Dogecoin News Today: Elon Musk's Lawyer Leads Push to Legitimize Dogecoin as Reserve Asset

CleanCore Solutions, a publicly traded cleaning products company based in Nebraska, has announced a $175 million private placement to establish a Dogecoin treasury, one of the first of its kind. The initiative is backed by the Dogecoin Foundation and its corporate arm, the House of Doge. The firm will use the proceeds from the transaction, which involves the sale of 175,000,420 pre-funded warrants at $1 each, to acquire DOGE and build it into its primary treasury reserve asset. Over 80 investors, including prominent digital asset firms like Pantera, GSR, FalconX, and Borderless, participated in the offering. The deal is expected to close on September 4, pending regulatory approvals [1].

The announcement includes the appointment of Alex Spiro, a high-profile attorney known for representing Elon Musk, as chairman of CleanCore’s board of directors. Spiro’s involvement follows a legal victory for Musk in a defamation case. Marco Margiotta, CEO of the House of Doge, will serve as CleanCore’s chief investment officer, with the aim of leveraging the company's structure to enhance the utility and legitimacy of Dogecoin as a reserve asset [1].

Dogecoin has struggled this year, with its price down 30.6% year-to-date, despite a broader rally in the crypto market. The announcement triggered a sharp sell-off in CleanCore's stock, which fell around 60% on Tuesday, following the news. The company's shares, however, remain up 152.2% year-to-date due to a significant sales milestone achieved in August [2].

CleanCore’s move represents a broader trend of public companies seeking to integrate digital assets into their treasuries. While most crypto treasuries have focused on major coins such as Bitcoin and Ethereum, this is one of the first to focus on Dogecoin, a meme coin that has seen growing institutional interest. The company expressed ambitions to pursue staking-like yield features with exchanges to generate returns from its DOGE holdings, signaling a potential shift in how digital assets are managed and leveraged for financial returns [2].

The Dogecoin price currently stands at approximately $0.22, with a total market capitalization of around $1.56 billion, reflecting a year-to-date decline in value. Despite the recent drop, the cryptocurrency remains among the most recognizable in the market, largely due to its backing by high-profile figures and companies. The establishment of a treasury by CleanCore could serve as a model for other firms looking to build institutional utility for altcoins, particularly those with strong community support and narrative-driven adoption [3].

CleanCore’s strategy underscores a growing acceptance of digital assets within traditional financial frameworks. By aligning with the Dogecoin Foundation and leveraging its legal and financial expertise, the company aims to create a precedent for how public entities can incorporate digital currencies into their operations. This approach could encourage broader corporate adoption of cryptocurrencies, particularly for coins with limited real-world utility but strong cultural resonance. The success of the initiative will depend on the continued market performance of Dogecoin and investor confidence in the management of the company's treasury assets [1].

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 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] Dogecoin Price Chart Today - Live DOGE/USD (https://goldprice.org/cryptocurrency-price/dogecoin-price)