<SEC-DOCUMENT>0001104659-23-033875.txt : 20230601
<SEC-HEADER>0001104659-23-033875.hdr.sgml : 20230601
<ACCEPTANCE-DATETIME>20230317161658
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ACCESSION NUMBER:		0001104659-23-033875
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIT ORIGIN Ltd
		CENTRAL INDEX KEY:			0001735556
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		375 PARK AVE, FL 1502
		CITY:			NEW YORK NY
		STATE:			NY
		ZIP:			10152
		BUSINESS PHONE:		347-556-4747

	MAIL ADDRESS:	
		STREET 1:		375 PARK AVE, FL 1502
		CITY:			NEW YORK NY
		STATE:			NY
		ZIP:			10152

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	China Xiangtai Food Co., Ltd.
		DATE OF NAME CHANGE:	20180326
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                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BIT ORIGIN LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>375 park Ave, Fl 1502</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York,&nbsp;NY&nbsp;10152</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 17, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Via Edgar Correspondence</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Sonia Bednarowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Crypto Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C., 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Bit Origin Ltd.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Amendment No. 3 to Registration Statement on Form F-3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Filed March 1, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>File No. 333-268501</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To whom it may concern,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter is in response to the letter dated
March 9, 2023, from the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) addressed
to Bit Origin Ltd. (the &#8220;Company&#8221;, &#8220;we&#8221;, and &#8220;our&#8221;). For ease of reference, we have recited the Commission&#8217;s
comments in this response and numbered them accordingly. An amended Registration Statement on Form F-1 (the &#8220;Registration Statement
Amendment No. 4&#8221;) is being submitted to accompany this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Amendment No.3 to Registration Statement on Form F-3 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Miners, page 5</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. Refer to your response to prior comment 2. You disclose that
you do not currently trade Bitcoin on any exchange or store Bitcoin on any trading platform but that you do trade Bitcoins for fiat currency
as you note that &quot;[i]f the Bitcoins price decreases when we trade the Bitcoins for fiat currency, the amount of fiat currency we
receive will decrease as well and our results of operation will be negatively impact[ed].&quot; Please clarify how you trade Bitcoin for
fiat currency and the policies related to when you do trade Bitcoin for fiat currency. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE</B>: We note the Staff&rsquo;s comments, and in response hereto, respectfully
advise the staff that we added the disclosure on page 5 of the Registration Statement Amendment No. 4 that our finance department is constantly
monitoring the trend of Bitcoin price and will make proposals to our CFO. The CFO will determine whether the Bitcoin trading price is
favorable and whether it is necessary for the Company to Bitcoins to improve the cashflow. If the CFO approves the trading of Bitcoins,
she will instruct the Vice President to transfer the Bitcoins to the OKX exchange and execute the trade. We do not have an agreement with
the OKX exchange. If the Bitcoins cannot be sold at the approved price within one day after the transfer, the CFO will review the recalibrated
proposal prepared by the finance department and approve the new price and new number of Bitcoins to be sold if the CFO deems the proposal
is reasonable. If we trade Bitcoins for fiat currency, we will withdraw the fiat currency immediately from the OKX exchange and deposit
it into the Company&rsquo;s bank account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Prospectus Summary </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Business Overview, page 5</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. We note your response to comment 11 in our
January 20, 2023 letter indicating that you had no exposure to recent bankruptcies and crypto market disruptions. In light of more recent
events, including those related to Voyager Digital, Genesis, BlockFi, and Silvergate Capital, please tell us whether you have any material
exposure and revise as appropriate. In addition, revise the fourth risk factor on page 22 to specify whether or not you have experienced
any issues with banks or other financial institutions as discussed generally in the risk factor.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE</B>: We note the Staff&rsquo;s comments,
and in response hereto, respectfully advise the staff that we do not have any business relationships and have no direct and material exposure
to Voyager Digital, Genesis, BlockFi and Silvergate Capital. In addition, we have not experienced any service disruptions with or have
