CleanCore Shares Plunge 52% After Announcing $175 Million Dogecoin Treasury 

Key Takeaways

• CleanCore Solutions announced a $175 million Dogecoin treasury, backed by the Dogecoin Foundation and House of Doge.
• Shares of the NYSE-listed firm plunged more than 50% after the announcement.
• Unlike Bitcoin and Ethereum treasuries, Dogecoin adoption drew skepticism from investors.

CleanCore Solutions (ZONE) stunned markets this week by announcing plans to anchor its corporate reserves in Dogecoin.

The $175 million initiative, backed by the Dogecoin Foundation and House of Doge, makes CleanCore the first public company to adopt DOGE as its primary treasury asset.

But instead of boosting confidence, the move sparked a dramatic sell-off. CleanCore’s stock price collapsed more than 50% following the disclosure, erasing over half the company’s market value in a single session.

A DOGE Treasury Backed by Big Names

The plan was financed through a $175 million private placement, with CleanCore issuing 175,000,420 pre-funded warrants at $1.00 apiece.

Investors included heavyweight crypto firms Pantera, GSR, FalconX, Borderless, and Mythos.

CEO Clayton Adams framed the strategy as both symbolic and transformative.

“By anchoring our treasury with Dogecoin, in partnership with the Dogecoin Foundation and House of Doge, we’re adopting a forward-looking reserve strategy while proving how public companies can embrace bold change. This is a watershed moment for CleanCore and the broader Dogecoin community,” Adams said in a statement.

The offering is expected to close on Sept. 4, after which the company will formally acquire DOGE for its reserves.

A Costly Experiment

Investor reaction, however, underscored lingering doubts about Dogecoin’s role as a credible treasury asset.

While public companies like Strategy and Coinbase have seen valuations climb after embracing Bitcoin (BTC) and Ethereum (ETH), CleanCore’s stock moved in the opposite direction.

The steep decline reflected concerns about volatility and credibility.

Bitcoin and Ethereum have established themselves as digital assets with deep liquidity and institutional demand.

Dogecoin, by contrast, is still widely viewed as a memecoin whose value depends heavily on retail speculation and celebrity endorsements, most notably from Elon Musk.

Analysts suggested that while Dogecoin’s cultural cachet remains strong, it lacks the stability and perception of reliability investors expect in a corporate treasury reserve.

A Different Path Than Peers

CleanCore’s move marks a stark departure from the prevailing trend.

Most treasury-focused firms this year have gravitated toward Bitcoin and Ethereum, both of which have been integrated into broader financial infrastructure through ETFs, derivatives, and custodial services.

Whether Dogecoin can follow that path remains uncertain. For now, CleanCore has made history—but at a steep cost to its own market capitalization.

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