Dogecoin Treasury Established with $175M Funding, Elon Musk's Lawyer to Chair Board

CleanCore Solutions has raised $175 million in funding and partnered with the Dogecoin Foundation to create a Dogecoin treasury. The proceeds will be used to purchase Dogecoin, with the first and only official Dogecoin Treasury supported by the Dogecoin Foundation being established. The partnership includes Dogecoin Foundation Director Timothy Stebbing and House of Doge CEO Marco Margiotta taking on executive roles at CleanCore. Elon Musk's lawyer, Alex Spiro, will be the chairman of CleanCore's board of directors.

CleanCore Solutions, Inc. (NYSE American: ZONE) has secured $175 million in funding through a private placement, partnering with the Dogecoin Foundation to establish the first official Dogecoin Treasury. The funding will be used to purchase Dogecoin (DOGE), with the treasury expected to serve as a reserve asset for the company [1].

The transaction, which is expected to close on or about September 4, 2025, was backed by over 80 marquee institutional and crypto-native investors, including MOZAYYX, Pantera, GSR, FalconX, and Borderless [1]. The funds will be used to adopt Dogecoin as the primary treasury reserve asset and provide general working capital and corporate purposes.

Key executives from the Dogecoin Foundation and House of Doge will take on executive roles at CleanCore. Timothy Stebbing, Director at the Dogecoin Foundation and CTO of House of Doge, will join CleanCore's board, and Marco Margiotta, CEO of House of Doge, will serve as Chief Investment Officer [1]. Alex Spiro, known for his work with Elon Musk, will become the Chairman of CleanCore's board of directors [1].

The partnership aims to anchor Dogecoin with an official foundation-backed treasury strategy, setting a precedent for how public companies can align with foundations to build real utility around digital currency [1]. The treasury strategy is expected to accelerate institutional participation and drive stronger demand for Dogecoin.

CleanCore's CEO, Clayton Adams, stated that the partnership with the Dogecoin Foundation and House of Doge is a watershed moment for both companies and the broader Dogecoin community [1]. The treasury strategy is part of a broader initiative to establish Dogecoin as a leading cryptocurrency optimized for payments, tokenization, and everyday use.

The private placement was conducted in reliance on an exemption from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder [1]. The securities offered in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws [1].

References:
[1] https://www.globenewswire.com/news-release/2025/09/02/3142711/0/en/House-of-Doge-the-Commercial-Arm-of-the-Dogecoin-Foundation-Partners-with-CleanCore-Solutions-NYSEAM-ZONE-to-Establish-the-Official-Dogecoin-Treasury-Through-175-000-420-Private-Pl.html