Dogecoin News Today: Elon Musk’s Lawyer Leads a Gamble: CleanCore Bets $175M on Dogecoin’s Future

CleanCore Solutions, a publicly traded cleaning products firm, has announced plans to establish the first official Dogecoin (DOGE) treasury, backed by the Dogecoin Foundation and its commercial arm, the House of Doge. The initiative is being spearheaded by Alex Spiro, a high-profile attorney known for representing Elon Musk and several other prominent figures, who has been appointed as the chairman of CleanCore’s board of directors. The company confirmed that proceeds from the $175 million private placement, which includes pre-funded warrants sold at $1 each to a group of over 80 investors, will be used to acquire DOGE and contribute to the company's treasury operations. Dogecoin will serve as the primary reserve asset, marking a significant pivot for the company into the digital asset space [1].

The move has drawn both intrigue and skepticism from investors. On the day of the announcement, CleanCore’s shares plummeted by approximately 60%, dropping from $6.86 to $2.69. Despite this sharp decline, the company's stock is still up 152.2% year-to-date, buoyed by a notable surge in August following news that it had cleared $1 million in sales for the first time in its fourth quarter [2]. The broader context of publicly traded firms pivoting to crypto treasuries has also seen mixed outcomes. For instance, Spirit Blockchain Capital, another company that announced a Dogecoin treasury initiative, has seen its stock decline by over 88% year-to-date, while Dogecoin Cash Inc. has dropped by 70% over the same period. Bit Origin, a former pork producer turned crypto mining company, also reported a 64% decline in its shares [3].

CleanCore’s initiative is one of several in the digital asset treasury space, which has gained momentum as legal regulations around holding cryptocurrencies in public company treasuries have eased. While most such ventures focus on more established cryptocurrencies like bitcoin and ether, CleanCore’s emphasis on Dogecoin highlights a strategic shift toward altcoins and a broader acceptance of meme coins in institutional settings. The company’s management has emphasized the potential for Dogecoin to expand beyond its meme origins into a utility-based asset for payments and tokenization. Furthermore, the House of Doge and 21Shares, a crypto ETP issuer managing over $12 billion in assets, have joined the initiative to explore yield-generating mechanisms such as staking [4].

The Dogecoin Foundation and its commercial arm have played a pivotal role in legitimizing the move. Timothy Stebbing, a director of the Dogecoin Foundation, has joined CleanCore’s board of directors, while Marco Margiotta, CEO of the House of Doge, has taken on the role of chief investment officer at the company. According to Margiotta, the partnership aims to create a precedent for how public companies can collaborate with crypto foundations to build real-world utility around digital currencies. The initiative also includes plans to develop institutional investment products tied to DOGE, potentially broadening its appeal to a wider range of investors [5].

CleanCore’s pivot raises questions about its long-term financial sustainability, particularly given its current financial challenges. The company reported a fiscal 2025 revenue of $2.07 million, a modest increase from the previous year but still far below the level needed to cover its expenses. Net losses widened to $6.74 million, driven in part by stock-based compensation and operating cash outflows. Management has framed the Dogecoin initiative as a "watershed" event, but the financial risks remain substantial. The company’s balance sheet is heavily dependent on the performance of Dogecoin, which has seen a 30.6% decline year-to-date, despite a broader rally in the crypto market. Investors will need to assess whether this aggressive pivot can unlock value or if it could exacerbate the company’s existing financial vulnerabilities [5].

Source:

[1] 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)

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

[3] 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)

[4] House of Doge and CleanCore Solutions Partner to Form ' ... (https://crypto-economy.com/house-of-doge-and-cleancore-solutions-partner-to-form-official-doge-treasury/)

[5] This Penny Stock Is Betting Big On A Dogecoin Treasury ... (https://www.barchart.com/story/news/34629615/this-penny-stock-is-betting-big-on-a-dogecoin-treasury-strategy-should-you-buy-shares-here)