CleanCore Solutions Inc. (NYSE American: ZONE) said its Dogecoin Treasury has reached more than 710 million DOGE, generating over $20 million in unrealized gains since its September launch. The program, backed by the Dogecoin Foundation through its corporate affiliate House of Doge, aims to accumulate 1 billion DOGE as part of a broader effort to professionalize crypto‑asset treasury management.
At current market prices of roughly $0.25 per DOGE, CleanCore’s holdings are valued at about $174 million, according to CoinMarketCap data.
Strategic accumulation backed by Bitstamp by Robinhood
CleanCore launched its official treasury initiative on September 5 after closing a $175 million private placement. The company said it continues to buy Dogecoin through Bitstamp by Robinhood, the designated trading venue for treasury transactions.
Chief Executive Officer Clayton Adams described the program as “a disciplined, long‑term capital strategy rather than a speculative trade.”
“Our early progress surpassing 710 million DOGE marks a milestone toward our initial one‑billion‑coin target,” Adams said. “We’re aligning treasury governance with the House of Doge’s vision—expanding real‑world utility to support broader adoption and stronger demand for Dogecoin as a global digital asset.”
He added that CleanCore is “closely monitoring short interest” in its stock while working with the Securities and Exchange Commission (SEC) to finalize registration for the private‑placement shares.
Focus on Market cap‑to‑Net Asset Value (mNAV) efficiency
CleanCore emphasizes that its strategy goes beyond coin accumulation. The company is seeking to grow its market cap relative to net asset value (mNAV) sustainably, complementing its ongoing hardware and technology businesses.
The mNAV model, increasingly referenced among publicly traded crypto treasuries, remains the subject of debate.
Greg Cipolaro, global head of research at NYDIG, has cautioned that the ratio can overlook companies with broader operations beyond holding digital assets. Meanwhile, analysts at Standard Chartered recently warned that “smaller treasury issuers face exposure risks as mNAVs weaken, potentially driving consolidation by larger players.”
ZONE shares ended Tuesday down 8.4% at $2.06, before a modest 1.5% after‑hours rebound to $2.09.
Dogecoin’s expanding ecosystem and institutional links
The Dogecoin market continues to diversify after the recent debut of the REX‑Osprey DOGE ETF (DOJE) on September 18, which logged $6 million in first‑day trading volume. Analysts see treasury initiatives such as CleanCore’s as part of a steady institutionalization process for the 10‑year‑old cryptocurrency.
House of Doge is spearheading development around real‑world payment utility, cultural partnerships, and asset‑tokenization frameworks, aiming to evolve Dogecoin “beyond its meme origins.”
“Our partnership with House of Doge isn’t just about market exposure,” Adams said. “It’s about transparent governance, yield‑bearing design, and reinforcing the long‑term stability and usefulness of DOGE.”
About CleanCore Solutions Inc.
CleanCore Solutions (NYSE American: ZONE) develops sustainable cleaning products using its patented aqueous ozone technology, targeting industrial and institutional clients. The company also administers the Official Dogecoin Treasury, created in alignment with the Dogecoin Foundation to explore responsible corporate crypto‑asset management.
Tanya Petrusenko
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