NYSE-listed CleanCore Solutions (ZONE) has added more than 710 million Dogecoin to its balance sheet, moving closer to its goal of holding 1 billion DOGE.
“CleanCore’s Treasury now includes total Dogecoin holdings exceeding 710 million, with over $20 million in unrealized gains and ample cash reserves to continue acquisitions,” the company said in a statement on Tuesday. The purchases are being supported through a partnership with Bitstamp by Robinhood.
At a trading price of $0.245, CleanCore’s Dogecoin holdings are valued at roughly $173.92 million, according to CoinMarketCap data. The company previously raised about $175 million before expenses via a private placement on September 5.
Focus on mNAV and Long-Term Growth
CleanCore emphasized that its approach goes beyond simply amassing Dogecoin, aiming to strengthen its market capitalization relative to net asset value (mNAV) while maintaining transparency, sustainability, and shareholder value.
“Our strategy is closely aligned with the long-term vision of insiders and the House of Doge,” said CEO Clayton Adams, “which focuses on expanding Dogecoin’s real-world utility as a driver of adoption and enduring demand.”
CleanCore Solutions’ stock (ZONE) closed 8.44% lower at $2.06 on Tuesday, with a modest 1.46% uptick in after-hours trading, bringing the price to $2.09.
Not everyone in the industry views market cap to net asset value (mNAV) as a meaningful metric for crypto treasury companies.
Greg Cipolaro, global head of research at NYDIG, argued last month that mNAV fails to account for firms with diversified operations beyond simply holding large amounts of cryptocurrency. He added that it also doesn’t accurately capture the impact of convertible debt on a company’s balance sheet.
Smaller Firms Face Rising Exposure Risks
The caution comes after Standard Chartered warned that smaller firms could face growing risks of overexposure, as more digital asset treasuries see their mNAVs deteriorate. The bank said that if mNAVs remain depressed, the sector could enter a wave of consolidation, with stronger players acquiring weaker competitors.
The warning coincides with the recent debut of the first Dogecoin-based exchange-traded fund (ETF) in the U.S. — the REX-Osprey DOGE ETF (DOJE) — which launched on September 18 and recorded $6 million in first-day trading volume.
Meanwhile, on Tuesday, Nasdaq-listed CEA Industries Inc. disclosed that it holds 480,000 BNB tokens, purchased at an average of $860 per token. The investment totaled roughly $412.8 million, with the position now valued at around $585.5 million.
