CleanCore Solutions, a Nebraska-based cleaning technology company, stunned markets with its decision to pivot into crypto. The company raised $175 million through a private placement to build a Dogecoin treasury. Over 80 institutional investors, including Pantera, GSR, FalconX, and Borderless, backed the deal. CleanCore will adopt Dogecoin as its primary reserve asset, positioning itself as one of the latest firms to embrace the meme-inspired cryptocurrency. Shares, however, plunged more than 60% immediately after the announcement, leaving investors questioning whether this pivot is a bold vision or a risky gamble.
Elon Musk’s Lawyer Takes the Helm
The Dogecoin initiative is being spearheaded by Alex Spiro, a high-profile attorney best known for representing Elon Musk. Spiro has been appointed chairman of CleanCore’s board and is credited with pushing the treasury strategy forward. His close ties to Musk, who has long been one of Dogecoin’s most vocal supporters, add weight to the move. The company also brought in new leadership connected to the Dogecoin Foundation. Timothy Stebbing, a director at the foundation, and Marco Margiotta, CEO of House of Doge, are joining the board, with Margiotta taking on the role of chief investment officer. This reshaping of CleanCore’s leadership shows just how deeply the company is betting on Dogecoin’s future.
Dogecoin Treasury Partnerships and Strategy
CleanCore is not going it alone. The Dogecoin Foundation and House of Doge are backing the project, alongside crypto-ETF issuer 21Shares. These partners will help oversee treasury governance and advise on allocation. Plans include exploring staking-like rewards for Dogecoin holdings and creating institutional investment products tied to the coin. CleanCore’s executives argue that anchoring a treasury with Dogecoin is more than just a reserve move—it is a way to build real-world utility and long-term credibility for the currency. By aligning with the foundation, CleanCore hopes to set a precedent for other public companies that may be considering digital assets as part of their reserve strategy.
Dogecoin’s Growing, Yet Risky, Treasury Movement
CleanCore is not the first company to make Dogecoin a core treasury asset. Earlier this year, Spirit Blockchain Capital, Dogecoin Cash Inc., and Bit Origin announced similar plans. Some of these firms raised hundreds of millions in financing to back their strategies. However, results have been mixed at best. Spirit Blockchain Capital’s stock is down 88% this year, while Dogecoin Cash Inc. has fallen 70%. Even Bit Origin, once hailed for its $500 million Dogecoin treasury ambition, is down more than 60%. Meanwhile, Dogecoin itself has lost roughly a third of its value in 2025. This pattern suggests that while the idea of a Dogecoin treasury is gaining momentum, it carries high volatility and considerable investor skepticism.
Market Reactions and Outlook for CleanCore
The immediate reaction from Wall Street was brutal. CleanCore’s stock fell from nearly $7 to below $3 in a single trading session. While the shares remain up over 150% year-to-date, the sharp drop highlights the risks of tying corporate strategy to a speculative asset. Still, supporters of the move see a bigger picture. CleanCore is positioning itself at the center of a growing effort to institutionalize Dogecoin, with heavyweight investors and Musk’s own attorney at the helm. The question now is whether this treasury strategy will create long-term value or simply repeat the struggles of other Dogecoin-focused firms. For CleanCore, the stakes could not be higher.