CleanCore Solutions, a Nebraska-based maker of aqueous ozone cleansing programs, noticed its shares plunge over 60% Tuesday after asserting plans to turn out to be a Dogecoin treasury firm.
The firm disclosed a $175 million non-public placement backed by over 80 institutional and crypto-native buyers, together with Pantera, GSR, FalconX and Borderless.
Proceeds can be used to amass Dogecoin (DOGE) as CleanCore’s major reserve asset, with the initiative led by newly appointed board Chairman Alex Spiro, Elon Musk’s longtime legal professional.
The new DOGE treasury firm can also be partnering with the Dogecoin Foundation and its business arm, House of Doge.
As a part of the deal, Dogecoin Foundation Director Timothy Stebbing and House of Doge CEO Marco Margiotta will take board and govt roles at CleanCore, with Margiotta appointed chief funding officer.
The House of Doge and crypto-ETF issuer 21Shares will advise on treasury technique and governance, together with plans to discover staking-like yield alternatives and institutional funding merchandise tied to DOGE.
“By anchoring Dogecoin with an official foundation-backed treasury technique, we’re setting a precedent for a way public corporations can align with foundations to construct actual utility round digital forex,” Margiotta stated in an announcement.
CleanCore’s inventory plunged to $2.69 in early buying and selling on Tuesday from $6.86 at Friday’s shut. As of this writing, shares of the Nasdaq-listed firm are down 54%.
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Dogecoin treasury corporations abound
Several different publicly traded corporations have moved to construct Dogecoin treasuries in 2025.
In January, Spirit Blockchain Capital, an funding agency centered on blockchain infrastructure, introduced plans to leverage its DOGE holdings for yield era methods. Dogecoin Cash Inc., previously a hashish and telehealth firm, introduced in July the acquisition 1 billion DOGE via its new subsidiary, Dogecoin Treasury Inc.
In July, Bit Origin, a former Chinese pork producer that pivoted into Bitcoin mining, introduced plans to launch a Dogecoin treasury backed by as much as $500 million in fairness and convertible debt financing.
The corporations have seen lower than stellar outcomes since asserting Dogecoin treasury methods.
Year-to-date, Spirit Blockchain Capital is down over 88%, and Dogecoin Cash Inc. is declining 70% over the identical interval. Bit Origin’s inventory has additionally fallen about 64%.
Meanwhile, DOGE has fallen about 33% in 2025, in accordance to knowledge from TradingView.
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