CleanCore Solutions, a company listed on the New York Stock Exchange, has added over 710 million Dogecoin to its balance sheet, moving closer to its target of 1 billion Dogecoin.
CleanCore Solutions stated in a press release on Tuesday: "CleanCore's treasury includes a total of over 710 million Dogecoin holdings, with unrealized gains exceeding $20 million, and has sufficient cash to continue acquiring Dogecoin with the support of its partnership with Bitstamp under Robinhood."
According to CoinMarketCap data, Dogecoin is trading at 24.5 cents, making the company's holdings worth approximately $173.9 million. CleanCore indicated that it raised about $175 million before fees through a private placement on September 5.
The company emphasized that its strategy is not just to accumulate DOGE, and expressed a desire to grow its treasury cautiously to enhance its long-term market value relative to net asset value (mNAV), while focusing on building shareholder value and expanding in a transparent and sustainable manner.
CleanCore CEO Clayton Adams stated that its strategy "is closely aligned with the long-term vision of insiders and the House of Doge, which emphasizes expanding utility as a catalyst for broader adoption and maintaining Dogecoin as a globally demanded digital asset."
CleanCore Solutions Inc (ZONE) closed down 8.44% at $2.06 on Tuesday, with a slight increase of 1.46% in after-hours trading to $2.09.
Not everyone in the industry believes that mNAV is meaningful for cryptocurrency treasury companies.
Greg Cipolaro, global research head at NYDIG, stated last month that the metric overlooks companies that have business operations beyond simply buying and holding large amounts of cryptocurrency, and fails to accurately reflect the company's convertible debt.
This warning follows Standard Chartered's cautious stance, which warned that as more digital asset treasuries experience mNAV collapse, smaller companies face increasing risks of excessive exposure.
If mNAV remains depressed, Standard Chartered expects consolidation in the industry, with larger players potentially acquiring weaker competitors.
Not long ago, the first Dogecoin-based exchange-traded fund in the U.S.—REX-Osprey DOGE ETF (DOJE)—was launched on September 18, with a trading volume of $6 million on its first day.
Meanwhile, on Tuesday, Nasdaq-listed CEA Industries Inc. reported holding 480,000 BNB tokens, with an average acquisition price of $860 per token. The investment cost is approximately $412.8 million, and the current holdings are valued at about $585.5 million.
Related: SharpLink's Ethereum (ETH) holdings have unrealized gains nearing $1 billion
Original article: “CleanCore Solutions Adds Over 710 Million Dogecoin (DOGE) to Treasury”
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