CleanCore to Launch Dogecoin Treasury with Musk’s Lawyer Named Chair
Highlights
- CleanCore Solutions secures $175M in private placement to adopt Dogecoin as its primary treasury reserve asset.
- The deal is backed by the Dogecoin Foundation and House of Doge
- Over 80 institutional investors, including Pantera, GSR, and FalconX, participated in the placement
- CleanCore stock plunged nearly 60% following the announcement.
Nasdaq-listed CleanCore has revealed plans to join Bit Origin as a Dogecoin treasury company. The company just completed a private placement, with plans to use the proceeds to accumulate the top meme coin. Notably, Elon Musk’s lawyer, Alex Spiro, has played an integral role in bringing this initiative to life and will join the company as its chairman of the board.
CleanCore To Launch Dogecoin Treasury Following $175 Million Raise
CleanCore Solutions has unveiled a bold pivot into crypto by raising $175 million to establish a Dogecoin Treasury. The Dogecoin Foundation and its commercial arm, the House of Doge, have backed this initiative, positioning the meme coin as the centerpiece of CleanCore’s reserve strategy.
“By anchoring Dogecoin with an official foundation-backed treasury strategy, we’re setting a precedent for how public companies can align with foundations to build real utility around digital currency,” said Marco Margiotta, CEO of House of Doge and incoming Chief Investment Officer at CleanCore via an official press release.
The company raised the funds through a private sale of 175 million Pre-Funded Warrants for $1 each. Over 80 investors, including Pantera, GSR, FalconX, MOZAYYX, and Borderless, joined the round.
Alex Spiro, Elon Musk’s lawyer and longtime ally of Dogecoin, has been appointed Chairman of the Board. CoinGape had earlier reported Spiro was working on forming a Dogecoin Treasury company by raising $200 million, which has now turned out to be the CleanCore deal.
“This new treasury vehicle is a fundamental step toward institutional adoption of Dogecoin,” added Timothy Stebbing, Dogecoin Foundation director and new CleanCore board member.
Building Dogecoin’s Institutional Future
House of Doge and 21Shares, a firm managing $12 billion in assets, will oversee treasury governance and allocation. Plans include exploring staking-like rewards for holdings and expanding retail integrations to boost real-world utility.
CleanCore’s CEO, Clayton Adams, framed the move as a calculated bet on the future of digital currency. “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,” He said.
The Dogecoin price is trading flat amid the emergence of this latest treasury company. TradingView data shows that the top meme coin is currently trading at around $0.21, up less than 1% in the last 24 hours.
Meanwhile, Bloomberg analyst Eric Balchunas pointed out the drop in CleanCore stock following its announcement to launch a Dogecoin treasury. The ZONE stock plunged as much as 59% and is currently down 50%, trading at around $3.38, according to TradingView data. However, the ZONE stock is still up over 200% in the last six months and 165% year-to-date.
CleanCore Solutions $ZONE is converting to become the first ever Dogecoin Treasury company in partnership with the House of Doge. Stock immediately plummets 59%. What a world. pic.twitter.com/xqHYHXixYu
— Eric Balchunas (@EricBalchunas) September 2, 2025
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