Dogecoin News Today: CleanCore Bets $175M on Dogecoin's Institutional Future—Shareholders Bet Against It

CleanCore Solutions, a Nebraska-based firm listed on the NYSE American, has announced a $175 million private placement to establish what may be the first public company-backed Dogecoin treasury. The transaction, which includes participation from over 80 institutional and crypto-native investors such as Pantera, GSR, FalconX, and Borderless, is expected to close on or about September 4, 2025, pending regulatory approvals. Proceeds from the deal will be used to acquire Dogecoin (DOGE), positioning it as CleanCore’s primary treasury reserve asset.

The move is backed by the Dogecoin Foundation and its commercial arm, House of Doge, which will provide advisory support for the treasury strategy. Marco Margiotta, CEO of House of Doge, will serve as CleanCore’s Chief Investment Officer, while Timothy Stebbing of the Dogecoin Foundation will join the board. The initiative is also supported by 21Shares, a digital asset investment manager, which will collaborate on governance and yield strategies tied to the Dogecoin holdings.

CleanCore’s pivot to Dogecoin is being led by Alex Spiro, a prominent attorney for Elon Musk, who has been appointed as chairman of the board. Spiro’s appointment follows a recent report in Fortune and reflects the company’s strategic shift toward aligning with a digital asset that originated as a meme coin but has grown into a community-driven currency. According to Margiotta, the initiative aims to “set a precedent for how public companies can align with foundations to build real utility around digital currency,” marking a milestone for institutional adoption of Dogecoin.

However, the announcement was met with a sharp decline in CleanCore’s stock price, with shares falling over 60% on the day the news was released. The stock closed at $2.69 in early trading, down from $6.86 the previous week. This reaction is not uncommon in the volatile digital asset sector, where similar treasury strategies have led to mixed outcomes. For instance, Spirit Blockchain Capital and Dogecoin Cash Inc.—two other public firms that have entered the Dogecoin treasury space—have seen their shares fall by over 88% and 70%, respectively, year-to-date. Meanwhile, Bit Origin, a former pork producer turned Bitcoin miner, has also reported a 64% decline after announcing plans to establish a Dogecoin-backed treasury.

CleanCore’s strategy includes exploring staking-like yield opportunities with major crypto exchanges and developing institutional investment products to generate returns on its DOGE holdings. The company is also focused on expanding Dogecoin’s use cases beyond its meme roots by promoting its adoption in payments, tokenization, and everyday transactions. Timothy Stebbing emphasized that this move represents a “fundamental step toward the House of Doge and Dogecoin Foundation's mission to bring institutional adoption to Dogecoin,” with a broader aim of creating legitimacy for the asset in mainstream financial markets.

The offering was structured as a private investment in public equity (PIPE), with 175 million pre-funded warrants sold at $1 each. Maxim Group LLC and Curvature Securities LLC served as co-placement agents, while Seward & Kissel LLP and other legal firms provided counsel. The company has also entered into a registration rights agreement to facilitate the resale of shares issued through the offering.

CleanCore, known for its aqueous ozone cleaning systems, sees the adoption of Dogecoin as a means to “challenge the status quo through innovation,” as stated by CEO Clayton Adams. The company aims to set a new benchmark for digital treasury strategies while proving how public companies can embrace bold change in alignment with the evolving crypto landscape.

Source:

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

[2] CleanCore in $175M Deal to Establish a Dogecoin Treasury (https://www.coindesk.com/business/2025/09/02/cleancore-in-usd175m-deal-to-establish-a-dogecoin-treasury-shares-tumble-60)

[3] CleanCore Solutions (NYSE: ZONE) Announces ... (https://www.globenewswire.com/news-release/2025/09/02/3142693/0/en/CleanCore-Solutions-NYSE-ZONE-Announces-175-000-420-Private-Placement-to-Build-the-Official-Dogecoin-Treasury-Founded-by-the-Dogecoin-Foundation-and-the-House-of-Doge-Inc.html)