Small-Cap Giant ZONE Replaces Cash With 1 Billion DOGE, Igniting Debate Over the Future of Corporate Treasuries

CleanCore Solutions (NYSE AMER: ZONE) has executed a highly unconventional treasury strategy, acquiring 285 million Dogecoin (DOGE) with the intention of scaling its holdings to one billion DOGE within 30 days. This move follows a $175 million private placement secured from institutional investors including Pantera, GSR, FalconX, and MOZAYYX, and positions the micro-cap firm as a significant player in the emerging trend of digital asset-backed treasuries. The company’s market capitalization was approximately $55 million as of early September 2025, highlighting the magnitude of this capital reallocation strategy relative to its size. Marco Margiotta, who will serve as Chief Investment Officer, will oversee the treasury initiative, which is backed by the Dogecoin Foundation and the House of Doge, the authorized commercial arm of the foundation.

The decision to allocate a substantial portion of its balance sheet to Dogecoin reflects a broader shift in how some public companies are approaching treasury management. Traditionally viewed as a static reserve, corporate cash has often been held in low-yield or inflation-protected assets. CleanCore, however, is leveraging Dogecoin’s liquidity, low transaction costs, and growing network effect to turn its treasury into an active growth vehicle. The company has emphasized that this is not a publicity stunt but a strategic financial decision aligned with its operational ethos of replacing traditional chemical-based cleaning with innovative, sustainable technology. This dual approach—advancing its core business while simultaneously redefining its balance sheet—positions CleanCore as a case study in the convergence of corporate innovation and digital asset adoption.

The market reacted strongly to the news, with CleanCore’s shares rising 38% in after-hours trading following the announcement. However, the company’s stock had plummeted 52.9% earlier that day, signaling investor uncertainty regarding the risk profile of the new strategy. Dogecoin itself experienced a broader rally in the 24-hour period preceding the announcement, with a 7% gain, reflecting increased institutional interest in the cryptocurrency. Despite this, Dogecoin has underperformed many of its peers in 2025, with a year-to-date decline of 30.6%, raising questions about its long-term viability as a corporate treasury asset.

CleanCore’s institutional partners, including Pantera and FalconX, have lent credibility to the initiative, yet the company’s approach introduces a high degree of volatility into its financial structure. Unlike traditional treasury instruments, Dogecoin lacks a capped supply and has historically exhibited significant price swings. The company has not disclosed details on how it will secure its holdings—whether through cold storage or insurance mechanisms—which are standard requirements for institutional digital asset management. Analysts have noted that while liquidity is a key advantage of Dogecoin, its volatility and lack of intrinsic value pose unique challenges for corporate treasuries typically focused on capital preservation.

CleanCore’s treasury strategy is part of a broader trend in the financial sector, where legal and regulatory clarity around digital asset holdings has improved, encouraging more companies to explore crypto-backed balance sheets. Most firms in this space have traditionally favored Bitcoin and Ethereum, but CleanCore’s choice of Dogecoin underscores the growing acceptance of alternative cryptocurrencies with strong community support and transactional utility. Marco Margiotta has emphasized that the initiative aims to create a precedent for public companies to collaborate with blockchain foundations and institutional investors, leveraging digital assets to build real-world utility and community alignment.

CleanCore’s core business operations have shown promising growth, with fiscal 2024 revenue increasing by 29% to $2.07 million and the company securing its first U.S. quarter exceeding $1 million in sales. It has also expanded internationally through the acquisition of Sanzonate Europe and secured a major logistics contract covering over 1,000 U.S. facilities. These milestones reinforce the company’s operational momentum, which will need to sustain investor confidence as the digital treasury strategy unfolds over the coming months.

Source:

[1] CleanCore's Billion-DOGE Treasury Plan Wins Major ... (https://finance.yahoo.com/news/cleancores-billion-doge-treasury-plan-213000649.html)

[2] 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)

[3] CleanCore Solutions Jumps 38% After $68M Dogecoin ... (https://www.coindesk.com/markets/2025/09/08/cleancore-solutions-jumps-38-after-usd68m-dogecoin-purchase)

[4] CleanCore's Billion-DOGE Treasury Plan Wins Major ... (https://www.stocktitan.net/news/ZONE/clean-core-s-billion-doge-treasury-plan-wins-major-institutional-ulawvthi2yn2.html)