CleanCore Solutions has substantially unwound its Dogecoin treasury strategy, selling roughly 463 million DOGE for about $33.4 million and redirecting the capital toward AI infrastructure. The sale, disclosed in U.S. Securities and Exchange Commission filings cited by CryptoSlate, was completed on July 20 and effectively ended a treasury program that had made Dogecoin the company’s primary reserve asset less than a year earlier.
The exit follows earlier disposals. By June 2, CleanCore had already sold about 200 million DOGE for $18.4 million and transferred another 70 million tokens in exchange for approximately $6.8 million of professional services. At that point, it still held 463.06 million DOGE valued at roughly $44.3 million. The company had begun its Dogecoin accumulation strategy in September 2025, raising $175 million through a private investment in public equity. The financing attracted more than 80 investors, including Pantera, GSR and FalconX, while House of Doge and 21Shares advised the treasury program.
CleanCore initially purchased 285.42 million DOGE for about $68 million and said it planned to accumulate 1 billion tokens within 30 days, with a longer-term goal of holding as much as 5% of Dogecoin’s circulating supply. By October 2025, the treasury contained 710 million DOGE and carried more than $20 million in unrealized gains. However, a June 8 SEC filing said CleanCore had terminated its asset management agreement with Dogecoin Ventures and 21Shares on March 6 and was managing the remaining assets internally while evaluating their disposal. The company also appointed Tyler Hassen as chief executive and said it would focus on building AI infrastructure in the United States.
The pivot has been accompanied by major changes to CleanCore’s capital structure. A best-efforts public offering priced on Aug. 11 included 275,829,576 common shares, 124,170,424 pre-funded warrants and investor warrants covering up to another 400 million shares. According to an Aug. 20 SEC filing, issuance of the common shares increased shares outstanding to 502,090,260 from a pre-offering total of 226,260,684, an increase of about 121.9%. The transaction generated approximately $100 million in gross proceeds, with estimated net proceeds of about $92 million after an $8 million placement and advisory fee. If all offering-related warrants were eventually exercised, the total number of shares associated with the offering could reach 1.026 billion.
CleanCore is channeling the new capital into an AI infrastructure business with substantial funding requirements. A July 23 agreement established a joint venture for an approximately 55-megawatt data center in Minnesota, including a baseline 40-megawatt compute deployment connected to a colocation agreement with Cerebras Systems. The 10-year Cerebras agreement carried an initial contract value of about $800 million, with two additional 10-year renewal options that could raise the potential contract value above $3 billion. Initial revenue is expected in the first quarter of 2027. The Minnesota venture has an initial project budget of approximately $479 million, while CleanCore’s commitments can reach as much as $500 million.
The retreat from Dogecoin reflects a broader shift among listed digital asset treasury companies. A July 2026 report found that more than a dozen such firms had moved toward AI and data center businesses as falling crypto prices and lower treasury premiums reduced investor demand for the digital asset treasury model. CleanCore reported $4.1 million in cash and cash equivalents and another $13 million in restricted cash on its March 31 balance sheet, though updated figures incorporating the DOGE sale and August equity offering had not been disclosed.
