CleanCore Stock Falls Over 60% After $175 Million Dogecoin Treasury Pivot Led by Elon Musk’s Lawyer

• CleanCore stock fell over 60% after it announced plans to shift into a Dogecoin treasury company.
• The company raised $175 million from over 80 investors to buy Dogecoin as a reserve asset.
• Investors remain cautious as other firms with similar Dogecoin strategies have seen sharp stock declines in 2025.

CleanCore Solutions saw its shares fall by more than 60% on Tuesday after unveiling plans to pivot into digital assets. The Nebraska-based company announced it would become a Dogecoin treasury firm, redirecting its corporate focus. This move surprised investors and led to a sharp drop in stock value, from $6.86 to $2.69.

The company, known for its aqueous ozone cleaning systems, has announced a $175 million private placement. The funding round included more than 80 investors from institutional and crypto-native backgrounds. Participants included Pantera Capital, GSR Markets, FalconX, and Borderless Capital.

Dogecoin to Serve as Primary Reserve Asset

CleanCore will hold Dogecoin as its primary reserve asset. The digital asset strategy will be managed under the newly formed Digital Asset Treasury, or DAT. The initiative is led by Alex Spiro, the newly appointed chairman of the board. Spiro has long served as legal counsel for Elon Musk.

The DAT effort involves the Dogecoin Foundation and its commercial partner, House of Doge. CleanCore appointed Timothy Stebbing from the Foundation and Marco Margiotta of House of Doge to key executive positions. Margiotta will serve as chief investment officer.

Governance Strategy and Industry Collaboration

CleanCore’s treasury governance will include oversight from House of Doge and crypto ETF issuer 21Shares. The firm also aims to explore staking-like yield strategies and institutional investment products tied to Dogecoin.

The plan represents a vast change in the way individual companies communicate with cryptocurrency foundations. But, analysts and investors have been skeptical of the fast change. The issues revolve around the financial performance of the company and its sudden shift out of the core business.

Financial reports show CleanCore posted a net loss of $6.74 million in fiscal 2025. It also recorded just $1.1 million in revenue for the quarter. Critics point to these figures when questioning the viability of the new direction.

Dogecoin Treasury Trend Faces Market Pressure

CleanCore joins a growing list of public firms building crypto treasuries around memecoins like Dogecoin. Other examples include Spirit Blockchain Capital, Dogecoin Cash Inc., and Bit Origin. These companies have faced significant stock declines since shifting their strategies.

Spirit Blockchain Capital has dropped over 88% in 2025. Dogecoin Cash Inc. fell 70%, while Bit Origin lost 64% year-to-date. Dogecoin itself has also declined by 33% in the same period.

Despite high-profile backers, the market remains cautious. The transition toward crypto treasuries has yet to prove stable or profitable for most public companies.