CleanCore Solutions, Inc. (NYSE American: ZONE), a Nebraska-based company originally focused on aqueous ozone cleaning technology, has pivoted to establish the “official” Dogecoin treasury in partnership with the Dogecoin Foundation and its commercial arm, House of Doge.

This move began with a $175 million private placement announced on September 2, 2025, involving over 80 institutional investors like Pantera Capital, GSR, and FalconX, with proceeds earmarked primarily for acquiring Dogecoin (DOGE) as the company’s core reserve asset.

CleanCore executed its initial purchase, acquiring 285,420,000 DOGE tokens for approximately $68 million (at an average price around $0.238 per DOGE). This positions CleanCore as the largest single DOGE treasury holder to date, surpassing prior corporate adopters like Bit Origin.

The company has set an aggressive first milestone of accumulating 1 billion DOGE within the next 30 days, with a long-term goal of holding about 5% of Dogecoin’s circulating supply (roughly 75 billion tokens total). Future buys will occur via OTC desks and public markets to minimize volatility.

The treasury is advised by House of Doge and crypto ETF issuer 21Shares, focusing on governance, yield opportunities (e.g., staking-like rewards via exchanges), and utility development like payments, tokenization, and remittances. Elon Musk’s longtime attorney, Alex Spiro, became board chairman; Dogecoin Foundation Director Timothy Stebbing joined the board; and House of Doge CEO Marco Margiotta was appointed chief investment officer.

CleanCore aims to legitimize DOGE beyond its meme roots by anchoring institutional adoption, integrating it into real-world applications, and creating financial products. CEO Clayton Adams described it as a “watershed moment” for aligning public companies with crypto foundations.

ZONE shares initially plunged over 60% to around $2.69 on the announcement day, reflecting investor skepticism about the pivot from cleaning tech to a meme coin-focused treasury. However, the stock has shown volatility since, with some recovery tied to crypto market sentiment.

Dogecoin’s price hovered around $0.21–$0.24 during these events, with a market cap of about $32 billion. This follows a trend of public companies like Bit Origin adding altcoins to treasuries, though such moves have often led to stock underperformance amid regulatory scrutiny and volatility risks.

By allocating a substantial portion of its $175 million private placement to DOGE, CleanCore is shifting from a traditional operational model to a crypto-heavy balance sheet. This exposes the company to Dogecoin’s price volatility, which could amplify financial risk but also offers potential upside if DOGE appreciates.

The aggressive goal of acquiring 1 billion DOGE in 30 days and 5% of circulating supply long-term suggests significant capital commitment to crypto over traditional business reinvestment. This could strain liquidity if operational needs arise or if DOGE’s value declines sharply.

Plans to explore staking-like rewards via exchanges could generate passive income, but these carry counterparty risks (e.g., exchange insolvency) and regulatory uncertainty, especially in the U.S.  Moving from aqueous ozone cleaning to a Dogecoin treasury signals a near-total reorientation.

This risks alienating existing stakeholders (e.g., cleaning tech customers, traditional investors) while betting on unproven crypto utility in payments, tokenization, and remittances. Collaboration with the Dogecoin Foundation, House of Doge, and 21Shares positions CleanCore as a pioneer in institutional DOGE adoption.

These partnerships could enhance credibility and access to crypto infrastructure but may also tie the company’s fate to DOGE’s volatile reputation. Appointing crypto-savvy figures like Alex Spiro, Timothy Stebbing, and Marco Margiotta strengthens strategic execution but introduces governance risks.

The initial 60%+ drop in ZONE’s stock price reflects investor skepticism about the pivot. Continued volatility is likely as markets assess CleanCore’s ability to balance crypto speculation with operational stability. Recovery may hinge on DOGE’s performance and broader crypto sentiment.

CleanCore’s purchase of 285.4 million DOGE (~0.38% of circulating supply) and planned acquisitions could provide price support for Dogecoin, especially if executed via OTC desks to avoid sudden spikes. However, large-scale buying may also draw speculative traders, increasing volatility.

Following Bit Origin’s smaller DOGE treasury move, CleanCore’s high-profile pivot could inspire other public companies to explore altcoin treasuries, particularly for meme coins. However, it may also invite scrutiny from regulators like the SEC, given the speculative nature of DOGE.

Holding a large DOGE treasury may attract attention from U.S. regulators, especially if CleanCore pursues financial products (e.g., DOGE-based ETFs or payment systems). Compliance with securities laws, custody standards, and anti-money laundering rules will be critical.

DOGE’s meme coin origins could undermine CleanCore’s credibility with traditional investors, especially if the pivot is perceived as speculative rather than strategic. The involvement of high-profile figures like Elon Musk’s attorney may amplify media and regulatory focus.

CleanCore’s move, backed by institutional investors like Pantera Capital and GSR, could elevate DOGE’s status beyond a meme coin, especially if utility in payments or tokenization gains traction. However, failure to deliver could reinforce DOGE’s speculative image.

The success of this pivot depends on DOGE’s market performance, CleanCore’s ability to integrate crypto into viable products, and navigating regulatory hurdles. Monitor ZONE’s stock, DOGE’s price, and SEC filings