We choose DOGE not for 'alternativeness' but because we see its vitality in global cultural dissemination, young communities, payment circulation, and brand penetration far exceeding that of technical assets."

"We hope to become the first Nasdaq public company to assetize, strategize, and structurally manage meme coins, and 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 a core asset, the risk management challenges faced by Bit Origin have become particularly critical. Jinghai Jiang stated, "In the face of the volatility of the cryptocurrency market, Bit Origin is not blindly 'holding assets,' but has established a comprehensive risk management framework to ensure a balance between cultural consensus and financial stability. This is precisely the essential difference between us as a Nasdaq-listed company and community projects." Specific measures include:

• Financial Transparency Mechanism: "We have established a 'financial transparency mechanism' to enhance information disclosure and market trust. We will regularly disclose the holdings of DOGE, usage strategies, and progress in integrating with payment applications in our financial reports. We do not view DOGE as a 'speculative asset' but structure it as part of the company's financial system, gradually promoting the concept of 'DOGE-per-share' as a new indicator of shareholder value expression."

• Dynamic Allocation Model: "We have designed a 'dynamic allocation model' to respond to market volatility. The DOGE treasury will not remain static but will be flexibly adjusted based on market conditions, project needs, and external macro environments."

• Hedging Tool Exploration: "We are evaluating the applicability of various hedging tools, including options, forward contracts, stablecoin peg strategies, and DeFi hedging mechanisms. 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 public companies."

• Diversified Revenue Model: "We reduce the risk of reliance on a single asset through a 'diversified revenue 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 revenue sources including miner services, micropayment systems, and Web3 product incubation. These 'infrastructure-type revenues' can provide stable cash flow during market downturns, further cushioning the financial impact of price fluctuations."

"We are not afraid of volatility; instead, we institutionalize it, turning volatility into a part of value management. This is the key to meme assets truly entering the mainstream financial world," Jinghai Jiang concluded.

# Balancing Meme Culture and Professional Image of a Public Company

The meme attributes of DOGE may raise questions among traditional investors regarding the decision-making of a public company, but Jinghai Jiang believes this is precisely its unique value. "We do not see memes as jokes but 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 network culture, community vitality, and self-propagation capabilities. "We see a clear trend: cultural assets are becoming the infrastructure of the digital world. From Tesla accepting DOGE for payments to X integrating DOGE emojis internally, to the meme trading culture involving hundreds of millions of people, DOGE represents a decentralized, community-driven, emotionally resonant network culture. The power of this cultural consensus is precisely an important way for the younger generation to resist 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 established the DOGE treasury not to chase trends but to treat it as a long-term strategic allocation, building a complete system around it for governance, disclosure, risk control, and financial reporting." Jinghai Jiang stated that the company will disclose quarterly changes in DOGE holdings, usage strategies, and progress in integration with payment networks, turning meme culture into a structured part of market value. "This is professionalism."

"We are not abandoning professionalism to embrace culture; rather, we are gaining a broader market power through culture." Jinghai Jiang added that Bit Origin possesses both a professional compliance framework and a native voice in culture, and this dual-driven mechanism is the competitiveness of future Web3 companies.

# Business Growth Model: Becoming Co-Builders in the DOGE World

Bit Origin's DOGE strategy goes far beyond merely holding assets. Jinghai Jiang stated, "Establishing the DOGE treasury is just our first step. Bit Origin's goal is not only to hold DOGE but more importantly, to support the construction of real, usable financial and technological infrastructure around it and explore new business growth models." The company plans to focus on three dimensions:

1. Payment Application Scenarios: "We believe the most underestimated aspect of DOGE is its practicality in payments. Low fees, fast transfers, and good liquidity make these features very suitable for building lightweight, on-chain native payment applications." Specific areas include:

• Social payments and content tipping: Collaborating with social platforms and wallet products that support DOGE to achieve instant payments and content creator revenue settlements;

• E-commerce and virtual service settlements: Supporting online platforms to accept DOGE as a transaction currency, especially in Web3 digital goods, AI services, and computing power products;

• B2B micropayment scenarios: For lightweight, high-frequency payment behaviors such as on-chain calls, API fees, and plugin subscriptions.

