Dogecoin Treasury Pivot Backfires – CleanCore Shares Collapse Overnight

Shares of CleanCore Solutions, a Nebraska manufacturer of aqueous ozone cleaning systems, collapsed on Tuesday after the firm revealed plans to transform itself into a Dogecoin reserve company.

A $175M Crypto Pivot

CleanCore said it had raised $175 million in private funding from more than 80 backers, including Pantera Capital, GSR, FalconX, and Borderless Capital. The money will be directed almost entirely into acquiring Dogecoin (DOGE) as the company’s primary reserve asset.

The move is being spearheaded by Alex Spiro, Elon Musk’s longtime attorney, who was appointed chairman of CleanCore’s board as part of the restructuring. To solidify ties with the Dogecoin ecosystem, the company has struck partnerships with both the Dogecoin Foundation and its commercial arm, House of Doge.

Foundation Leaders Take the Helm

The reshuffle puts Dogecoin insiders directly inside CleanCore’s leadership ranks. Timothy Stebbing, Director at the Dogecoin Foundation, and Marco Margiotta, CEO of House of Doge, are joining the board, with Margiotta named Chief Investment Officer.

Together with ETF issuer 21Shares, the group will guide CleanCore’s new treasury management strategy, which includes potential staking-style yield opportunities and future institutional products linked to DOGE.

Margiotta framed the overhaul as a watershed moment: “By anchoring Dogecoin with an official, foundation-backed treasury strategy, we’re setting a precedent for how public companies can work with foundations to build real-world utility,” he said.

Market Reaction: Investors Flee

The market’s response was brutal. CleanCore’s Nasdaq-listed stock crashed more than 60% intraday, plunging from $6.86 at Friday’s close to just $2.69 before slightly recovering to a 54% loss on the day.

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DOGE itself, meanwhile, held steady around $0.21, largely unaffected by CleanCore’s dramatic shift.

Dogecoin Treasury Trend Gains Followers

CleanCore is not alone in adopting this strategy. In 2025, several other small-cap firms announced similar pivots. Spirit Blockchain Capital positioned DOGE at the center of its yield-generation model in January, Dogecoin Cash Inc. purchased 1 billion DOGE in July, and Bit Origin — a former pork producer turned Bitcoin miner — unveiled plans for a $500 million Dogecoin treasury.

So far, results have been grim. Spirit Blockchain is down 88% year-to-date, Dogecoin Cash has lost 70%, and Bit Origin has fallen 64%. CleanCore now joins their ranks, testing whether tying a company’s fortunes to the meme coin can ever translate into long-term shareholder value.

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