CleanCore Solutions announced a significant $175 million private placement to create a digital asset treasury focused on Dogecoin (DOGE), backed by prominent investors and collaborative support from the Dogecoin Foundation and House of Doge. The funds will facilitate the acquisition of DOGE assets for the company's treasury and bolster corporate operations. This venture is part of a broader trend where public firms increasingly pivot towards crypto treasuries, incorporating not just mainstream assets like Bitcoin and Ethereum, but also more volatile altcoins like Dogecoin. CleanCore’s stock plummeted approximately 60% following the announcement. High-profile attorney Alex Spiro, known for his connection with Elon Musk, was appointed as chairman of the board amidst this transition. The initiative aims to legitimatize DOGE as a payment and tokenization asset, moving it beyond its meme origins and potentially exploring staking-like models for returns on their assets. The offering is expected to close on September 4 pending regulatory approvals.

Source đź”—