CleanCore Solutions, a U.S. company known for its cleaning systems, has announced a dramatic change in its business model, revealing plans to become a Dogecoin reserve company. The company has raised $175 million from backers including Pantera Capital and GSR, with the funds to be used almost entirely for acquiring Dogecoin (DOGE).
This new direction is being led by Alex Spiro, who has been appointed chairman of CleanCore’s board. The company is also solidifying its ties to the Dogecoin ecosystem by bringing Dogecoin Foundation Director Timothy Stebbing and House of Doge CEO Marco Margiotta onto the board. Margiotta will serve as Chief Investment Officer.
The goal is to establish a foundation-backed treasury strategy for Dogecoin, which could include yield opportunities and institutional products. However, the market’s reaction has been overwhelmingly negative. Following the announcement, CleanCore’s stock price on the Nasdaq collapsed by over 60%. Meanwhile, the price of DOGE itself remained stable.
CleanCore is not the first small-cap company to make such a pivot this year. Other firms like Spirit Blockchain Capital and Dogecoin Cash Inc. have adopted similar strategies, and their stock performance has been poor, with losses ranging from 64% to 88% year-to-date. This latest move by CleanCore will test whether a company can successfully tie its value to a meme coin without alienating investors.
