CleanCore’s DOGE holdings surpass 500M tokens after latest buy

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CleanCore’s DOGE holdings surpass 500 million after latest buy.

CleanCore Solutions has hit the halfway mark in its planned Dogecoin accumulation just weeks after announcing its intention to add the original meme coin to its treasury.

As an American Stock Exchange-listed firm, CleanCore first disclosed plans to include Dogecoin as a treasury asset on Sept. 2, and according to a Thursday announcement, it has already managed to amass more than 500 million DOGE, marking a significant milestone in what it calls its “Official Dogecoin Treasury” initiative.

The latest buy, worth roughly $130 million, comes on the heels of CleanCore’s initial DOGE purchase earlier this month that saw 285.42 million tokens snapped up for $68 million on Sept. 8. 

With Thursday’s transaction, CleanCore’s cumulative DOGE holdings now exceed the halfway point of its near-term target of 1 billion tokens within 30 days.

At current prices, this places the firm’s crypto reserve value above $200 million.

CleanCore’s Chief Investment Officer, Marco Margiotta, who also serves as CEO of the House of Doge, the Dogecoin Foundation’s newly launched commercial arm, said the pace of accumulation is a testament to the company’s “speed and scale” in executing its digital asset strategy.

“Our vision is to establish Dogecoin as a premier reserve asset while supporting its broader utility across payments, tokenization, staking-like products, and global remittances,” Margiotta said.

Over the long haul, CleanCore plans to acquire up to 5% of Dogecoin’s total circulating supply, which would translate to billions more tokens over time.

According to the company, the DOGE held in treasury is being securely custodied through Bitstamp by Robinhood, forming the infrastructure backbone of what it hopes will evolve into a full-fledged Dogecoin financial ecosystem.

The accumulation strategy is being guided by both the House of Doge and 21Shares, which are advising on everything from market entry timing to reserve management.

Among other plans involving Dogecoin, CleanCore said it’s building toward use cases involving payments, tokenisation, staking-like products, and cross-border remittances, markets where Dogecoin’s liquidity and brand power could offer an edge.

CleanCore shareholders react to Dogecoin strategy

CleanCore’s bold treasury ambitions were initially funded through a $175 million private investment in public equity (PIPE) deal, which closed on Sept. 5. 

While the funding round attracted backing from heavyweight crypto-focused investors like Pantera Capital, GSR, FalconX, MOZAYYX, Mythos, and Borderless, the market didn’t respond kindly at first. 

CleanCore shares, trading under the ticker ZONE, plunged nearly 60% on the announcement, before gradually clawing back some gains.

On Thursday, share prices rallied 12% in after-hours trading after the latest purchase was announced.

Largest institutional Dogecoin holder

CleanCore’s journey into crypto treasury territory began earlier this month, when it became the first publicly listed company to establish a Dogecoin reserve in formal partnership with the Dogecoin Foundation and House of Doge. 

The Sept. 2 announcement was met with a mix of curiosity and enthusiasm across the crypto space, particularly given Dogecoin’s memetic roots and relatively limited institutional footprint.

Soon after, on Sept. 8, CleanCore executed its first large-scale DOGE purchase to become the largest institutional Dogecoin holder within days of launching its treasury.

That initial wave of accumulation was made possible by CleanCore’s PIPE round, where over 80 venture investors participated. 

Among them was Timothy Stebbing, CTO of House of Doge and a director at the Dogecoin Foundation, who has since joined CleanCore’s board of directors.

Besides, CleanCore, Bit Origin Ltd.,  a Nasdaq-listed company, also launched a Dogecoin treasury in June this year.

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