Dogecoin Treasury Firm’s Stock Rises, Then Falls as Holdings Top 600 Million DOGE

Shares in publicly traded cleaning and disinfection company CleanCore (ZONE) jumped as high as 7% during trading on Tuesday before turning red amid news the firm added 100 million Dogecoin (DOGE) to its balance sheet. 

The Omaha, Nebraska-based firm has now amassed more than 600 million of the leading meme coin, valuing its treasury above $161 million. 

“Our goal is to establish Dogecoin as a premier reserve asset while supporting its broader use in payments, tokenization, staking-like products, and remittances,” said the firm’s CIO Marco Magiotta, in a statement. “We believe that our transparent accumulation approach is already contributing positively to market confidence in DOGE’s long-term potential.”

The publicly traded firm is supported via a collaboration with House of Doge, the commercial arm of the Dogecoin Foundation that seeks to increase brand awareness and adoption of the meme coin. Magiotta also serves as the CEO of the House of Doge. CleanCore has been branded an “official” Dogecoin treasury, given the connection.

CleanCore, whose board is chaired by Elon Musk’s personal lawyer Alex Spiro, announced a $175 million PIPE—or private investment in public equity—to help kick-start its treasury in early September. Musk has a long history with Dogecoin, and was defended by Spiro in a $258 billion lawsuit filed by Dogecoin holders before it was dropped last November. 

Since its first acquisition, CleanCore has quickly acquired more than 600 million Dogecoin as it builds towards its goal to accumulate 1 billion DOGE in the first 30 days. 

Its longer-term goal is to grab at least 5% of the circulating supply of DOGE—or around 7.5 billion DOGE, based on the existing circulating supply of nearly 160 billion DOGE according to data from CoinGecko. 

Shares of ZONE are down around 35% on the week and nearly 39% on the month, but the firm’s treasury asset is bucking that trend. Dogecoin is up nearly 12% in the last seven days and 26% in the last two weeks. The rise of DOGE may also be fueled in part by an imminent spot ETF launch in the U.S.

The top meme coin is the 8th largest crypto asset by market cap, trading at just shy of $0.27—but still sits more than 63% off its 2021 all-time high price of $0.73.