Dogecoin News Today: Elon Musk's Lawyer Takes Helm of First "Official" Dogecoin Treasury

CleanCore Solutions, a publicly traded cleaning products company, has announced a $175 million private placement to establish a Dogecoin (DOGE) treasury, marking a significant step in the growing trend of institutional adoption of digital assets. The initiative, backed by the Dogecoin Foundation and its corporate arm, the House of Doge, involves the purchase of 175 million pre-funded warrants at $1 each, with over 80 investors participating, including prominent digital asset firms such as Pantera, GSR, and FalconX [1]. Proceeds will be used to acquire DOGE and support corporate operations, with a stated aim of positioning DOGE as a legitimate asset for payments and tokenization [2].

The move reflects a broader trend among public companies to pivot toward cryptocurrency treasuries, expanding beyond major assets like Bitcoin and Ether to include more volatile altcoins. CleanCore joins a growing list of firms leveraging capital markets to build digital asset reserves, a strategy that has seen over $132 billion in collective crypto purchases by public companies since January 2025 [1]. Notably, some firms have moved beyond holding assets to exploring yield-generating mechanisms such as staking or exchange-based returns [1].

The transaction, which is expected to close on September 4 pending regulatory approvals, triggered a 60% drop in CleanCore’s stock price on the day of the announcement [1]. Despite this, the company’s stock remains up by approximately 145% since the start of 2025 [3]. The board of directors has been expanded to include key figures in the Dogecoin ecosystem, such as Marco Margiotta, CEO of House of Doge, who will serve as Chief Investment Officer, and Timothy Stebbing, Dogecoin Foundation director, who has joined the board [2]. Alex Spiro, a high-profile attorney who has represented Elon Musk and defended him in a lawsuit related to Dogecoin market influence, has also been appointed as chairman of CleanCore’s board [3].

Dogecoin, a meme-based cryptocurrency, has seen its price movements closely tied to public statements by Elon Musk and other high-profile figures. The token is currently trading at $0.2167, up 117% year-to-date [4], though it remains 71% below its 2021 all-time high of $0.73. The Dogecoin Foundation and House of Doge have previously collaborated on initiatives such as placing the Shiba Inu mascot on an Indy500 racecar and building a strategic reserve of DOGE to enhance liquidity [3]. CleanCore’s initiative is being positioned as the first “official” Dogecoin treasury backed by the foundation, with governance and institutional-grade reporting as key components of its strategy [3].

The broader market context for DOGE remains mixed. While the token has seen a 3% increase over the past seven days, it remains down 0.1% in the last 24 hours and has underperformed against the broader crypto market, which saw a 2.10% increase over the same period [4]. Despite the volatility, proponents of the treasury model argue that it could bring institutional credibility to the token and encourage wider adoption for payments and tokenization [1]. The success of similar strategies, such as MicroStrategy’s Bitcoin treasury, has drawn attention from investors and analysts, though concerns over potential insider trading have also been raised [2].

Source:

[1] 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)

[2] Elon Musk's Lawyer to Lead 'Official' Dogecoin Treasury (https://finance.yahoo.com/news/elon-musks-lawyer-lead-official-204013914.html)

[3] Elon Musk's Lawyer to Lead 'Official' Dogecoin Treasury (https://fortune.com/crypto/2025/08/29/elon-musk-alex-spiro-dogecoin-house-of-doge-crypto-treasury-company/)

[4] DOGE to ETH: Dogecoin Price in Ether (https://www.coingecko.com/en/coins/dogecoin/eth)