CleanCore’s pivot to Dogecoin is being spearheaded by its newly appointed board chairman, Alex Spiro, a longtime attorney for Elon Musk.
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CleanCore Solutions, a Nebraska-based maker of aqueous ozone cleaning systems, saw its shares plunge over 60% Tuesday after announcing plans to become a Dogecoin treasury company.
The company a $175 million private placement backed by over 80 institutional and crypto-native investors, including Pantera, GSR, FalconX and Borderless.
Proceeds will be used to acquire Dogecoin () as CleanCore’s primary reserve asset, with the initiative led by newly appointed board Chairman Alex Spiro, .
The new DOGE treasury company is also partnering with the Dogecoin Foundation and its commercial arm, House of Doge.
As part of the deal, Dogecoin Foundation Director Timothy Stebbing and House of Doge CEO Marco Margiotta will take board and executive roles at CleanCore, with Margiotta appointed chief investment officer.
The House of Doge and will advise on treasury strategy and governance, including plans to explore staking-like yield opportunities and institutional investment products tied to DOGE.
“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,” Margiotta said in a statement.
CleanCore’s stock plunged to $2.69 in early trading on Tuesday from $6.86 at Friday’s close. As of this writing, shares of the Nasdaq-listed company are down 54%.
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Several other publicly traded firms have moved to build Dogecoin treasuries in 2025.
In January, Spirit Blockchain Capital, an investment firm focused on blockchain infrastructure, to leverage its DOGE holdings for yield generation strategies. Dogecoin Cash Inc., formerly a cannabis and telehealth company, announced in July the purchase 1 billion DOGE through its new subsidiary, Dogecoin Treasury Inc.
In July, Bit Origin, a former , announced plans to launch a Dogecoin treasury backed by up to $500 million in equity and convertible debt financing.
The companies have seen less than stellar results since announcing Dogecoin treasury strategies.
Year-to-date, Spirit Blockchain Capital is over 88%, and Dogecoin Cash Inc. is 70% over the same period. Bit Origin’s stock has also fallen about 64%.
Meanwhile, DOGE has fallen about 33% in 2025, to data from TradingView.
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