CleanCore Solutions (NYSE American: ZONE) has unveiled fresh details of its soaring Dogecoin treasury strategy, reporting over 710 million DOGE in holdings and more than $20 million in unrealized gains while it awaits SEC registration of recently issued shares.
Key Takeaways
- CleanCore now holds over 710 million DOGE, inching closer to its 1 billion target
- The firm sits on more than $20 million in unrealized gains
- It raised $175 million via a private placement to fund its acquisitions
- The company is working with the SEC to register shares from that placement
- CleanCore is positioning itself as the official Dogecoin treasury, in partnership with the Dogecoin Foundation and House of Doge
What Happened?
Since launching its treasury program in September 2025, CleanCore has followed a phased accumulation strategy. By October 6, the company reported holdings exceeding 710 million DOGE and unrealized gains above $20 million. The funds to fuel this strategy came from a $175 million private placement, and CleanCore emphasizes that it remains committed to long-term, disciplined scaling. The company is currently in talks with the U.S. Securities and Exchange Commission to register the private placement shares, which are currently restricted or locked up.
JUST IN: 🇺🇸 Publicly traded CleanCore now holds 710 million $DOGE worth $182 million, as it awaits SEC share registration. pic.twitter.com/JG5GY9W2Wi
— Whale Insider (@WhaleInsider) October 7, 2025
Private Placement and Institutional Backing
CleanCore secured $175 million from over 80 institutional and crypto-native investors, including Pantera, GSR, FalconX, and Borderless, in a PIPE offering that laid the groundwork for its Dogecoin strategy. The Dogecoin Foundation and House of Doge endorsed the initiative, branding CleanCore as the “official” Dogecoin treasury.
Accumulation Phases and Milestones
CleanCore’s purchases have grown progressively:
- Initially acquired 285 million DOGE.
- Later added another 100 million DOGE, bringing the total over 600 million.
- As of early October, holdings have surpassed 710 million DOGE.
This places the company over 71% toward its 1 billion DOGE goal. The strategy is built around net asset value (NAV) accretion and aligns with Dogecoin’s growing role as a global digital asset.
SEC Registration and Share Lockups
A large portion of shares from the private placement is held by insiders, the House of Doge, and CleanCore supporters. These shares are currently locked or restricted, and CleanCore is actively working with the SEC to complete their registration process. The firm also noted it is monitoring short interest in its stock closely.
Market Volatility and Sentiment
Market response has been mixed. CleanCore’s pivot to crypto was met with skepticism from traditional investors. While ZONE shares fell 0.45% on the latest DOGE news, they remain down 32% over the past month. CleanCore’s collaboration with Bitstamp by Robinhood is intended to bring security, transparency, and regulatory alignment to its trading operations.
In a notable strategic move, the company also appointed Alex Spiro, Elon Musk’s personal attorney, as Chairman of the Board. Spiro previously represented Musk in the high-profile $258 billion Dogecoin lawsuit, which was dropped in November 2024.
DOGE itself is up 10% this week, trading at $0.2518, but remains 65% below its all-time high.
CoinLaw’s Takeaway
In my experience, CleanCore’s transition to a Dogecoin-backed treasury is bold and high-risk. They’re staking their public company status and financial strategy on the future of a meme coin. What stands out is the institutional support and direct partnership with the Dogecoin Foundation, which gives this move some legitimacy. Still, the strategy is not without hazards. DOGE remains highly volatile, and this heavy exposure could swing either way fast.
I found the structure of their approach, the phased purchases, NAV focus, and strategic SEC navigation to be thoughtful. But public companies entering crypto treasuries should expect close regulatory attention and intense investor scrutiny. This one will be worth watching closely.
