CleanCore stock surges after disclosing 285.4M dogecoin purchase

[Dogecoin cryptocurrency coin close-up, on top of other cryptocurrency coins]
Dennis Diatel Photography/iStock Editorial via Getty Images

CleanCore Solutions (NYSE:ZONE [https://seekingalpha.com/symbol/ZONE]) shares spiked 53% in Monday after-hours trading after the company disclosed that it bought 285.4M dogecoin (DOGE-USD [https://seekingalpha.com/symbol/DOGE-USD]) for about $68M [https://seekingalpha.com/pr/20224918-cleancore-solutions-acquires-285420-000-doge-with-strategic-goal-to-accumulate-first] through its new treasury strategy.

The firm said last week it raised $175M [https://seekingalpha.com/news/4491313-cleancore-raises-175m-for-dogecoin-treasury-in-private-placement-stock-plunges] through a private placement to establish the dogecoin (DOGE-USD [https://seekingalpha.com/symbol/DOGE-USD]) treasury, with over 80 investors joining a deal backed by the Dogecoin Foundation and House of Doge.

It also set a new target: to buy up 1B of the DOGE memecoin within the next 30 days.

The goal represents the initial step in the CleanCore's (NYSE:ZONE [https://seekingalpha.com/symbol/ZONE]) long-term objective of securing 5% of circulating DOGE supply.

“ZONE’s treasury was created to capture the value of Dogecoin’s ability to serve as the people’s currency,” said Marco Margiotta, chief investment officer of CleanCore and chief executive officer of House of Doge. “Our treasury strategy is aligned with the forward-looking vision of House of Doge, where increased utility is expected to translate into broader adoption, making Dogecoin more in demand as a global digital asset.”

DOGE tokens drifted up 4.3% to $0.24 apiece at press time.

MORE ON CLEANCORE SOLUTIONS, DOGECOIN USD

* Dogecoin Price Defends $0.21 As Treasury Plan Adds Support [https://seekingalpha.com/article/4819793-dogecoin-price-defends-0-21-as-treasury-plan-adds-support]
* Dow Jones New All-Time Highs: Market Reactions To Fed Chair Powell's Jackson Hole Speech [https://seekingalpha.com/article/4816123-dow-jones-new-all-time-highs-market-reactions-fed-chair-powells-jackson-hole-speech]
* Dogecoin Price Holds Above Key Support As Bullish Channel Signals Breakout Toward $0.30 (Technical Analysis) [https://seekingalpha.com/article/4802764-dogecoin-price-holds-above-key-support-as-bullish-channel-signals-breakout-toward-0-30-technical-analysis]
* Bitcoin treasury firm backed by Winklevoss twins to go public in Amsterdam [https://seekingalpha.com/news/4491514-bitcoin-treasury-firm-backed-by-winklevoss-twins-to-go-public-in-amsterdam]
* CleanCore raises $175M for dogecoin treasury in private placement; stock plunges [https://seekingalpha.com/news/4491313-cleancore-raises-175m-for-dogecoin-treasury-in-private-placement-stock-plunges]