CleanCore Solutions (ZONE), a company listed on NYSE American, announced a $175 million private placement on September 2, 2025, to establish a digital asset treasury focused primarily on Dogecoin (DOGE). The transaction involved the sale of 175 million pre-funded warrants at $1 each, with participation from over 80 investors including major digital asset firms Pantera, GSR, and FalconX.
Proceeds will be used to acquire DOGE for CleanCore’s treasury and support corporate operations, with the offering scheduled to close on September 4 pending regulatory approvals. Despite the substantial fundraising, CleanCore's stock plummeted approximately 60% following the announcement.
The initiative is backed by the Dogecoin Foundation and its corporate arm, House of Doge. As part of the deal, Alex Spiro, a partner at Quinn Emanuel Urquhart & Sullivan who has represented clients including Elon Musk, was named chairman of the board. Timothy Stebbing, director of the Dogecoin Foundation, joined the board, while Marco Margiotta, CEO of House of Doge, will serve as chief investment officer. House of Doge and digital asset investment manager 21Shares will advise CleanCore on treasury management.
CleanCore aims to anchor DOGE as a legitimate asset for payments and tokenization, moving beyond its meme origins. The company also indicated it may pursue staking-like yield features with exchanges to generate returns on its holdings. This move aligns with growing institutional interest in DOGE, including recent filings for spot DOGE exchange-traded funds with the U.S. Securities and Exchange Commission.