CleanCore Strikes $175M Dogecoin Treasury Deal With House of Doge, Shares Plunge Nearly 60%

TLDR:

• CleanCore Solutions will adopt Dogecoin as its primary reserve asset through a $175M private placement deal.
• House of Doge and 21Shares will jointly manage the new Dogecoin Treasury with strict institutional oversight.
• CleanCore shares fell 59% immediately after announcing its conversion into a Dogecoin Treasury company.
• The deal brought in over 80 institutional and crypto-native investors, including Pantera, GSR, and FalconX.

CleanCore Solutions shocked markets on Tuesday after revealing plans to convert into the first official Dogecoin Treasury company. 

The move comes through a $175 million private placement in partnership with the House of Doge, the commercial arm of the Dogecoin Foundation. The announcement quickly hit investor sentiment, sending CleanCore’s stock price down 59% on the New York Stock Exchange. 

Despite the market reaction, the company described the shift as a long-term treasury strategy anchored in Dogecoin. According to a press release, the partnership aims to set up the first and only foundation-backed Dogecoin Treasury.

CleanCore Shifts Strategy With Dogecoin Treasury

The agreement involves CleanCore raising $175,000,420 through a private investment in public equity deal. The company sold pre-funded warrants at $1 each, targeting institutional and crypto-native investors. 

More than 80 backers participated in the placement, including Pantera, GSR, FalconX, MOZAYYX, and Borderless. Once closed, the proceeds will fund the purchase of Dogecoin, which will serve as CleanCore’s primary treasury reserve asset.

Leadership changes will also follow the deal. Alex Spiro has been appointed Chairman of CleanCore’s board. Executives from the House of Doge, including Timothy Stebbing and Marco Margiotta, will join the company’s board and management team. 

The announcement stated that House of Doge will oversee treasury management alongside 21Shares, a firm with over $12 billion in assets under management. The two organizations will provide oversight for allocation, governance, and reporting standards.

Clayton Adams, CleanCore’s chief executive, said the move aligned with the company’s history of pursuing disruption. 

He explained that by anchoring the company’s reserves in Dogecoin, CleanCore is adopting a strategy designed to integrate digital assets into public company frameworks. The transition is still subject to final approvals, with closing expected by September 4, 2025.

Dogecoin Price and Market Reaction

Eric Balchunas, senior ETF analyst at Bloomberg, posted on X that CleanCore’s stock collapsed 59% immediately after the announcement. The sharp price decline underscored investor uncertainty toward the sudden pivot. 

While CleanCore emphasized utility-driven adoption of Dogecoin, shareholders appeared cautious about the risk of anchoring reserves in a volatile crypto asset.

The House of Doge said the treasury would support long-term adoption of Dogecoin by institutions. Timothy Stebbing, a director at the Dogecoin Foundation, stated that the plan aims to build legitimacy around Dogecoin beyond its meme origins. 

By structuring the treasury with foundation backing and institutional oversight, the group hopes to bring confidence to corporate and retail adoption.

The press release also mentioned potential integrations with major exchanges to explore staking-like rewards for treasury holdings. CleanCore and House of Doge expect these features to add value for investors over time. 

For now, though, the sharp stock price reaction shows the market is watching closely as the company shifts from a traditional business model into a crypto-driven future.

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