- CleanCore surpasses 500M DOGE, halfway to its 1B treasury target within 30 days.
- The company raised $175M in a private placement, and the stock dropped by 60% before recovery.
- Dogecoin ETF launch delayed, CleanCore faces competition from BitOrigin treasury.
CleanCore Solutions announced on Thursday that its Official Dogecoin Treasury has surpassed 500 million DOGE, the halfway point of its 1 billion token acquisition goal set for completion within 30 days.
The initiative, backed by the Dogecoin Foundation and its commercial arm House of Doge, follows a $175 million private placement closed earlier this month. Custody of the assets is handled through Bitstamp, with Robinhood providing the platform.
Treasury Strategy and Fast Accumulation
The milestone comes just days after CleanCore acquired 285.42 million DOGE on Monday, adding to earlier purchases under its structured plan. The company aims to establish a corporate model for digital asset treasuries by strategically accumulating the memecoin at scale.
Marco Margiotta, CleanCore’s chief investment officer and CEO of House of Doge, emphasized that the company is executing at speed and scale. According to Margiotta, the long-term goal is to establish Dogecoin as a reserve holding while supporting broader applications across payments, tokenization, and remittances.
The company is looking beyond the current high, with ambitions to capture up to 5% of Dogecoin’s circulating supply. This would position CleanCore as one of the largest single holders of the digital asset within the corporate sector.
Private Placement and Market Reaction
The path to this strategy began on September 3, when CleanCore announced plans to raise $175 million through a private placement. The proceeds, as stated, were allocated to fund the treasury’s DOGE purchases.
However, the announcement led to an immediate reaction in financial markets. CleanCore’s stock dropped by 60% following the funding news, indicating investor concerns about tying capital to a volatile crypto. Despite the sharp decline, the company closed its private placement successfully on September 5, securing the resources necessary for its ongoing acquisitions.
Trading performance has since shown mixed signals. Shares of CleanCore, at press time, were at $4.40, up by 10.55% today. However, year-to-date performance is elevated, with shares up more than 200% despite the recent swings.
Related: Thumzup Media Moves to Crypto, Plans $250M Dogecoin Mining Firm
Market Context and Wider Competition
CleanCore’s accumulation comes during a crucial time for Dogecoin in regulated markets. The launch of the first U.S. listed Dogecoin spot ETF, the Rex-Osprey DOJE, was delayed twice this week. Bloomberg ETF analyst Eric Balchunas reported that the fund, originally expected on Thursday, has now been pushed to next week.
The treasury push also places CleanCore in competition with other firms pursuing similar accumulation strategies. BitOrigin, for example, recently disclosed a 40.5 million DOGE purchase as part of its own $500 million treasury plan.
These similar moves show a broader trend of institutional firms experimenting with memecoin treasuries in the absence of established regulatory clarity. In addition to CleanCore’s efforts, Elon Musk’s personal lawyer, Alex Spiro, joined the company as chairman of the board.
Spiro played a role in structuring the treasury initiative and aligning it with the Dogecoin Foundation’s broader roadmap. His involvement indicates the close ties between the project and Musk’s longstanding association with Dogecoin.
CleanCore’s 500 million DOGE milestone shows the speed of its acquisition plan and the scale of its treasury ambitions. Backed by the Dogecoin Foundation and House of Doge, the company intends to reach 1 billion DOGE within weeks. With market reactions, regulatory uncertainties, and competitive pressures, the coming months will determine the sustainability of its strategy.
