TLDR:
- Market: CleanCore Solutions (NYSE: ZONE) announced a $175M Dogecoin treasury via a PIPE offering, with DOGE up 1.5% to $0.21, though ZONE stock fell 52.7% to $3.2.
- Narrative: CleanCore partnered with House of Doge to create the first Dogecoin treasury, backed by over 80 investors and led by Elon Musk’s lawyer Alex Spiro. Aiming to make DOGE an institutional asset, the move sets a memecoin precedent, but stock volatility and systemic risks raise concerns.
On September 2, 2025, CleanCore Solutions (NYSE: ZONE) announced a groundbreaking partnership with House of Doge, the Dogecoin Foundation’s commercial arm, to establish the first official Dogecoin treasury through a $175M private investment in public equity (PIPE) offering. The funds will primarily acquire Dogecoin ($DOGE) as CleanCore’s main treasury reserve asset, with additional allocation for working capital and corporate needs. The deal, set to close on September 4, 2025, pending NYSE American approval, marks DOGE’s shift from memecoin to a strategic institutional asset.
Backed by over 80 investors, including Pantera, GSR, FalconX, and MOZAYYX, the treasury is led by Alex Spiro, Elon Musk’s personal lawyer, as CleanCore’s board chair, alongside Timothy Stebbing (Dogecoin Foundation Director and House of Doge CTO) and Marco Margiotta (House of Doge CEO) as CIO. 21Shares, with over $12B in crypto ETP assets, will advise on governance and explore staking-like rewards with exchanges. The initiative, the first Dogecoin treasury backed by the Dogecoin Foundation, follows Bit Origin’s 40.5M DOGE treasury in July 2025 and Grayscale’s ETF push, signaling DOGE’s growing institutional traction. However, CleanCore’s stock plummeted 52.7% to $3.2 post-announcement, while DOGE rose 1.5% to $0.21. Experts warn digital asset treasuries (DATs) risk becoming “ticking time bombs” if used to inflate valuations or dump assets, despite their potential to bridge crypto and traditional finance.
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