CleanCore Solutions saw its stock price plummet over 60% on Tuesday following the announcement of a major shift in corporate strategy. The Nebraska-based maker of aqueous ozone cleaning systems revealed plans to become a Dogecoin treasury company through a $175 million private placement.
The company disclosed that more than 80 institutional and crypto-focused investors participated in the funding round. Major participants include Pantera, GSR, FalconX, and Borderless Capital.
The transaction involves the sale of 175 million pre-funded warrants at $1 each. All proceeds from this placement will be used to acquire Dogecoin as CleanCore’s primary reserve asset.
CleanCore’s stock dropped from $6.86 at Friday’s close to $2.69 in early trading Tuesday. The Nasdaq-listed company’s shares remained down 54% as of market close.
Alex Spiro has been appointed as the new board chairman effective immediately. Spiro is a partner at Quinn Emanuel Urquhart & Sullivan and serves as Elon Musk’s longtime attorney.
Timothy Stebbing, director of the Dogecoin Foundation, joined CleanCore’s board of directors. Marco Margiotta, CEO of House of Doge, was named chief investment officer.
The House of Doge and crypto-ETF issuer 21Shares will provide advisory services on treasury strategy and governance. The companies plan to explore staking-like yield opportunities and institutional investment products tied to Dogecoin.
The initiative has backing from both the Dogecoin Foundation and its commercial arm, House of Doge. This partnership represents an official foundation-backed approach to corporate Dogecoin adoption.
Margiotta stated the move sets a precedent for how public companies can work with foundations to build utility around digital currency. CleanCore aims to position Dogecoin as a legitimate asset for payments and tokenization beyond its meme origins.
CleanCore joins several other publicly traded companies that have adopted Dogecoin treasury strategies in 2025. Spirit Blockchain Capital announced plans in January to leverage Dogecoin holdings for yield generation.
Dogecoin Cash Inc., formerly a cannabis and telehealth company, purchased 1 billion DOGE through its subsidiary Dogecoin Treasury Inc. in July. Bit Origin, a former Chinese pork producer turned Bitcoin miner, announced plans for a $500 million Dogecoin treasury in July.
These companies have experienced poor stock performance since implementing Dogecoin strategies. Spirit Blockchain Capital is down over 88% year-to-date, while Dogecoin Cash Inc. has declined 70%.
Bit Origin’s stock has fallen approximately 64% over the same period. Dogecoin itself has declined about 33% in 2025 according to TradingView data.
The CleanCore offering is scheduled to close on September 4, pending regulatory approvals.
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