Investors were astonished when CleanCore Solutions, a Nebraska-based maker of aqueous ozone cleaning solutions, said it would raise $175 million in a private placement to become a Dogecoin treasury company.
The move, which has the support of more than 80 institutional and crypto-native investors, including Pantera, GSR, FalconX, and Borderless, aims to make Dogecoin the company’s primary reserve asset. However, the market didn’t like it, and CleanCore’s stock (NYSE: ZONE) fell by more than 60% on September 2, 2025, dropping from $6.86 to $2.69 in the first few hours of trading.
Alex Spiro, a well-known lawyer and longstanding legal advisor to Elon Musk, is in charge of the project. He was named chairman of CleanCore’s board. The business also collaborated with the Dogecoin Foundation and its affiliated entity, House of Doge.
Timothy Stebbing, the director of the Dogecoin Foundation, will join the board as part of the agreement. Marco Margiotta, the CEO of House of Doge, will assume the role of Chief Investment Officer. This change in leadership demonstrates that CleanCore is committed to integrating digital assets into its business strategy.
Investors are concerned about CleanCore’s stock dropping sharply because they are hesitant to switch to a risky cryptocurrency like Dogecoin, which is recognized for its meme-driven roots. People were worried about the company’s risk and long-term stability when it changed from its main cleaning technology business to a crypto-focused treasury model.
Other companies, such as Spirit Blockchain Capital and Dogecoin Cash Inc., have also seen their stocks drop after using Dogecoin treasury. In 2025, their stocks fell by 88% and 70%, respectively. Dogecoin itself has not been immune; it has dropped 33% this year, which makes investors more cautious.
Even though the market reacted immediately, CleanCore’s management remains hopeful and views the treasury as a step toward increasing the popularity of cryptocurrencies. The goal of the partnership with House of Doge and 21Shares is to explore staking-like yield potential and make Dogecoin more suitable for payments and tokenization.
The significant decline in stock prices, on the other hand, highlights the challenges of integrating traditional business models with speculative digital assets. How well CleanCore performs in the next few months will be a key indicator of whether Dogecoin can become a genuine treasury asset or whether this change signifies that the company is taking too many risks in a crowded crypto market.