our accounts closed by any banks or other financial institutions. We revised the disclosure under the section &ldquo;Impact of Recent
developments Regarding Crypto Asset Market&rdquo; on page 11, the first risk factor on page 17, and the fourth risk factor on page 22
of the Registration Statement Amendment No. 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Mining Facilities </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Cheyenne, Wyoming, page 9</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. Refer to your response to comment 3. Please
expand your discussion of the partnership agreement so that investors understand the term of the agreement, any termination provisions,
liquidation rights, liabilities and responsibilities pursuant to the partnership agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>RESPONSE</B>: We note the Staff&rsquo;s comments, and in response hereto, respectfully
advise the staff that we expanded the disclosure on page 9 of the Registration Statement Amendment No. 4 that the Partnership commenced
on May 12, 2022 and shall continue, unless the Partnership is sooner de-registered, until the Partnership&rsquo;s entire interest in the
portfolio company has been disposed of and any ongoing arrangements related thereto (including any escrow arrangement) have been terminated
and all proceeds thereof have been distributed. The general partner can by a determination in good faith, terminate or wind up the Partnership
if it has determined that there is a substantial likelihood that due to a change in the text, application or interpretation of the provisions
of the applicable securities laws, or any other applicable statute, regulation, case law, administrative ruling or other similar authority,
the Partnership cannot operate effectively in the manner contemplated herein. The Partnership will also terminated upon the commencement
of liquidation, bankruptcy or dissolution proceedings or the withdrawal, or making of a winding up or dissolution order of the General
Partner, or the occurrence of any other event that causes the General Partner to cease to be a general partner of the Partnership under
the Partnership Act, by the entry of a decree of judicial dissolution, or at such time as there are no limited partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a limited partner, the Company shall not take
part in the management of the Partnership or in the management or control of the Partnership&#8217;s investment or other activities, transact
any business in the Partnership&#8217;s name, deal with any person on behalf of the Partnership who or that is not a partner or have the
power to sign documents for or otherwise bind the Partnership. Any election, vote, waiver or consent of the limited partners shall be
calculated as a percentage of the respective capital commitments of the limited partners entitled to make such election, vote, waiver
or consent. The liability of the Company for the debts and obligations of the Partnership is limited to its capital commitment in the
amount of $3,000,000. Cash received by the Partnership from the sale or other disposition of, or dividends, interests or other income
from or in respect of, a portfolio investment, or otherwise received by the Partnership from any source (other than capital contributions
and other payments made by the Partners pursuant to the Partnership Agreement and temporary investment income), in excess of the amount
necessary or appropriate for the payment of the Partnership&#8217;s expenses, liabilities and other obligations, shall be distributed
upon dissolution of the Partnership, apportioned among the partners in proportion to the sharing percentages as of the time of distribution.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
general partner and associated indemnified persons generally will not be liable to the Partnership or the </FONT>limited partners for
any act or omission relating to the Partnership, other than acts or omissions constituting certain disabling coduct, including such person&rsquo;s
conviction of a Felony or a willful violation of law by such person in each case having a material adverse effect on the Partnership;
actual fraud, willful malfeasance or gross negligence by or of such person; or reckless disregard of duties by such person in the conduct
of such person&rsquo;s office. If the Partnership&rsquo;s assets are insufficient to meet such liabilities, the Partnership may recall
distributions to meet all or any portion of the indemnification or repayment obligations of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hope this response has addressed all of the
Staff&#8217;s concerns relating to the comment letter. Should you have additional questions regarding the information contained herein,
please contact our outside securities counsel William S. Rosenstadt, Esq. or Mengyi &#8220;Jason&#8221; Ye, Esq. of Ortoli Rosenstadt
LLP at wsr@orllp.legal or jye@orllp.legal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




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    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Lucas Wang</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Lucas Wang</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer </FONT></TD></TR>
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