CleanCore Solutions, a water-based ozone cleaning system manufacturer headquartered in Nebraska, saw its stock price plummet over 60% on Tuesday after announcing plans to transform into a Dogecoin reserve company.
The company disclosed a $175 million private placement, backed by over 80 institutions and cryptocurrency-native investors, including Pantera, GSR, FalconX, and Borderless.
Reportedly, the funds raised will be used to acquire Dogecoin (DOGE) as CleanCore's primary reserve asset, a plan led by the newly appointed board chairman and Musk's legal advisor, Alex Spiro.
This new Dogecoin reserve company has also established a strategic partnership with the Dogecoin Foundation and its commercial arm, House of Doge.
As part of the deal, Dogecoin Foundation director Timothy Stebbing and House of Doge CEO Marco Margiotta will serve on CleanCore's board and executive team, with Margiotta appointed as Chief Investment Officer.
House of Doge and cryptocurrency ETF issuer 21Shares will provide expert advice on reserve strategy and governance, including exploring yield opportunities similar to staking and institutional investment products related to Dogecoin.
Marco Margiotta stated in a press release, "By combining Dogecoin with a reserve strategy supported by the official foundation, we are setting a precedent for how public companies can collaborate with the foundation to build real, practical value around digital currency."
CleanCore's stock price fell sharply on Tuesday morning from $6.86 at last Friday's close to $2.69. As of the time of writing, the stock price of this Nasdaq-listed company has dropped 54%.
In 2025, several publicly traded companies have begun to establish Dogecoin reserves.
In January, blockchain infrastructure-focused investment firm Spirit Blockchain Capital announced plans to leverage its Dogecoin holdings for yield-generating strategies. Former telemedicine company Dogecoin Cash Inc. announced in July that it would purchase 1 billion Dogecoins through its new subsidiary, Dogecoin Treasury Inc.
In July, Bit Origin, which transitioned from a Chinese pork producer to a Bitcoin mining company, announced plans to launch a Dogecoin reserve, supported by equity and convertible debt financing of up to $500 million.
However, since announcing their Dogecoin reserve strategies, these companies have not performed well in the market.
Year-to-date, Spirit Blockchain Capital's stock price has fallen over 88%, while Dogecoin Cash Inc. has dropped 70% during the same period. Bit Origin's stock price has also decreased by about 64%.
Meanwhile, according to TradingView data, Dogecoin has fallen approximately 33% in 2025.
Related: The wave of crypto IPOs rises, Figure Technology seeks public listing with a valuation of $4 billion.
Original article: “CleanCore's Stock Plummets 60% After Announcing $175 Million Dogecoin (DOGE) Reserve Strategy”
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