TLDR
- CleanCore Solutions stock plummeted 60% following announcement of $175 million Dogecoin treasury strategy
- Elon Musk’s attorney Alex Spiro appointed as new board chairman to oversee Dogecoin initiative
- Over 80 investors including Pantera, GSR, and FalconX backed the private placement deal
- Dogecoin Foundation and House of Doge partnered with CleanCore for the treasury strategy
- Other companies with similar Dogecoin strategies have lost 64-88% of their stock value this year
CleanCore Solutions experienced a massive stock decline Tuesday after revealing plans to transform into a Dogecoin treasury company. The Nebraska-based cleaning systems manufacturer announced a $175 million private placement to fund its pivot to cryptocurrency.
The company’s shares dropped from $6.86 at Friday’s close to $2.69 during early trading. The Nasdaq-listed stock remained down 54% by market close following the announcement.
More than 80 institutional and cryptocurrency investors participated in the funding round. Major backers include Pantera Capital, GSR, FalconX, and Borderless Capital.
Leadership Changes Drive Dogecoin Strategy
Alex Spiro was appointed as CleanCore’s new board chairman effective immediately. Spiro serves as a partner at Quinn Emanuel Urquhart & Sullivan and represents Elon Musk in legal matters.
Timothy Stebbing from the Dogecoin Foundation joined the board of directors. Marco Margiotta, CEO of House of Doge, became chief investment officer.
The House of Doge and 21Shares will provide advisory services on treasury management and governance. The partnership includes plans for staking-like yield opportunities and institutional investment products.
CleanCore announced its partnership with both the Dogecoin Foundation and House of Doge for the treasury initiative. The collaboration aims to position Dogecoin as a legitimate payment and tokenization asset.
Poor Track Record for Dogecoin Treasuries
Several public companies have adopted similar Dogecoin treasury strategies in 2025 with disappointing results. Spirit Blockchain Capital announced Dogecoin yield generation plans in January but has lost over 88% of its value year-to-date.
Dogecoin Cash Inc. purchased 1 billion DOGE tokens in July through its subsidiary company. The former cannabis firm’s stock has declined 70% this year.
Bit Origin, previously a Chinese pork producer, announced a $500 million Dogecoin treasury plan in July. The company’s shares have fallen approximately 64% year-to-date.
Dogecoin itself has declined about 33% during 2025 according to market data. The cryptocurrency faces ongoing volatility despite corporate adoption efforts.
The private placement transaction involves selling 175 million pre-funded warrants at $1 each. All proceeds will fund Dogecoin acquisitions for CleanCore’s treasury reserves.
CleanCore aims to anchor Dogecoin with foundation-backed treasury strategies. The company believes this approach will build real utility around the digital currency.
The offering is scheduled to close September 4 pending regulatory approvals.
