CleanCore Solutions Raises $175 Million for Dogecoin Treasury Strategy

• CleanCore raised $175 million from over 80 investors to build a Dogecoin treasury, and Elon Musk’s lawyer, Alex Spiro, will chair the board.

• The Dogecoin Foundation and House of Doge support the initiative to create institutional adoption for the meme coin.

• CleanCore stock dropped 50% after the announcement, but Dogecoin price remained stable at around $0.21.

CleanCore Solutions’ strategic shift, raising $175 million to establish a Dogecoin treasury company. The Nasdaq-listed firm joins Bit Origin as the second public company to adopt the popular meme coin as a primary reserve asset.

The company completed the funding through a private placement of 175 million pre-funded warrants priced at $1 each. Over 80 investors participated in the round, including prominent firms Pantera, GSR, FalconX, MOZAYYX, and Borderless.

Alex Spiro, the legal counsel for Elon Musk and a known Dogecoin advocate, will serve as Chairman of the Board. Spiro previously worked on establishing a Dogecoin treasury company with plans to raise $200 million, which has now materialized through the CleanCore initiative.

Foundation Partnership Drives Strategic Direction

The Dogecoin Foundation and its commercial division, the House of Doge, have endorsed CleanCore’s treasury strategy. This partnership positions Dogecoin as the central component of the company’s reserve framework.

Marco Margiotta, CEO of House of Doge and incoming Chief Investment Officer at CleanCore, emphasized the precedent-setting nature of the move. The collaboration demonstrates how public companies can work with digital currency foundations to create practical utility around cryptocurrencies.

Timothy Stebbing, director of the Dogecoin Foundation, will join CleanCore’s board of directors. He described the treasury vehicle as a crucial step toward institutional adoption of Dogecoin.

Treasury Management and Market Response

House of Doge and 21Shares manage $12 billion in assets and will oversee treasury governance and allocation strategies. The companies plan to explore staking-like reward mechanisms for holdings while expanding retail integration to increase real-world utility.

Clayton Adams, CleanCore’s CEO, positioned the decision as a strategic bet on digital currency’s future. The partnership with the Dogecoin Foundation and House of Doge represents a forward-looking reserve strategy demonstrating how public companies can embrace transformative change.

Market reaction has been mixed following the announcement. Dogecoin remains relatively stable, trading at approximately $0.21 with less than 1% movement in the past 24 hours. However, CleanCore stock experienced significant volatility, falling as much as 59% before recovering to trade down 50% at around $3.38.

Despite the immediate decline, CleanCore shares maintain strong year-to-date performance. The stock has gained over 200% in the past six months and remains up 165% for the current year.

The initiative represents a growing trend of corporate Dogecoin adoption, following increased institutional interest in alternative cryptocurrency treasury strategies. CleanCore’s substantial funding round signals confidence in Dogecoin’s potential as a corporate reserve asset beyond traditional bitcoin-focused approaches.