Dogecoin News Today: Elon Musk's Lawyer Leads Dogecoin Treasury Gamble in Public Market

CleanCore Solutions (NYSE American: ZONE) has completed a $175 million private investment in public equity (PIPE) financing, using the proceeds to establish what it describes as the first official Dogecoin (DOGE) treasury sponsored by the Dogecoin Foundation and its corporate arm, the House of Doge. The financing, which closed on Sept. 5, 2025, was funded through a combination of cash and cryptocurrency and was led by institutional and crypto-native investors, including Pantera, GSR, FalconX, and Borderless, among others. The investment marks a strategic pivot for CleanCore, shifting from its core business of aqueous ozone cleaning technology to a broader focus on digital assets.

The company announced that the net proceeds from the offering will be used to acquire DOGE, which will serve as its primary treasury reserve asset. This move is expected to provide funding for general working capital and corporate purposes. The establishment of the Dogecoin treasury is intended to offer investors a regulated and transparent exposure to the cryptocurrency while maintaining the company’s commitment to its core business operations. Marco Margiotta, CEO of the House of Doge, has joined CleanCore as Chief Investment Officer to oversee the strategy.

The House of Doge, the commercial arm of the Dogecoin Foundation, will collaborate with 21Shares to support and advise on the treasury's governance and strategy. This includes exploring staking-like yield opportunities and institutional investment products tied to DOGE. The partnership aims to create a scalable infrastructure to integrate DOGE into everyday commerce and build long-term utility for the asset. “By anchoring Dogecoin with an official foundation-backed treasury strategy, we’re setting a precedent for how public companies can align with foundations to build real utility around digital currency,” Margiotta stated.

The announcement, however, led to immediate market reactions. On the day of the announcement, CleanCore’s stock dropped more than 50%, reaching as low as $2.69 per share in early trading. Despite the initial plunge, the stock remains up more than 150% year-to-date, buoyed by earlier momentum following the company’s announcement of surpassing $1 million in quarterly sales for the first time. The sharp decline contrasts with the broader trend of public companies exploring digital assets, particularly Bitcoin and Ethereum, but this is one of the first major moves to focus specifically on Dogecoin.

The strategy aligns with a broader industry shift as regulatory clarity around digital assets improves. CleanCore has secured NYSE American clearance for the transaction and holds an effective shelf registration with the SEC, ensuring compliance with current exchange requirements. The company is aware of Nasdaq’s evolving policies regarding digital asset strategies but remains listed on NYSE American and in full compliance with its rules.

Industry analysis suggests that while the move reflects a growing acceptance of digital assets in corporate treasuries, the performance of such strategies has been mixed. Companies like Spirit Blockchain Capital and Dogecoin Cash Inc. have reported significant declines since adopting similar strategies, with their shares down more than 70% year-to-date. Meanwhile, Dogecoin itself has experienced a 33% decline in 2025, according to TradingView data. This raises questions about the long-term viability of DOGE as a treasury asset and the market’s appetite for meme-based cryptocurrencies in institutional settings.

CleanCore’s shift is also notable for its high-profile leadership, including the appointment of Alex Spiro, Elon Musk’s attorney, as board chairman. Spiro, known for his work on several legal cases involving Musk, brings a level of visibility to the company’s strategy. This aligns with broader media attention on Musk’s influence over Dogecoin, which he has frequently endorsed in public statements and on social media.

The establishment of a Dogecoin treasury by a publicly traded company signals a new phase for the cryptocurrency’s adoption and utility. However, the financial performance of CleanCore and other similar companies will remain under close scrutiny as the market evaluates the long-term potential of DOGE in corporate portfolios.

Source:

[1] CleanCore Solutions Announces Closing of $175000420 Private Placement (https://www.morningstar.com/news/globe-newswire/9524297/cleancore-solutions-announces-closing-of-175000420-private-placement)

[2] CleanCore Plunges 60% After Unveiling $175M Dogecoin Strategy (https://cointelegraph.com/news/cleancore-plunges-dogecoin-treasury-strategy)

[3] Elon Musk's Go-to Lawyer Is Heading a Dogecoin Treasury (https://www.businessinsider.com/elon-musks-go-to-lawyer-alex-spiro-dogecoin-treasury-2025-9)

[4] CleanCore Solutions Announces Closing of $175000420 (https://www.globenewswire.com/news-release/2025/09/05/3145445/0/en/CleanCore-Solutions-Announces-Closing-of-175-000-420-Private-Placement.html)