80 investors backed a Dogecoin treasury firm — its stock just crashed 50%

CleanCore Solutions (NYSE: ZONE) stunned markets this week with an audacious pivot into Dogecoin, but investors weren’t exactly cheering.

Shares of the NYSE-listed company cratered more than 54% to $2.69 on Tuesday after it revealed plans to put the meme-inspired cryptocurrency at the center of its treasury strategy.

The move is being spearheaded by Alex Spiro, Elon Musk’s longtime attorney and now CleanCore’s newly appointed board chairman. Spiro has represented Musk, Jay-Z, and Alec Baldwin — but now he’s steering a $200 million Dogecoin treasury company that is already sparking headlines

Related: What are meme coins? Explained

80 investors put money into DOGE indirectly

CleanCore disclosed a $175 million private placement backed by more than 80 investors, including Pantera, GSR, FalconX and Borderless. The proceeds, according to the company, will be used to acquire Dogecoin (DOGE) as CleanCore’s primary reserve asset.Attorney Alex Spiro during an interview on "The Circuit with Emily Chang" in Miami, Florida, US, on Thursday, March 6, 2025. With clients like Tom Brady, Elon Musk, WeWork founder Adam Neumann, Jay-Z and Alec Baldwin, among many others, Spiro may have reached the pinnacle of his legal career, but is now looking at ventures beyond the courtroom.

CleanCore has partnered with the Dogecoin Foundation and its commercial arm, House of Doge. Foundation director Timothy Stebbing and House of Doge CEO Marco Margiotta are joining the company’s leadership, with Margiotta taking the role of chief investment officer.

Margiotta said in a statement:

“By anchoring Dogecoin with an official foundation-backed treasury strategy, we’re setting a precedent for how public companies can align with foundations to build real utility around digital currency.”

The company said the House of Doge and ETF issuer 21Shares will advise on staking-like yield opportunities and institutional-grade investment products tied to Dogecoin.

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Bitcoin’s tax treatment makes it the new darling of corporate treasuries Is a Bitcoin and Ethereum treasury company bubble forming? Elon Musk breaks silence on Dogecoin’s use at DOGE

Dogecoin treasuries go corporate

Dogecoin has quietly made its way from memes to balance sheets. In fact, several public companies have confirmed DOGE holdings or integrations:

Bit Origin Spirit Blockchain Capital Neptune Digital Assets Tesla

Bit Origin, for example, bought 40.5 million DOGE in July 2025 as part of a $500 million corporate treasury plan, while Neptune holds 1 million DOGE and Spirit has launched a DOGE yield strategy.

Musk's Tesla, meanwhile, continues to accept DOGE for merchandise, with undisclosed holdings that many believe stay on the books.

Why DOGE?

Low transaction costs, high liquidity, and its internet-native branding make it attractive for certain businesses. Unlike Bitcoin, which is viewed as a long-term reserve, or Ethereum, which powers DeFi and tokenization, Dogecoin acts more like digital working capital. It’s fast, cheap, and culturally powerful — traits that appeal to firms looking to engage with crypto communities or experiment with micropayments and internal liquidity.

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Still, the risks are clear. DOGE’s inflationary supply means it lacks Bitcoin’s scarcity premium, and its price often swings wildly on social sentiment. Without strong smart contract functionality, its utility also lags behind Ethereum.

This story was originally reported by TheStreet on Sep 3, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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