Two crypto treasury firms are making aggressive capital moves that highlight the intersection of corporate finance and digital asset holdings. CleanCore has liquidated virtually its entire Dogecoin position, while Chaince Digital Holdings shareholders prepare to vote on expanding the company's authorized shares by 19 billion.
CleanCore's DOGE exit and AI pivot
CleanCore's $100 million stock offering increased its common shares outstanding from 226,260,684 to 502,090,260 — a 121.9% jump — as the company pivots from cleaning products and Dogecoin treasury assets into Minnesota AI infrastructure. An Aug. 20 SEC filing confirmed the new share total after 275,829,576 offering shares were issued.
The company sold substantially all 463 million DOGE on July 20 for approximately $33.4 million, directing proceeds to its AI infrastructure segment. The offering's estimated $92 million in net proceeds (after an $8 million placement and advisory fee) sits against up to $500 million in Minnesota joint venture commitments, including a $479 million initial budget and a $40 million initial contribution schedule requiring $25 million at closing and up to $15 million within four business days.
Warrants remain a significant overhang: 124.17 million pre-funded warrants at $0.0001 exercise price with no expiry, and up to 400 million investor warrants at $0.25 with a five-year expiry, could add approximately $100 million in gross proceeds if exercised — potentially taking the offering-only total above 1 billion shares. CleanCore's March 31 balance sheet showed just $4.1 million in cash and $13 million in restricted cash, with no cited disclosure providing a current cash balance after the DOGE sale and offering.
Chaince Digital Holdings seeks expanded financing authority
Separately, Chaince Digital Holdings shareholders will vote Monday on Proposal Three, which would increase authorized ordinary shares from 1 billion to 20 billion, and Proposal Four, granting the board broad reverse-split authority through the third anniversary of the Aug. 24 meeting. Individual reverse splits could range from 2-for-1 to 200-for-1, with a cumulative ratio across all splits capped at 4,000-for-1.
The vote comes days after Chaince established an at-the-market program allowing up to $300 million in stock sales through H.C. Wainwright. The prospectus illustrates potential dilution by assuming 85,227,272 shares sold at $3.52, which would expand outstanding shares from 110,003,800 to as many as 195,231,072 — with an estimated $1.71 per-share net-tangible-book-value dilution to new investors. The figures exclude 6.16 million shares from the 2025 equity plan and up to 42.76 million shares issuable on warrant exercise.
Chaince has also described a preliminary $800 million Bitcoin reserve plan, though the funding source and financing instrument remain undetermined. Both proposals require a simple majority of votes cast, with abstentions and broker non-votes excluded. The meeting begins at 10:00 a.m. Eastern Time in New York and online.
The parallel moves underscore how small-cap crypto treasury firms are increasingly using equity financing and asset liquidations to fund pivots into AI infrastructure, even as dilution concerns mount and funding gaps persist.