1. Miner and Technology 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." Goals include:

• Providing integrated solutions for computing power support, mining operations, node access, and service management for DOGE;

• Launching miner-friendly DOGE resource toolkits, revenue management tools, wallet support, and other products;

• Exploring merged mining, mining pool ecosystem construction, and other extended directions.

1. Cultural and Financial Ecosystem: "The core value of DOGE lies not only in technology or payments but also in the culture behind it." Bit Origin plans to:

• Initiate a DOGE innovation hackathon fund program aimed at developers, content creators, and community members;

• Support application projects based on DOGE as an economic foundation;

• Build a dual-track system of "cultural assets + corporate finance," allowing memes to be more than just memes but also real value units that can be disclosed, held, and used.

"We do not just want to 'participate in the network' but to become contributors to its efficiency enhancement and long-term sustainability." Jinghai Jiang emphasized that Bit Origin aims to be a co-builder, technology promoter, and cultural voice in the DOGE world.

# Contrast with Strategy: Creating a New Paradigm for Cultural Treasuries

Bit Origin's DOGE strategy stands in stark contrast to the Bitcoin reserve strategy of Strategy. Jinghai Jiang stated, "We have great respect for the 'Bitcoin treasury paradigm' led by Strategy, but Bit Origin's DOGE reserve strategy indeed follows 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.'"

Bit Origin's treasury consists of three structural layers:

1. Financial Layer: "DOGE is included as an asset on the company's balance sheet, gradually increasing the 'DOGE-per-share' holdings and sharing the meme asset appreciation logic with shareholders."

2. Application Layer: "Supporting the construction of payment scenarios, service interfaces, and computing power integration products around DOGE, such as integration with X Money, Telegram, wallets, or offline payments."

3. Cultural Layer: "Integrating the vitality, consensus mechanism, and self-propagation capabilities of the meme community into the company's brand, operations, and market communication, forming brand assets that transcend financial data."

"The logic of Bitcoin's treasury is more institutionally top-down; whereas 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 network, invest in DOGE-related experimental projects, and explore culture-driven Web3 application incubation and investment. "We believe Bit Origin's actions will open pathways for treasury strategies of non-Bitcoin assets." He stated that cryptocurrency assets are not limited to BTC and ETH; as the on-chain ecosystem develops, there will be more assets with genuine network effects and cultural consensus. "What we are doing is not just 'holding coins' but defining the next possibilities for corporate assets. And DOGE is the most tangible and culturally native key to this new paradigm."

# Future Vision: A Pioneer of Cultural Assets in the Web3 Field

Looking ahead to the next 1-2 years, Jinghai Jiang has a clear vision for Bit Origin's role.

"First, we want to become the most representative DOGE enterprise carrier globally." 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 voice, become a window into the DOGE world; and in terms of communication, let more people see that DOGE is not just a coin but a culture, payment layer, and experimental platform.

"Second, we hope to be pioneers in 'institutionalizing cultural assets' in the Web3 world." Jinghai Jiang believes that the core of Web3 is "participation" and "recognition." Bit Origin will support payment tools, develop interfaces, API micropayment systems, and open ecological collaboration platforms based on DOGE, connecting developers, content creators, brands, and consumers to create "cultural assets" that embody emotional recognition and liquidity.

"Third, I hope Bit Origin becomes a model of 'voice + product power + emotional value' in Web3 enterprises." He emphasized that the company must have memes, strategies, and financial discipline, while also establishing a trust bridge between institutional investors and young users through product implementation and cultural influence. "We are not just managing assets; we are defining a new language and posture for Web3 enterprises."

Jinghai Jiang concluded, "In my personal vision, Bit Origin is not just a 'public company + DOGE reserve' but an attempt to reconstruct internet culture within the capital system. If we can accomplish this, in the coming years, more crypto-native projects will 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 cryptocurrency assets but also an exploration of the future forms of Web3 enterprises. Through the integration of cultural consensus and financial structure, Jinghai Jiang and his team are injecting new possibilities into the DOGE ecosystem and the Web3 field. As the company's name implies, Bit Origin is not only "the origin of bits" 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 cryptocurrency reserves, opening a new chapter for Web3 enterprises.