Bit Origin (BTOG), a Singapore-based crypto mining company trading on Nasdaq, is setting its sights on Dogecoin as the centerpiece of a new crypto treasury strategy. The firm said Thursday it has agreements in place to raise $400 million in equity and an additional $100 million in convertible debt from accredited investors to support the move.

The company has already closed on $15 million of the debt, with a significant portion earmarked for its first round of DOGE purchases.

Bit Origin is taking a page from a now-familiar corporate playbook: hoarding crypto on the balance sheet. The trend gained momentum after MicroStrategy, led by Michael Saylor, began aggressively accumulating bitcoin in 2020. Since then, other companies have joined in, expanding beyond bitcoin into ether and, in some cases, smaller coins like Dogecoin.

Though once considered a joke cryptocurrency, Dogecoin now plays a larger role in crypto markets, buoyed by an active community and celebrity attention. Treasury strategies involving DOGE remain rare, making Bit Origin’s pivot notable.

The firm, which has been publicly traded since 2019, has seen its stock price crater nearly 100% since listing. It’s down 58% this year with a market cap of about $20 million. But Thursday’s announcement helped reverse some of those losses, with shares jumping 28% to $0.52.

For a company with a shaky track record and limited public visibility, Bit Origin’s Dogecoin strategy is a high-stakes gamble on the staying power of memecoins—and crypto treasuries more broadly—as long-term financial tools.

DOGE is up 3.6% over the past 24 hours, trading at $0.21.

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